TORONTO, July 25, 2007 — RBC Asset Management Inc. today announced it will transition the sub-advisory relationship for the RBC O’Shaughnessy Funds and Private Pools to O’Shaughnessy Asset Management, L.L.C. (OSAM).  Bear Stearns Asset Management and Jim O’Shaughnessy recently agreed that Mr. O’Shaughnessy will form the new company, OSAM, in which Bear Stearns Asset Management will be a minority stakeholder.   Mr. O’Shaughnessy will continue to be the portfolio manager for the RBC O’Shaughnessy Funds and Private Pools, a role he has had since their inception.

“I’m delighted to continue my ten-year partnership with RBC and look forward to continuing to work with RBC in my new capacity as Chairman and CEO of OSAM,” said Mr. O’Shaughnessy. 

“Jim and his team have provided outstanding results for our unitholders over the past ten years and we look forward to continuing to build our business relationship with OSAM,” said Brenda Vince, president, RBC Asset Management Inc. 

OSAM will be appointed as the sub-advisor for the
RBC O’Shaughnessy Canadian Equity Fund,
RBC O’Shaughnessy All-Canadian Equity Fund,
RBC O’Shaughnessy U.S. Value Fund,
RBC O’Shaughnessy U.S. Growth Fund,
RBC O’Shaughnessy International Equity Fund,
RBC O’Shaughnessy Global Equity Fund,
RBC O’Shaughnessy Canadian Equity Pool,
RBC O’Shaughnessy U.S. Value Equity Pool
and RBC O’Shaughnessy U.S. Growth Equity Pool on or about September 30, 2007.

About RBC Asset Management
RBC Asset Management Inc. is an indirect, wholly owned subsidiary of Royal Bank of Canada. RBC Asset Management Inc. provides a broad range of investment services to investors through mutual funds, pooled funds and separately managed portfolios. With offices in major financial centres around the world, RBC Asset Management Inc. is one of Canada’s largest money managers.

The RBC Asset Management mutual fund family was awarded the “Best Overall Fund Group” in Canada for 2007 by Lipper Inc. The prestigious award is part of a global program of events held by Lipper in 21 countries to highlight funds and fund families that excel in delivering consistently strong risk-adjusted performance relative to their peers. Visit our website at www.rbcam.com.

RBC Asset Management 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, provides asset management and trust services through RBC partners and third-party distributors and has over $500 billion of assets under administration, 3,500 financial advisors and $150 billion of assets under management.

Media contacts:
Rina Cortese, RBC Wealth Management, (416) 974-6970
Jackie Braden, RBC Media Relations, (416) 974-2124