Royal Mutual Funds, a subsidiary of Toronto-based Royal Bank of Canada, is set to launch next month three mutual funds that will follow a "strategy indexing" formula.

The Royal Strategic Index Funds will follow a strategy developed by James O'Shaughnessy, who runs O'Shaughnessy Capital Management Inc., Greenwich, Conn. The firm will act as a subadviser for the funds, said Brenda Vince, vice president in charge of marketing at Royal Mutual Funds.

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