RBC Asset Management Inc. and Phillips, Hager & North January Sales Results

    TORONTO, Feb. 3 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips,
Hager & North (PH&N) announced January net sales of $1.3 billion. Money market
funds had net sales of $1.4 billion and long term funds had net redemptions of
$117 million. Assets under management decreased by $1.1 billion, or 1.2 per
cent, in January.
    "In the current environment, we are encouraged by the upward trend in net
sales over the past quarter," said Doug Coulter, president of RBC AM. "RBC
Asset Management continues to see strong retention of client assets in
long-term mutual funds, a testament to the first-class client support and
advice RBC provides through all market cycles. While new sales of long term
mutual funds have slowed, we are confident that our product line-up offers
value, choice and transparency that will attract investors as market sentiment
and investor confidence improves."

    About RBC Asset Management, Phillips, Hager & North and RBC Wealth

    Combined, RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North
Investment Management Ltd. (PH&N) have $91 billion in IFIC-reported mutual
fund assets under management and an additional $49 billion in other
institutional and private client assets under management. RBC AM and PH&N
received the Lipper Awards for "Best Overall Fund Group" and "Best Bond
Family" in Canada respectively for the second consecutive year in 2008.
    RBC AM and PH&N are part of RBC Wealth Management, which directly serves
affluent and high net worth clients in Canada, the United States, Latin
America, Europe and Asia. RBC Wealth Management also provides asset management
and trust products and services directly and through RBC and third-party
distributors to all client segments, and has nearly $500 billion of assets
under administration, more than C$220 billion of assets under management and
more than 4,000 financial consultants, advisors, private bankers and trust

For further information:

For further information: Chris Dotson, RBC Global Asset Management
Communications, (604) 408-6009; Jackie Braden, RBC Media Relations, (416)

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