TORONTO, April 6 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced March net redemptions of $52 million. Long-term funds had net sales of $782 million and money market funds had net redemptions of $834 million. Assets under management increased by $1.8 billion, or 1.7 per cent, in March.
"The trend of strong long-term fund net sales continued in March," said Doug Coulter, President of RBC Asset Management. "In fact, we led the industry in long-term fund net sales over the past 12 months from March 2009 - considered the bottom of the market downturn. Our diverse range of long-term funds continues to consistently gain assets. Most notably, the RBC Select Very Conservative Portfolio that was launched in March 2009 has surpassed $800 million in assets under management and remains a confident choice for investors and advisors."
The top selling RBC Funds(R) and PH&N Funds for the month included RBC Select Portfolios, RBC Canadian Dividend Fund, PH&N High Yield Bond Fund, PH&N Short Term Bond & Mortgage Fund, PH&N Monthly Income Fund and RBC Canadian Short-Term Income Fund. The sales results are based on IFIC-reported mutual fund assets in Canada as of March 31, 2010.
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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 RBC Global Asset Management (U.S.) Inc. RBC GAM group of companies manage approximately $200 billion in assets, including over $100 billion in IFIC-reported mutual fund assets in Canada. PH&N won the Lipper Awards for "Best Overall Fund Group" in 2010 and "Best Bond Fund Family" in 2007, 2008 and 2010; RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008. Website: www.rbcgam.com.
RBC Global Asset Management 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 $490 billion of assets under administration, more than $240 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.
For further information: For further information: Yen To, RBC Global Asset Management Communications, (416) 955-5916; Matt Gierasimczuk, RBC Media Relations, (416) 974-2124