TORONTO – The Investment Funds Institute of Canada says net sales of mutual funds in March totalled $7.73 billion, with net sales for the first three months of the year reaching $22.6 billion.
By category, long-term fund net sales were $7.87 billion in March, with year-to-date net sales at $23.8 billion as of the end of last month, while money market fund net redemptions were $142.6 million for the month, with year-to-date net redemptions at $1.14 billion.
Balanced fund net sales in March totalled $5.65 billion and have reached $17.8 billion for the year so far, compared with net sales of $16.1 billion in first three months of 2013.
Bond fund net sales totalled $258.7 million in March compared with net redemptions of $228.4 million in February, while year-to-date net redemptions totalled $536.7 million. That compared with net sales of $2.40 billion in the first quarter of 2013.
Equity funds’ net sales in March 2014 totalled $1.47 billion, compared with net sales of $2.01 billion in February. Year-to-date net sales for equity funds totalled $5.07 billion, compared with net sales of $1.17 billion in the same year-earlier period.
Mutual fund assets under management as of March totalled $1.059 trillion, compared with $1.045 trillion in February and up by $157.9 billion or 17.5 per cent since March 2013.