Net sales for the Canadian mutual fund industry in April were nearly double those reported a year ago.
Net sales totalled $3.73 billion in April, the Toronto-based Investment Funds Institute of Canada said Wednesday. That’s up sharply from $1.93 billion reported in from April 2012.
Net sales of long-term funds were $4.33 billion, up from $2.41 billion a year ago.
Net redemptions of money market funds were $603.1 million in April, up from $485.7 million in April 2012.
By broad asset class, balanced fund net sales itotalled $3.53 billion in April compared to net sales of $4.85 billion in March.
Net sales of bond funds in April totalled $421.2 million compared to net sales of $855.2 million in March.
Equity funds net sales totalled $192.7 million in April compared to $341.3 million in March.
Assets under management (AUM) for the mutual fund industry were $909.6 billion in April.
Year-to-date, industry AUM increased by $59.9 billion or 7.0%, according to Jon Cockerline, IFIC’s director, policy & research.
The monthly data is compiled from IFIC and other sources to comprehensively reflect the size and activity of the Canadian Retail Mutual Fund Industry. Aggregate totals are provided by Investor Economics, based in Toronto.