TORONTO, Feb. 3, 2012 /CNW/ - RBC Global Asset Management Inc. (RBC GAM) announced January net sales of $752 million. Long-term funds had net sales of $991 million and money market funds had net redemptions of $239 million. Assets under management increased by 2.8 per cent.
"It was a positive first month for 2012, as we continued to capture a significant portion of industry long-term mutual fund sales," said Doug Coulter, president of RBC Global Asset Management Inc. "Advisors and investors continued to favour income generating products, driving assets into the RBC Canadian Equity Income Fund, which was awarded best fund in its category at this year's Morningstar Canadian Investment Awards and has recently reached over $1 billion in assets. We've also experienced strong sales with the new suite of RBC Corporate Class Funds, which had inflows of over $100 million since its launch on January 16, 2012."
The top selling RBC Funds and PH&N Funds for January included: RBC Select Portfolios, PH&N Bond Fund, RBC Canadian Equity Income Fund, RBC Canadian Short-Term Income Fund, and RBC Managed Payout Solutions.
Performance 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 approximately $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$525 billion of assets under administration, more than C$305 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.
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