TORONTO, June 26, 2023 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced changes to several of its funds, including management and/or administration fee reductions and risk rating changes for certain RBC Funds and PH&N Funds. In addition, RBC GAM Inc. has identified certain RBC Funds that are currently ineligible to be held in registered plans.
Management and administration fee reductions for certain RBC Funds
Effective July 1, 2023, the management and/or administration fees will be reduced for the funds below and their applicable series:
Fund | Series | Management Fee |
Current | Effective July
1, 2023 |
RBC Select Conservative Portfolio | A | 1.58 % | 1.53 % |
RBC Managed Payout Solution - Enhanced | A | 1.58 % | 1.45 % |
Fund | Series | Administration Fee |
Current | Effective July
1, 2023 |
RBC Emerging Markets Dividend Fund | O | 0.10 % | 0.07 % |
RBC Emerging Markets ex-China Dividend Fund | O | 0.10 % | 0.07 % |
RBC Emerging Markets Equity Fund | O | 0.10 % | 0.07 % |
RBC Emerging Markets ex-China Equity Fund | O | 0.10 % | 0.07 % |
RBC Emerging Markets Equity Focus Fund | O | 0.10 % | 0.07 % |
RBC QUBE Low Volatility Emerging Markets Equity Fund | O | 0.10 % | 0.07 % |
RBC Emerging Markets Small-Cap Equity Fund | O | 0.10 % | 0.07 % |
RBC Vision Fossil Fuel Free Emerging Markets Equity Fund | O | 0.10 % | 0.07 % |
RBC GAM Inc. reviews management and administration fees on an ongoing basis.
Administration fees are used to pay for the following operating expenses of a fund: regulatory filing fees, fees and expenses associated with the Independent Review Committee, recordkeeping, accounting and fund valuation costs, custody fees, audit and legal fees, the costs of preparing and distributing annual and interim reports, prospectuses, fund facts, ETF facts and statements and other investor communications.
Risk rating change
The risk rating for certain funds has increased. These changes will be reflected in the renewal of the simplified prospectus for both the RBC Funds, which is expected to be filed on or around June 27, 2023, and the PH&N Funds, which is expected to be filed on or around June 26, 2023.
These changes are based on the methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds. RBC GAM Inc. reviews the risk rating for each fund on an annual basis, as well as when a fund undergoes a material change. These changes are the result of an annual review and not the result of any changes to the investment objectives, strategies or management of the funds.
Fund | Current | New |
BlueBay Global Investment Grade Corporate Bond Fund (Canada) | Low | Low to Medium |
BlueBay Emerging Markets Local Currency Bond Fund (Canada) | Low to Medium | Medium |
RBC Managed Payout Solution – Enhanced | Low | Low to Medium |
RBC Monthly Income Fund | Low | Low to Medium |
RBC Select Conservative Portfolio | Low | Low to Medium |
RBC Select Choices Conservative Portfolio | Low | Low to Medium |
RBC Global Conservative Portfolio | Low | Low to Medium |
RBC Global Choices Conservative Portfolio | Low | Low to Medium |
RBC North American Value Fund | Low to Medium | Medium |
RBC QUBE Low Volatility U.S. Equity Fund | Low to Medium | Medium |
RBC Private Canadian Dividend Pool | Low to Medium | Medium |
RBC Private World Equity Pool | Low to Medium | Medium |
Phillips, Hager & North Conservative Pension Trust | Low | Low to Medium |
Funds that are currently ineligible to be held in registered plans
The following funds are currently ineligible to be held in registered plans because they have not reached mutual fund trust ("MFT") status. If they are currently held within a registered plan, they may be subject to a tax payable.
Fund |
RBC Emerging Markets ex-China Dividend Fund |
RBC QUBE Low Volatility Emerging Markets Equity Fund |
RBC Vision Fossil Fuel Free Emerging Markets Equity Fund |
Once these funds reach MFT status, they will be eligible to be held in registered plans.
Please consult your advisor and read the prospectus, Fund Facts or ETF Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC GAM Inc. and distributed through authorized dealers in Canada. RBC GAM Inc. is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $525 billion in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.
SOURCE RBC Global Asset Management Inc.
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Brandon Dorey, RBC GAM Corporate Communications, brandon.dorey@rbc.com, 416-955-7397