The Investment Funds Institute of Canada said today that investors put $260 million in new money into mutual funds in November, reversing two straight months of net redemptions.

“Net sales for long-term funds for the month of November were $1 billion. This is the highest sales month in this group since April 2004. Sales for the first eleven months of 2004 totalled $15.8 billion, compared with $4 billion in same period in 2003 and $8.3 billion in 2002,” said Tom Hockin, IFIC’s president and CEO.

“Month-end assets for November are at their highest level ever for the industry with eight out of nine long-term fund groups increasing in assets for that month,” he added.

Total assets under management at the end of the month were a record $482.4 billion, up 2% from the previous month and up 13.9% from the previous November.

Year-to-date, investors poured a net $15.8 billion in new money in long-term funds, compared to net sales of $4 billion in the same period of 2003.

Gross sales of money market funds for November totalled $3.6 billion. Net sales of money market funds in November were minus $745 million and minus $675 million including re-invested distributions. Total assets under management in money market funds were $51.2 billion.

Year-to-date, net redemptions of money market funds totalled $2.3 billion.