The 2017 RRSP season kicked off in January with $4.05 billion in net sales for the mutual funds industry, according to figures from the Investment Funds Institute of Canada (IFIC) released on Wednesday.
Overall net sales were more than double December 2016’s net sales of $1.81 billion; the industry recorded net redemptions in January 2016.
Long-term funds recorded $4.35 billion in net sales in January, while money market funds racked up $301.5 million in net redemptions.
Balanced funds continued to lead the way in January, with $2.35 billion in net sales. Equity funds recorded $1.06 billion worth of net sales, and bond funds added $821.5 million in net sales.
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By contrast, equity funds suffered net redemptions of $1.33 billion in January 2016, while the balanced and bond categories eked out small positive net sales.
Assets under management (AUM) for the mutual funds industry totalled $1.34 trillion for January, up $3 billion, 0.2%, from December 2016. Over the previous 12 months, industry AUM rose 11%.
Monthly sales data are compiled from IFIC and other sources. Toronto-based Strategic Insight provides aggregate totals.
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