RBC Global Asset Management, part of Royal Bank of Canada and which serves clients including high net worth indviduals, has reported August net sales of $567 million.

RBC Global Asset Management, part of Royal Bank of Canada and which serves clients including high net worth individuals, has reported August net sales of $567 million.

Long-term funds had net sales of $652 million and money market funds had net redemptions of $85 million. Assets under management increased by 1.5 per cent over the month, it said in a statement late last week.

"August proved to be a tremendous month, as we exceeded all other previous August sales results. We continued to capture a significant portion of industry long-term mutual fund net sales," Doug Coulter, president of RBC Global Asset Management, said.

"Among the RBC GAM Funds that saw the greatest inflows, the RBC US Monthly Income Fund, which provides investors with US dollar monthly income and exposure to US fixed income and equity securities, surpassed the milestone of $1 billion in assets under management," Coulter added.

RBC Global Asset Management includes institutional money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, exchange-traded funds, hedge funds, pooled funds, separate accounts and specialty investment strategies.