TORONTO – Canadians plowed an additional $5.09 billion into mutual funds last month, with most of it going into balanced mutual funds which hold a variety of asset classes.
The Investment Funds Institute of Canada said the total compared with the $5.01 billion that Canadians put into mutual funds in May and $2.21 billion in June 2013.
As of June 30, the Canadian mutual fund industry had nearly $1.1 trillion under management, compared with $907 billion a year ago.
IFIC said net sales of balanced funds totalled $4.48 billion and $1.17 billion was added to bond funds in June.
By contrast, $415.6 million was withdrawn from equity funds and $371.8 million was pulled from money market funds, which invest in short-term securities such as government treasury bills.
For the first six months of 2014, investors have put $37.3 billion into mutual funds — about 30 per cent more than over the comparable period last year, when $28.7 billion was added to funds of various types.
IFIC compiles the information from 39 member fund managers and 58 other firms.