TORONTO, Nov. 4 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced that combined assets under management decreased by 8.5 per cent in October, primarily due to declining capital markets.

In October, net redemptions of long term funds totaled $902 million (or approximately one per cent of assets under management) and net redemptions of money market funds totaled $1.1 billion.

About Global Asset Management and RBC Wealth Management

Global Asset Management comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) in Canada and Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have $102 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 and PH&N received the Lipper Awards for "Best Overall Fund Group" and "Best Bond Family" in Canada respectively for the second consecutive year in 2008.

Global 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. 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 over C$450 billion of assets under administration, more than C$200 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.