Mutual funds added another $1 billion in net sales in December, pushing the full year total to more than $21 billion.
Total net sales for December were $1.13 billion, the Investment Funds Institute of Canada said Monday. Long-term funds had net sales of $1.2 billion in the month, while money market funds had net redemptions of $67.5 million.
For the full year, overall net sales were $21.2 billion, and long-term net sales were $27.2 billion, partly offset by money market net redemptions of $5.91 billion, IFIC says.
Bond funds led the net sales in December, with $1.54 billion worth. However, this was offset by equity fund net redemptions of $1.53 billion. Balanced fund net sales reached $1.04 billion for the month, relatively unchanged from last month.
For the full year, balanced funds had net sales of $27.7 billion, compared to net sales of $28.6 billion for the same period in 2010. Bond funds had net sales of $8.87 billion, compared to net sales of $11.1 billion in the previous year. And, equity funds saw total net redemptions of $10.8 billion in the year, compared to net redemptions of $10.7 billion for 2010.
IFIC also reports that total mutual fund assets under management at year end were $769.7 billion, compared to $772.6 billion in the previous month; a decrease of $2.96 billion, or 0.4%. For the year, total mutual fund assets decreased slightly, by 1.13%, from $778.5 billion in December 2010.