RBC Asset Management Inc. and Phillips, Hager & North
October sales results
TORONTO, November 4, 2008 — RBC Asset Management
Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced
that combined assets under management decreased by 8.5 per
cent in October, primarily due to declining capital markets.
In October, net redemptions of long term funds totaled $902
million (or approximately one per cent of assets under management)
and net redemptions of money market funds totaled $1.1 billion.
About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc.
(RBC AM), Phillips, Hager & North Investment Management
Ltd. (PH&N) in Canada and Voyageur Asset Management Inc.
in the U.S. Combined, RBC AM and PH&N have $102 billion
in IFIC-reported mutual fund assets under management and an
additional $49 billion in other institutional and private
client assets under management. RBC AM and PH&N received
the Lipper Awards for "Best Overall Fund Group"
and "Best Bond Family" in Canada respectively for
the second consecutive year in 2008.
Global Asset Management is part of RBC Wealth Management,
which directly serves affluent and high net worth clients
in Canada, the United States, Latin America, Europe and Asia.
RBC Wealth Management also provides asset management and trust
products and services directly and through RBC and third-party
distributors to all client segments, and has over C$450 billion
of assets under administration, more than
C$200 billion of assets under management and more than 4,000
financial consultants, advisors, private bankers and trust
officers.
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For more information, please contact:
Chris Dotson,
RBC Global Asset Management Communications,
(604) 408-6009
Jackie Braden,
RBC Media Relations,
(416) 974-2124
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