Royal Bank of Canada's RBC Asset Management Inc. has added the RBC Premium U.S. Money Market Fund for investors with large U.S. dollar balances looking for liquidity at a lower price than traditional U.S. dollar money market funds, and better returns than savings accounts.
The RBC Premium U.S. Money Market Fund will be managed similarly to the RBC U.S. Money Market Fund, but with a management fee of 0.35% and a minimum investment amount of $100,000. The fund was made available to adviser-channel clients in no-load and fee-based versions last week and will be rolled out on the company's retail network in January.
