TORONTO, Sept. 6, 2012 /CNW/ - RBC Global Asset Management Inc. today announced August net sales of $306 million. Long-term funds had net sales of $440 million and money market funds had net redemptions of $134 million. Assets under management increased by 1.1 per cent.
"Despite the summer months being known as a cyclically slower time, mutual fund sales during August remained positive. We continued to capture a significant portion of industry long-term mutual fund net sales," said Doug Coulter, president of RBC Global Asset Management Inc. "Our income-oriented products saw strong inflows as a result of investors and advisors continuing to look for yield in this low interest rate environment. As a result, our fixed income and equity income investment solutions were popular choices."
Sales results information is based on preliminary data from the Investment Funds Institute of Canada (IFIC).
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), and includes institutional money managers BlueBay Asset Management, Phillips, Hager & North Investment Management and RBC Global Asset Management (U.S.). RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through exchange-traded funds, hedge funds, mutual funds, pooled funds, separate accounts and specialty investment strategies. RBC GAM group of companies manage more than $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.
RBC Global Asset Management is part of RBC Wealth Management, which is one of the world's top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, 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 business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$562 billion of assets under administration, more than C$324 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.
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