Mutual fund net sales continued to outpace last year’s totals through the first four months of 2017, according to the latest data from the Investment Funds Institute of Canada (IFIC).
Total net sales for April were $2.7 billion, which is up from $1.8 billion in the same month last year, IFIC reports. Through the first third of the year, net sales were $21.7 billion compared with $12.8 billion during the same period in 2016.
In April, long-term fund net sales totalled $3 billion and money market funds recorded $275.4 million worth of net redemptions.
Balanced funds led the way with $1.6 billion in net sales in April, with bond funds adding almost $1.3 billion. However, equity fund net sales dried up in the month.
IFIC reports that equity funds recorded just $7 million in net sales for April, down from $565 million in March. Nevertheless, equity funds have generated $3.9 billion in net sales through the first four months of the year.
Total mutual fund assets under management continued their rise in April, finishing the month at $1.4 trillion, up by $27 billion, or 1.9%, from the previous firm.
Strategic Insight provides the aggregated totals that IFIC reported, based on data compiled from IFIC and other sources.
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