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RBC and Phillips Hager & North change operating expenses

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RBC Asset Management and Phillips Hager & North Investment Management have changed the way operating expenses are charged to the RBC Private Pools and PH&N Funds.<

RBC Asset Management and Phillips Hager & North Investment Management have changed the way operating expenses are charged to the RBC Private Pools and PH&N Funds.

Beginning 1 November 2009, RBC AM and PH&N will pay the majority of operating expenses for each of the RBC Private Pools and PH&N Funds in return for a new fixed administration fee, which will be paid by the funds to RBC AM and PH&N.

RBC Private Pools and PH&N Funds will continue to pay expenses related to the independent review committee, the cost of any new government or regulatory requirements introduced after 1 July 2009, and any borrowing costs and taxes payable by the funds.

"We always aim to be a leader in delivering value to investors and these changes provide unitholders with greater certainty about the cost of investing," says John Montalbano (pictured), head of RBC Global Asset Management. "In 2007, RBC AM implemented fixed administration fees for all RBC Funds, which resulted in more stable and predictable management expense ratios (MERs). We remain committed to industry leadership when it comes to low fund management fees."

This change aims to improve the predictability of the MER for each series of units. The MER will consist of each series’ management fee, fixed administration fee, other fund costs and taxes including the GST, all expressed as a percentage of the fund’s average net assets for that year.

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