TORONTO, August 5, 2009 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North Investment Management Ltd. (PH&N) announced July net redemptions of $1.7 billion. Money market funds had net redemptions of $2.3 billion and long-term funds had net sales of $516 million. Assets under management decreased by $0.1 billion or 0.1 per cent in July.

“We are pleased to see that the sales trend of long-term funds remains strong,” said Doug Coulter, president of RBC AM.  “At the same time, investors continue to reallocate their money market fund holdings as they consider the merits of other investment opportunities in the current market, including the new RBC Investment Savings Account.”

About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and Voyageur Asset Management Inc. Combined, RBC GAM's component companies manage C$102 billion in IFIC-reported mutual fund assets in Canada and an additional C$87 billion in other institutional and private client assets in Canada and the United States. 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. Website: www.rbcgam.com.

RBC GAM 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 with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, and has more than $480 billion of assets under administration, more than $230 billion of assets undermanagement and nearly 4,500 financial consultants, advisors, private bankers and trust officers.