TORONTO, Sept. 18, 2015 /CNW/ - RBC Global Asset Management Inc. (RBC GAM Inc.) announced today that in order to reduce duplication of fund offerings that have the same or substantially similar investment objectives across the RBC GAM Inc. fund families, the following RBC Private Pools and RBC Funds will be merging effective November 27, 2015:
|Terminating RBC Private Pools||Continuing RBC Funds|
|RBC Private Canadian Bond Pool||RBC Bond Fund|
|RBC Private U.S. Equity Pool||RBC U.S. Equity Fund|
|RBC Private International Equity Pool||RBC International Equity Fund|
Unitholders of each series of the terminating pools set out above will receive an equivalent series of units of the corresponding continuing fund on a dollar-for-dollar and tax-deferred basis. Each of the terminating pools will be wound up following the mergers.
The Independent Review Committee of the RBC Private Pools and RBC Funds considered and approved the proposed mergers, after determining that the mergers achieve a fair and reasonable result for each of the applicable funds.
Unitholders of the terminating pools will be sent a written notice detailing changes related to the mergers at least 60 days prior to the effective date. Unitholders will have a right to redeem units of the terminating pools up to the close of business on the business day immediately preceding the effective date of the mergers.
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 and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through mutual funds, exchange-traded funds, hedge funds, pooled funds, separate accounts and specialty investment strategies. RBC GAM group of companies manage more than $380 billion and have approximately 1,300 employees located across Canada, the United States, Europe and Asia.
RBC GAM is part of RBC Wealth Management, which is one of the world's top five largest wealth managers*. RBC Wealth Management directly serves affluent, high net worth and ultra high net worth clients globally with a full suite of banking, investment, trust and other wealth management solutions, from our key operational hubs in Canada, the United States, the British Isles, and Asia. 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 GAM business. RBC Wealth Management has more than C$778 billion of assets under administration, more than C$503 billion of assets under management and approximately 4,050 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.rbcwealthmanagement.com.
|*Scorpio Partnership Global Private Banking KPI Benchmark 2015. In the United States, securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, a wholly owned subsidiary of Royal Bank of Canada. Member NYSE/FINRA/SIPC.|
For further information:
Connie Soave, RBC GAM Corporate Communications, 416-955-0577