TORONTO, March 31, 2014 /CNW/ - RBC Global Asset Management Inc. (RBC
GAM) today announced proposed changes to certain RBC Private Pools and
RBC Funds. Some of the proposed changes will be subject to unitholder
and regulatory approval.
To reduce duplication of fund offerings that have similar investment
objectives across RBC GAM fund families, the following RBC Private
Pools and RBC Funds will be merging:
RBC Private Global Bond Pool
RBC Global Bond Fund
RBC Private O'Shaughnessy Canadian Equity Pool
RBC O'Shaughnessy All-Canadian Equity Fund
RBC Private U.S. Mid-Cap Equity Pool
RBC U.S. Mid-Cap Equity Fund
RBC Private O'Shaughnessy U.S. Value Equity Pool
RBC O'Shaughnessy U.S. Value Fund
RBC Private European Equity Pool
RBC European Equity Fund
RBC Private Global Dividend Growth Pool
RBC Global Dividend Growth Fund
RBC Phillips, Hager & North Monthly Income Fund
Phillips, Hager & North Monthly Income Fund
RBC DS Canadian Focus Fund
Phillips, Hager & North Canadian Equity Value Fund
RBC DS U.S. Focus Fund
RBC U.S. Dividend Fund
RBC DS Balanced Global Portfolio
RBC Select Balanced Portfolio
RBC DS Growth Global Portfolio
RBC Select Growth Portfolio
RBC DS All Equity Global Portfolio
RBC Select Aggressive Growth Portfolio
Effective June 27, 2014, unitholders of each series of each of the
terminating funds set out above will receive units of the equivalent
series of the corresponding continuing fund on a dollar-for-dollar and
tax-deferred basis. Each of the terminating funds will be wound up
following the mergers.
The Independent Review Committee of the RBC Private Pools and RBC Funds
considered and approved the proposed mergers, after determining that
the proposed mergers, if implemented, achieve a fair and reasonable
result for each of the applicable funds.
Unitholders of the terminating funds will be sent a written notice
detailing changes related to the mergers at least 60 days prior to the
Unitholders will have a right to redeem units of the terminating funds
up to the close of business on the business day immediately preceding
the effective date of the mergers.
Proposed Investment Objective Changes
Subject to unitholder approval, RBC Global Asset Management Inc. is
proposing to change the investment objective of the RBC Managed Payout
Solution - Enhanced Plus and the RBC Asian Equity Fund.
For the RBC Managed Payout Solution - Enhanced Plus, it is proposed that
the investment objective be amended to provide the fund with
flexibility to invest its assets primarily in units of other funds
managed by RBC Global Asset Management Inc. or an affiliate of RBC
Global Asset Management Inc. The proposed change will provide the fund
with increased diversification and will allow the fund to continue to
provide monthly income with the potential for modest capital growth.
For the RBC Asian Equity Fund, it is proposed that the investment
objective be amended to provide the fund with flexibility to invest its
assets primarily in units of other funds managed by RBC Global Asset
Management Inc. or an affiliate RBC Global Asset Management Inc. The
proposed change will enable RBC Asian Equity Fund to invest in units of
RBC Asia Pacific ex-Japan Equity Fund and RBC Japanese Equity Fund and
will enable the portfolio manager to more efficiently manage the
regional asset allocations within the fund.
Due to its small size, limited asset growth potential and duplication
with the investment mandate of the RBC Asian Equity Fund, RBC Global
Asset Management Inc. plans to terminate the RBC Private Asian Equity
Pool on or about June 27, 2014.
RBC Global Asset Management Inc. will seek the required unitholder
approvals for the proposed investment objective changes at a special
meeting to be held on or about Friday June 20, 2014, in Toronto,
Notice of the meeting, together with a management information circular
for the meeting containing full details of the proposals, will be
mailed on or about Wednesday May 28, 2014, to unitholders of record as
of Friday May 9, 2014.
If the necessary approvals are received, the investment objective
changes will be effective as of June 23, 2014.
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada
(RBC), and includes institutional money managers BlueBay Asset
Management and Phillips, Hager & North Investment Management. RBC GAM
is a provider of global investment management services and solutions to
individual, high-net-worth and institutional investors through mutual
funds, exchange-traded funds, hedge funds, pooled funds, separate
accounts and specialty investment strategies.
RBC GAM group of companies manage more than C$315 billion in assets and
have approximately 1,200 employees located across Canada, the United
States, Europe and Asia. In 2013, RBC GAM was recognized as the fastest
growing asset manager over the last five years among the world's top 50
asset managers, and named as having the second highest growth in assets
under management over the last five years+.
RBC Global Asset Management is part of RBC Wealth Management, which is one of the world's top 10 largest wealth managers*. RBC
Wealth Management directly serves affluent, high-net-worth and
ultra-high net worth clients in Canada, the United States, Latin
America, Europe, the Middle East, Africa, and Asia with a full suite of
banking, investment, trust and other wealth management solutions. The
business also provides asset management products and services directly
and through RBC and third party distributors to institutional and
individual clients, through its RBC Global Asset Management business
(which includes BlueBay Asset Management). RBC Wealth Management has
more than C$675 billion of assets under administration, more than C$411
billion of assets under management and over 4,400 financial
consultants, advisors, private bankers, and trust officers. For more
information, please visit rbcwealthmanagement.com.
+Pensions & Investments/Towers Watson global 500 ranking: World's
Largest Asset Managers 2013.
*Scorpio Partnership Global Private Banking KPI Benchmark 2013. In the
United States, securities are offered through RBC Wealth Management, a
division of RBC Capital Markets, LLC, a wholly owned subsidiary of
Royal Bank of Canada. Member NYSE/FINRA/SIPC.
For further information:
Matt Gierasimczuk, RBC GAM Communications, 416-974-2124, firstname.lastname@example.org
Leah Commisso, RBC GAM Media Relations, 416-955-6498, email@example.com