Reduction in specified percentages for Target Date Funds 2015, 2020, 2025 and 2030

TORONTO, Dec. 16, 2014 /CNW/ - RBC Global Asset Management Inc. (RBC GAM Inc.) today announced details regarding the maturity of the RBC Target 2015 Education Fund.

As of January 1, 2015, the Fund will be fully invested in the RBC Canadian Money Market Fund. In addition, on or about March 20, 2015, the Fund will have reached its target date and RBC GAM Inc. will terminate the Fund. All outstanding units of the RBC Target 2015 Education Fund will be cancelled on the termination date and unitholders will receive units of the RBC Canadian Money Market Fund in exchange.

"RBC Target Education Funds are an innovative approach to education savings," said Doug Coulter, president of RBC GAM Inc. "These solutions provide growth potential, up front, to help keep pace with the rising cost of education. As the target date approaches, each fund becomes more conservative, reducing both volatility and the potential for erosion of capital."

As the asset mix of each RBC Target Education Fund becomes more conservative, the specified percentage for that fund will be reduced to reflect the more conservative asset mix. As of January 1, 2015, investors in the RBC Target Education Funds will see a reduction in their specified percentages:

The specified percentage includes the fund's management fee, administration fee, taxes (other than the additional cost of the HST), other fund costs and any fees and expenses of the underlying funds.

Please read the prospectus 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.

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 $350 billion 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 globally with a full suite of banking, investment, trust and other wealth management solutions, from our key operational hubs in Canada, the United States, the British Isles, and Asia. 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$717 billion of assets under administration, more than C$452 billion of assets under management and approximately 4,400 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.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.

SOURCE RBC