TORONTO, Nov. 3 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced October net redemptions of $884 million. Money market funds had net redemptions of $1.4 billion and long term funds had net sales of $477 million. Assets under management decreased by $2.5 billion, or 2.5 per cent, in October.
"Long-term fund sales continued to be the dominant trend in October," said Doug Coulter, president of RBC AM. "Strong appetite for fixed income solutions translated into robust inflows into our individual mutual funds as well as our Portfolio Solutions, which attracted $303 million of net sales. As investors sought additional sources of yield combined with a conservative investment approach, the Select Conservative Portfolio and Select Very Conservative Portfolio proved popular, capturing over half of portfolio sales."
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 approximately $200 billion in assets in Canada and the United States, including $100 billion in IFIC-reported mutual fund assets in Canada. 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 $490 billion of assets under administration, nearly $240 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. RBC Wealth Management was recognized as the Outstanding Private Bank in North America by Private Banker International in October 2009.
For further information: For further information: Chris Dotson, RBC Global Asset Management Communications, (604) 408-6009; Matthew Gierasimczuk, RBC Media Relations, (416) 974-2124