RBC Funds Inc. today announced RRSP season mutual fund net sales of more than $2 billion. This represents net sales for the period between Nov. 1, 2001 and Mar. 1, 2002.

Compared to the same period last year, RBC Funds Inc. experienced a 119% increase in mutual fund net sales. Assets under management for RBC Funds at the end of February 2002 totalled $37.3 billion.

“Investors are displaying a renewed confidence in equities and investments for the long term,” said George Lewis, Chairman and CEO, RBC Funds Inc., “We have experienced strong sales across all asset classes, with investors shifting out of money markets into more balanced and growth-oriented investment products.”

While money market funds sales were initially strong during the RRSP season, RBC Funds Inc. saw a net redemption in money market funds during the month of February.

“We have seen a big move back into equity funds this month, both foreign and Canadian,” said Brenda Vince, president and COO, RBC Funds Inc. “Many investors have moved into our Royal Monthly Income Fund and the Royal Dividend Fund as conservative growth products. The Royal Select and Select Choices Portfolios also continue to be popular with investors looking for a simplified means of attaining portfolio balance.”