TORONTO, Sept. 24, 2020 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced proposed changes to the investment objectives of Phillips, Hager & North Balanced Fund and Phillips, Hager & North Balanced Pension Trust ("the Funds").

The proposed changes would allow the Funds to invest more than 50% of their assets in foreign securities, which is the current limit as described in the Funds' investment strategies. These changes are subject to unitholder approval.

The Independent Review Committee of PH&N Funds considered and provided a positive recommendation for the proposed investment objective changes, after determining that the changes stand to achieve a fair and reasonable result for each of the Funds.

Unitholder Approvals
RBC GAM Inc. will seek the required unitholder approvals for the proposed investment objective changes to the Funds at a special unitholder meeting to be held virtually on or about December 4, 2020.

A Notice-and-Access document which outlines the procedures for accessing the management information circular containing full details of the proposals will be mailed on or about October 30, 2020, to unitholders of record as of October 15, 2020. If the necessary approvals are received, the investment objective changes are expected to be effective December 7, 2020 or thereafter.

Please consult your advisor and read the prospectus or Fund 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 86,000+ employees who 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 34 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 Asset Management 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 $500 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management Inc.

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