TORONTO, May 4, 2009 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced April net sales of $818 million. Money market funds had net sales of $665 million and long term funds had net sales of $153 million. Assets under management increased by $3.3 billion, or 3.5 per cent, in April.

"We are encouraged to see investors moving more confidently into longer-term funds," said Doug Coulter, president of RBC AM. "With RBC AM having just been named Canada's Best Bond Fund Family at the 2009 Lipper Awards, we are also pleased to see strong sales of fixed income products such as the PH&N High Yield Bond Fund, PH&N Total Return Bond Fund, and RBC Canadian Short-Term Income Fund."

About RBC Asset Management, Phillips, Hager & North and RBC Wealth Management
Combined, RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North Investment Management Ltd. (PH&N) have $97 billion in IFIC-reported mutual fund assets under management and an additional $49 billion in other institutional and private client assets under management. RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008; PH&N won for "Best Bond Fund Family" in 2007 and 2008.

RBC AM and PH&N are part of RBC Wealth Management, which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management also provides asset management and trust products and services directly and through RBC and third-party distributors to all client segments, and has nearly $500 billion of assets under administration, more than C$220 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.