RBC Asset Management Inc. and Phillips, Hager & North June sales results

TORONTO, July 3, 2009—RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced June net redemptions of $872 million. Money market funds had net redemptions of $1.3 billion and long term funds had net sales of $386 million. Assets under management increased by $0.6 billion or 0.6 per cent in June.

“We are encouraged by the continued positive momentum in sales of long-term funds,” said Doug Coulter, president of RBC AM.  “This trend is being driven by a return of investor confidence – a trend that has seen investors begin to deploy their money market assets.  Our Portfolio Solutions have continued to see strong sales and overall, June marked the fourth consecutive month of growth in assets under management for RBC Asset Management and PH&N combined.”

About RBC Global Asset Management and RBC Wealth Management

RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and Voyageur Asset Management Inc. Combined, RBC GAM's component companies manage C$102 billion in IFIC-reported mutual fund assets in Canada and an additional C$100 billion in other institutional and private client assets in Canada and the United States. RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008; PH&N won for "Best Bond Fund Family" in 2007 and 2008. Website:www.rbcgam.com.

RBC GAM 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 with a full suite of 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, and has more than $480 billion of assets under administration, more than $230 billion of assets undermanagement and nearly 4,500 financial consultants, advisors, private bankers and trust officers.