TORONTO, Aug. 5 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips,
Hager & North Investment Management Ltd. (PH&N) announced July net redemptions
of $1.7 billion. Money market funds had net redemptions of $2.3 billion and
long-term funds had net sales of $516 million. Assets under management
decreased by $0.1 billion or 0.1 per cent in July.
"We are pleased to see that the sales trend of long-term funds remains
strong," said Doug Coulter, president of RBC AM. "At the same time, investors
continue to reallocate their money market fund holdings as they consider the
merits of other investment opportunities in the current market, including the
new RBC Investment Savings Account."
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc.
(RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and
Voyageur Asset Management Inc. Combined, RBC GAM's component companies manage
C$102 billion in IFIC-reported mutual fund assets in Canada and an additional
C$87 billion in other institutional and private client assets in Canada and
the United States. RBC AM won the Lipper Awards for "Best Bond Fund Family" in
2009 and "Best Overall Fund Group" in 2007 and 2008; PH&N won for "Best Bond
Fund Family" in 2007 and 2008. Website: www.rbcgam.com.
RBC GAM is part of RBC Wealth Management, which directly serves affluent
and high net worth clients in Canada, the United States, Latin America, Europe
and Asia with a full suite of 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, and has more than $480 billion of assets under
administration, more than $230 billion of assets under management and nearly
4,500 financial consultants, advisors, private bankers and trust officers.
For further information:
For further information: Chris Dotson, RBC Global Asset Management
Communications, (604) 408-6009; Matt Gierasimczuk, RBC Media Relations, (416)