TORONTO, Aug. 7, 2014 /CNW/ - RBC Global Asset Management Inc. (RBC GAM) today announced July net sales of $968 million. Long-term funds had net sales of $1.1 billion and money market funds had net redemptions of $113 million. Assets under management increased by 0.9 per cent.
"It was a record month for RBC Global Asset Management, as we exceeded all previous July long-term mutual fund net sales," said Doug Coulter, president of RBC GAM. "A significant contributor to our positive inflows was the BlueBay Global Convertible Bond Fund, which hit the milestone of more than $1 billion in assets under management during the month of July."
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 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 C$335 billion in assets and have approximately 1,200 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 five 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$690 billion of assets under administration, more than C$426 billion of assets under management and approximately 4,400 financial consultants, advisors, private bankers, and trust officers. For more information, please visit rbcwealthmanagement.com.
*Scorpio Partnership Global Private Banking KPI Benchmark 2014. 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.