Fund sales climb to $2.65 billion in November: IFIC

Share this article and your comments with peers on social media Keywords Fund salesCompanies Investment Funds Institute of Canada Mutual fund sales slump continued in November Net sales of mutual funds rose in November, climbing to $2.65 billion, up from $2.1 billion in October, reports the Investment Funds Institute of Canada (IFIC). IFIC reports, based on data provided by Investor Economics Inc., that net sales rose month over month, and that they were up substantially from the same month last year, when net sales were just $468.9 million. Mutual fund sales outpaced ETFs in September Canadian fund sales exceeded $23B in February Once again, long-term funds had positive net sales, while money market funds suffered redemptions. Long-term net sales totalled $3.27 billion in November, and money market funds had net redemptions of $616.2 million. Balanced funds led the way with net sales of $2.51 billion in the month, up compared from $2.16 billion in October. Bond funds also saw sales rise, recording $1.59 billion of net sales for November, up from $1.48 billion in the previous month. Equity funds remain in net redemptions however, with $1.40 billion worth in November; up slightly from the prior month. IFIC also reports that total mutual fund assets under management (AUM) for November rose to $837.6 billion, up from $834.3 billion in the previous month; an increase of $3.30 billion, or 0.4%. Related news James Langton Facebook LinkedIn Twitter read more