Canada’s mutual fund industry started 2011 on a high note, with net sales of between $2.45 billion and $2.95 billion, according to preliminary estimates from the Investment Funds Institute of Canada.
Net industry assets totalled between $639.1 billion and $644.1 billion at month-end, an increase of about 0.94% from the end of December. These statistics represent only a a sample of IFIC members. As such, the data leaves out such industry heavyweights as Invesco Trimark and CI Financial.
CI did issue its customary press release, stating that the company’s assets under management had risen 1.2% ($863 million) to $73.7 billion, but the firm now only reports sales on a quarterly basis.
Among the companies that do report sales data to IFIC, RBC Global Asset Management reported the highest net sales of long-term fund, totalling just over $1 billion.
Dynamic Mutual Funds reported net long-term fund sales of $573 million, followed by Fidelity Investments ($376 million) and CIBC Asset Management ($374 million).
Money market funds were in net redemptions nearly across the board, with Scotia Asset Management being the standout, with net sales of $167 million.