TORONTO, May 3, 2012 /CNW/ - RBC Global Asset Management Inc. announced April net sales of $598 million. Long-term funds had net sales of $752 million and money market funds had net redemptions of $154 million. Assets under management were unchanged.
"Despite the cyclical slow period following RRSP season, RBC Global Asset Management had record long-term sales results for the month of April. We continued to capture a significant portion of industry long-term mutual fund sales," said Doug Coulter, president of RBC Global Asset Management Inc. "As a result of investors and advisors continuing to look for yield in this low interest rate environment, our comprehensive selection of income generating products saw strong inflows. Notably, the RBC Canadian Equity Income Fund was once more our top-selling fund, gaining more than $100 million in assets during the month of April."
The top selling RBC Funds and PH&N Funds for April included: RBC Select Portfolios, RBC Canadian Equity Income Fund/Class, RBC Managed Payout Solutions, PH&N Bond Fund, and RBC High Yield Bond Fund/Class.
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 $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$534 billion of assets under administration, more than C$313 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.