The asset management division of Royal Bank of Canada announced October mutual fund net sales of $278 million. The wealth management company is putting it down to confidence investors continue to have in the group.
Long-term funds had net sales of $298m and money market funds had net redemptions of $19m. Assets under management increased by 2.6%.
Doug Coulter, president of RBC Global Asset Management Inc. said: "Our October sales are a testament to the confidence that Canadian investors continue to place in RBC GAM investment solutions to help them meet their financial goals."
"The demand for income-generating solutions that offer diversification remains strong, with the RBC Global Dividend Growth Fund remaining a popular choice for investors and advisors."
This comes as the Capital Markets branch of the RBC organisation upgrades its recommendation on electricity and gas utility company National Grid to ‘outperform.’ This is a raised status from ‘sector perform.’
Along with this analysts have also lifted the price target to 1,000p. This should mean increased share prices and growth in the capital value.