Record August sales for RBC mutual funds

Record August sales for RBC mutual funds

Record August sales for RBC mutual funds A recent news release from RBC Global Asset Management Inc. announced mutual fund net sales of $787 million for the month of August.

Long-term funds performed particularly well, enjoying net sales of $831 million. Money market funds, on the other hand, experienced net redemptions of $45 million. Overall, assets under management rose 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 the firm.

"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 favor 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."

The sales results information shared in the release was derived from preliminary data from the IFIC. The figures only include Canadian prospectus qualified mutual funds.

July mutual fund net sales for RBC Global Asset Management totaled $1.0 billion, with long-term funds reaching $948 million in net sales and money market funds reaching $69 million.

Related stories:
July mutual fund industry stats released
Sun Life profits take a hit from low interest rates