TORONTO, Cananda – Sales of mutual funds picked up in November as Canadians sold their holdings in short-term funds and piled into stock and balanced funds, according in industry sales data.
The Investment Funds Institute of Canada said Monday that total net mutual fund sales grew to $4.02 billion in November compared with $1.70 billion in October and $2.65 billion in November 2012.
Sales of long-term funds totalled $4.23 billion, up from $2.04 billion in October and $3.27 billion a year ago.
Short-term funds saw net redemptions totalling $208.7 million compared with net redemptions of $345.1 million in October and $616.2 million in October 2012.
The increase came as net sales of equity funds amounted to $1.3 billion and balanced funds added $3.63 billion. Bond funds saw net redemptions of $875.3 million, while specialty funds reported net sales of $170.9 million.
Mutual fund assets under management in November totalled $986.4 billion, up from $971.2 billion in October and $837.6 a year ago.