RRSP season ended on a solid note, as mutual funds racked up $5.3 billion in net sales for February.

The Investment Funds Institute of Canada reported that the net sales total represented the best sales for a February since 2000.

Again, investors continue to concentrate their efforts in income-focused asset classes. Dividend and income funds managed more than $1.8 billion in net sales, followed by more than $1.7 billion in balanced fund net sales. Bond and income funds were the only other category to produce more than $1 billion in net sales, at $1.18 billion.

The only asset class to suffer net redemptions was the foreign equity funds, which recorded $152 million in redemptions; notwithstanding the government’s 11th-hour decision to scrap the foreign content restrictions.

Net sales for all funds including re-invested distributions were $5.7 billion. And, gross sales for February, including money market funds, totaled $16.6 billion.

Total assets under management in February alone increased 3.4% from January to $517.6 billion. Bigger than average asset gains were enjoyed by large firms such as RBC, CI and BMO. But CIBC’s assets grew less than 2% in the month and AGF’s assets were up just 2%. PH&N saw assets grow 1%, and AIC was the only firm to see assets decline, dropping 1.9% in the month.

Big asset gainers among the smaller firms include Manulife, up 14.2%; Acuity gained 13.9%; and Dynamic’s assets were up 7.0%. Other winners include Standard Life, Saxon and Mawer.

“The figures prove that Canadians like what mutual funds offer them – diversification, professional management and liquidity,” said Tom Hockin, IFIC’s president and CEO. “We are pleased Canadians continue to trust mutual funds for their retirement savings.”