TORONTO, Oct. 2 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced September net redemptions of $1.2 billion. Money market funds had net redemptions of $1.8 billion and long-term funds had net sales of $543 million. Assets under management increased by $0.6 billion, or 0.6 per cent, in September.
"The trend of robust sales of long-term funds continued in September," said Doug Coulter, president of RBC AM. "In particular, we continue to see strong sales of our Portfolio Solutions. At the same time, investors continue to redeploy their money market fund assets. One option that has proved attractive for investors is the RBC Investment Savings Account, which attracted $850 million in September and a total of $3.9 billion since July."
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 over $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 through its RBC Global Asset Management division, 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.
SOURCE RBC ASSET MANAGEMENT INC.
For further information: For further information: Chris Dotson, RBC Global Asset Management Communications, (604) 408-6009