RBC to launch RBC high yield fund, close PH&N fund to new investors

By Melissa Kory

Cleveland, Sept. 29 - RBC Global Asset Management announced the launch of the RBC high yield bond fund, available Oct.12, and the closure of the PH&N high yield bond fund to new investors, effective Nov. 26.

The RBC high yield bond fund, aimed at long-term investors seeking income and capital growth potential, will be managed by Frank Gambino, senior portfolio manager and investment grade and high yield bond expert with RBC Asset Management Inc.

The PH&N high yield bond fund was launched in July 2000 and surpassed $2 billion in assets.

"We have been extremely pleased with the tremendous success of the fund over the past 10 years," Hanif Mamdani, lead manager of the PH&N high yield bond fund and head of alternative investments for RBC Global Asset Management, said in a press release. "We made the decision to close the fund to new investors as a proactive measure. This will preserve future capacity for current investors and help maintain the integrity of our disciplined investment management approach. Existing investors will still be able to make additional purchases in the accounts they currently hold."

RBC Global Asset Management, based in Toronto, is part of RBC Wealth Management.

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