TORONTO, Feb. 5, 2013 /CNW/ - RBC Global Asset Management Inc. today announced January net sales of $1.1 billion. Long-term funds had net sales of $1.3 billion and money market funds had net redemptions of $189 million. Assets under management increased by 2.2 per cent.
"It was a record first month for 2013, as we exceeded previous January long-term mutual fund sales results," said Doug Coulter, president of RBC Global Asset Management Inc. "As a result of RRSP contributions being top of mind and advisors and investors continuing to search for yield, our comprehensive selection of income-oriented products saw strong inflows. Notably, the PH&N Monthly Income Fund, which celebrated its three-year anniversary, has captured more than $2.7 billion in total assets."
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 $270 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$577 billion of assets under administration, more than C$339 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.