TORONTO, Oct. 2 /CNW/ - RBC Asset Management Inc. (RBC AM) announced
September net redemptions of $1.2 billion. Money market funds had net
redemptions of $1.0 billion and long term funds had net redemptions of
$148 million. Assets under management decreased by $7.1 billion, or 7.8 per
cent, in September.
Phillips, Hager & North (PH&N) announced September net redemptions of
$97 million. Money market funds had net redemptions of $22 million and long
term funds had net redemptions of $75 million. Assets under management
decreased by $1.4 billion, or 7.4 per cent, in September.
RBC AM and PH&N announced combined September net redemptions of
$1.3 billion and assets under management total $102 billion at September 30,
"Over the past year, RBC Asset Management has attracted a significant
portion of the industry's net inflows into money market funds," said Brenda
Vince, president of RBC AM. "We now seem to have reached a point where at
least some advisors and institutions are redeploying their cash back into the
market. In addition, we know that there are always liquid assets looking for
the best rate available and that there are some very attractive GIC rates
being offered at the moment.
"At the same time, we are encouraged by the strength we continue to see
in our sales of risk-managed portfolio solutions."
Net sales of portfolio solutions totaled $50 million in September.
About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc. (RBC AM),
Phillips, Hager & North Investment Management Ltd. (PH&N) in Canada and
Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have
$102 billion in IFIC-reported mutual fund assets under management and an
additional $52 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.
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. 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 C$500 billion of assets under
administration, more than C$240 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)