News

IFIC reports higher net assets under management of $920.5 billion in May

TORONTO – Net assets under management by the Canadian mutual funds industry rose month over month to $920.5 billion in May, the Investment Funds Institute of Canada reported Tuesday.

IFIC says net sales last month totalled $3.85 billion, a figure that included net sales of long-term funds of $4.06 billion and net redemptions of money market funds of $207.2 million.

Balanced funds had net sales in May of $11.7 billion compared with net sales of $3.53 billion in April. Year-to-date net sales for balanced funds totalled $31.3 billion compared with net sales of $14.5 billion for the same period last year.

Bond funds’ net redemptions in May totalled $3.17 billion compared with net sales of $421.2 million last month. Year to date, net sales for bond funds totalled $349.4 million compared with net sales of $9 billion for the same period last year.

Equity funds’ net redemptions in May 2013 totalled $4.09 billion, up from $192.7 million in April. Year-to-date net sales for equity funds totalled $2.73 billion compared with net redemptions of $5.28 billion for the same period last year.

Since May 2012, total mutual fund assets have increased by $70.8 billion or eight per cent, IFIC said.

Note to readers: This is a corrected story. A previous version wrongly cited “net sales” of $3.17 billion.