TORONTO, April 6, 2020 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced March mutual fund net redemptions of $2.8 billion. Long-term funds had net redemptions of $3.3 billion and money market funds had net sales of $552 million. Mutual fund assets under management decreased by 9.5 per cent.
"In March, markets experienced remarkable volatility as a result of the pandemic, causing significant unease amongst investors," said Doug Coulter, President of RBC Global Asset Management Inc. "Our team is maintaining a client-first focus, ensuring that both clients and advisors are receiving current information to help guide their investment decisions during this period of uncertainty. We value the trust our clients place in us, and we remain committed to providing them with the support and investment solutions needed to meet their investing goals in these challenging markets."
Mutual fund sales results information is based on preliminary data from the Investment Funds Institute of Canada (IFIC) and only include Canadian prospectus qualified mutual funds.
Please consult your advisor and read the prospectus or Fund Facts document 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. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC GAM Inc. and distributed through authorized dealers in Canada. RBC GAM Inc. is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 85,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
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About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $460 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.
SOURCE RBC Global Asset Management
For further information: Brandon Dorey, RBC GAM Corporate Communications, 416-955-7397, [email protected]