TORONTO – Net sales of mutual funds totalled $9.27 billion for February, up from $7.63 billion in the same month last year, according to data compiled by the Investment Funds Institute of Canada.
The increase brought the total mutual fund assets under management as of February to $1.045 trillion, up from $1.011 trillion in January and $891.8 billion in February 2013.
The growth compared with a year ago was driven by equity fund sales which totalled $2.01 billion for February, up from $558.4 million a year ago.
Balanced fund sales amounted to $7.4 billion, up from $7.13 billion a year ago, while specialty fund sales grew to $470.8 million from $267.1 million in February 2013.
Net redemptions of bond funds amounted to $228.4 million compared with sales of $249.1 million last year, while money market fund redemptions totalled $388.1 million compared with $567.8 million in redemptions in the same month last year.