TORONTO, Dec. 3 /CNW/ - RBC Global Asset Management Inc. (RBC GAM) announced November net sales of $380 million. Long-term funds had net sales of $784 million and money market funds had net redemptions of $404 million. Assets under management increased by $700 million or 0.6 per cent.
"It was a record November for RBC GAM, as long-term net sales exceeded previous months and the previous year's November sales results. We continued to lead the industry in long-term mutual fund net sales as advisors and investors appeared to seek higher yielding investments as part of their strategy to redeploy cash," said Doug Coulter, president of RBC Global Asset Management Inc. "RBC Funds and PH&N Funds have proven to be favoured solutions with our comprehensive selection of income-oriented products attracting strong inflows. Of note, the RBC Global High Yield Fund was voted the best fund in its category at the 2010 Canadian Investment Awards and remains a consistent choice for investors."
The top selling RBC Funds® and PH&N Funds for November included RBC Select Portfolios, RBC Managed Payout Solutions, PH&N Monthly Income Fund, PH&N High Yield Bond Fund, and RBC Monthly Income Fund.
Please read the prospectus before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
About RBC Global Asset Management and RBC Wealth Management
The RBC Global Asset Management (RBC GAM) brand comprises investment services and solutions offered by RBC Global Asset Management Inc., RBC Global Asset Management (U.S.) Inc., RBC Asset Management U.K. Ltd. and RBC Investment Management (Asia) Ltd. The group of companies form the asset management division of Royal Bank of Canada (RBC), a global institution with the reputation of stability and strength. RBC GAM group of companies manage approximately C$200 billion (US$203B, £129B or €149B) in assets as of October 31, 2010. RBC Global Asset Management Inc. is the manager of RBC Funds and PH&N Funds. PH&N Funds won the Lipper Awards for "Best Overall Fund Group" in 2010 and "Best Bond Fund Family" in 2007, 2008 and 2010; RBC Funds won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008. Lipper Fund Awards were awarded based on the best risk-adjusted performance over the three-year periods ended December 31 of the previous year. 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. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. RBC Wealth Management has approximately $500 billion of assets under administration, $250 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
Elyse Lalonde, RBC Media Relations, 416 974-8810