RBC Global Asset Management Inc. announced on Friday that June net sales were Can$318 million, comprising of Can$268 million for long-term funds and Can$50 million for money market funds. The sales increase resulted in a 1.6% decrease of assets under management. The results were based on the Investment Funds Institute of Canada's preliminary data.
Regarding the increase in June sales, RBC President Doug Coulter said, "In a period where we saw turbulence return to capital markets, RBC Global Asset Management continued to attract a leading share of industry long-term mutual fund net sales. RBC North American Value Fund remained a preferred choice among investors and advisors. As a result, the fund recently surpassed $1 billion in assets."
RBC Gloabal Asset Management was operated under Royal Bank of Canada as its asset management division. RBC Global Asset Management (U.S.), BlueBay Asset Management, and Phillips, Hager & North Investment Management were the firm's institutional money managers.
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