TORONTO, June 5, 2014 /CNW/ - RBC Global Asset Management Inc. (RBC GAM) today announced May net sales of $801 million. Long-term funds had net sales of $937 million and money market funds had net redemptions of $136 million. Assets under management increased by 1.1 per cent.
"It was a record month for RBC Global Asset Management, as we surpassed all previous May long-term net sales," said Doug Coulter, president of RBC GAM. "As a result of investor and advisor appetite for balanced products, RBC Select Portfolios, Canada's largest suite of portfolio solutions, saw strong inflows and recently surpassed the milestone of $40 billion in 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 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 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$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 www.rbcwealthmanagement.com *Scorpio Partnership Global Private Banking KPI Benchmark 2013. 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