Canadians have more than $1 trillion in mutual funds, up $142B from 2013: IFIC

TORONTO – Canadians are holding more than one trillion dollars in mutual funds, according to the Investment Funds Institute of Canada.

IFIC says assets under management totalled $1.14 trillion as of Dec. 31, jumping 14.2 per cent, or $141.8 billion, from a year ago.

The industry’s overall net sales in December totalled $1.33 billion, down 54 per cent from $2.92 billion in December 2013.

Net sales of long-term funds were $2 billion, while net redemptions of money market funds were $675.8 million.

Net sales of balanced funds, which hold a variety of assets, were $2.96 billion, also down from $3.09 billion a year ago.

Bond fund net sales in December were $3.1 million.

Equity fund net redemptions totalled $874.9 million, while net redemptions of specialty funds came in at $83.6 million.

Net redemptions of short-term funds totalled $675.8 million.