RBC Global Asset Management announced record mutual fund net sales for August today, according to a news release.
RBC posted mutual fund net sales of $787 million last month. Long-term funds had net sales of $831 million, while money market funds had net redemptions of $45 million, according to the release. RBC’s assets under management increased by 0.8%.
“This was a record month for RBC Global Asset Management, as we exceeded all previous August long-term mutual fund sales results,” said Doug Coulter, president of RBC Global Asset Management. “At RBC, we are proud to offer a range of investment solutions that aim to manage risk and help Canadian investors meet their long-term financial goals. Investors and advisors continue to favour balanced products that strive for stability through diversification, as seen through the continued success of RBC Select Portfolios, which remained among our top sellers this month.”
Sales results information for August was based on preliminary data from the Investment Funds Institute of Canada, and only included Canadian prospectus qualified mutual funds, according to the release.