TORONTO, July 24, 2012 /PRNewswire/ --
RBC Global Asset Management Inc. today announced that it has been selected to manage a global natural resources mandate by China's National Council for Social Security Fund (NCSSF).
"It is an honour to be selected by China's National Council for Social Security Fund as a manager for their global natural resources mandate," said John Montalbano, CEO of RBC Global Asset Management Inc. "This is a prestigious appointment from one of the world's largest pension funds and is a reflection of RBC Global Asset Management's role as a leading provider of global natural resources investment capabilities."
The NCSSF is a supplementary fund of the People's Republic of China, and is responsible for the management and operation of the country's National Social Security Fund.
"This announcement is historically significant and reflects our ambitious international growth strategy," added Montalbano. "As a leading global investment management firm, we are committed to providing our clients, in China and around the world, an exceptional experience in client service and investment returns."
On August 1, 2000, the Central Committee of CPC and the State Council decided to establish the National Social Security Fund and the National Council for Social Security Fund (NCSSF) to manage and operate the assets of the National Social Security Fund. The Fund serves as the social security strategic reserve centralized by the central government to meet the social security needs during the peak time period of the future aging population. For more information on the NCSSF, visit: http://www.ssf.gov.cn/Eng_Introduction/201206/t20120620_5603.html
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), and includes institutional money managers BlueBay Asset Management, Phillips, Hager & North Investment Management and RBC Global Asset Management (U.S.). RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through exchange-traded funds, hedge funds, mutual funds, pooled funds, separate accounts and specialty investment strategies. RBC GAM group of companies manage more than $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.
RBC Global Asset Management is part of RBC Wealth Management, which is one of the world's top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, 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, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$560 billion of assets under administration, more than C$322 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.
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SOURCE RBC and RBC Global Asset Management