With all the effects of RRSP season long past, mutual funds still continued to garner sales in April, according to the Investment Funds Institute of Canada.

IFIC reported that, based on a sample of preliminary data from some of its members, net new sales for April are estimated to be between $1.1 billion to $1.5 billion.

“Net sales for the month of April is expected to be about $1.3 billion compared with net redemptions of $263 million and $1.6 billion in April of 2002 and 2003, respectively,” revealed Tom Hockin, IFIC president & CEO. “This is the seventh consecutive month of positive sales. The majority of April’s sales are expected to be in long-term funds.”

The big winners continue to be the bank-owned fund companies. RBC Asset Management led the way with $264 million in monthly net sales. BMO was a close second, generating $257 million in net sales.

As well, with the exception of Brandes Investment Partners and PH&N, the other big bank firms — CIBC, Scotia and National Bank — were the only other firms to see more than $100 million in net sales.

Several of the other large independents also managed solid net sales. Yet, redemptions continue to dog Fidelity, AIC and Altamira. AGF’s numbers weren’t reported.

IFIC also estimates that net assets of the industry at the end of April will be in the range of $470 to $475 billion, up approximately 1.7% from last month’s total of $464.6 billion.

www.ific.ca