TORONTO, June 6, 2013 /CNW/ - RBC Global Asset Management Inc. today announced May net sales of $673 million. Long-term funds had net sales of $773 million and money market funds had net redemptions of $99 million. Assets under management increased by 1.0 per cent.
"May proved to be a strong month for RBC Global Asset Management, as we exceeded all previous May long-term mutual fund net sales," said Doug Coulter, president of RBC Global Asset Management Inc. "As a result of investors and advisors continuing to favour balanced products, the RBC Select Portfolios, Canada's largest suite of portfolio solutions, has reached the milestone of $30 billion in assets under management."
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 $290 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$604 billion of assets under administration, more than C$369 billion of assets under management and over 4,400 financial consultants, advisors, private bankers, and trust officers.
*Scorpio Partnership Global Private Banking KPI Benchmark 2012. 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.
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