Canadian mutual fund assets up by CAD20bn, says IFIC

Date: Wednesday, May 6, 2009
Author: Hedgeweek.com

The Investment Funds Institute of Canada has reported that based on a sample of preliminary data from some of its members, net sales of mutual funds for the month of April are estimated to be between CAD257.9m and CAD757.9m.

'After a CAD20bn increase in assets under management in March, preliminary estimates show that assets increased by another CAD20bn in April. This is certainly good news for mutual fund investors,' says Pat Dunwoody, vice president of member services and communications with IFIC.

'In addition, on the sales side, investors appeared much more confident last month moving assets from money market funds back into long-term fund categories.'

IFIC also estimates that net assets of the mutual fund industry for the month of April will be between CAD514.6bn and CAD519.6bn, up approximately 3.96 per cent from last month's total of CAD497.4bn.