TORONTO, October 4, 2007 — RBC Asset Management Inc. (“RBC AM”) today announced that it is reducing the management fees on the RBC $U.S. Money Market Fund, the RBC Canadian Short-Term Income Fund, the RBC Bond Fund, and the RBC Global High Yield Fund effective November 1, 2007.  

Series A and Advisor Series	Current Management Fee	Management Fee effective November 1, 2007
RBC $U.S. Money Market Fund *	1.00%	0.85%
RBC Canadian Short-Term Income Fund	1.25%	1.15%
RBC Bond Fund	1.25%	1.15%
RBC Global High Yield Fund	1.75%	1.50%

* Only available in Series A.

RBC AM also indicated that further reductions are planned for April 1, 2008 to bring the management fees for the RBC Canadian Short-Term Income Fund and the RBC Bond Fund to one per cent.

“These reductions are another example of our ongoing commitment to provide the best value-for-money for our unit holders,” said Brenda Vince, president, RBC Asset Management.

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 and has over $83 billion in assets under management.

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.

 

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