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The value of mutual funds and ETFs held in Ontario has grown 90% in the last decade, according to the Conference Board of Canada’s  report, Money Management Matters: Assessing the Economic Footprint of Ontario’s Funds Industry.

Read: Why mutual funds invest in ETFs

In 2013, the funds industry directly employed 44,413 people, and generated $4.1 billion in direct real GDP in Ontario. The total economic footprint of the industry (including direct, indirect, and induced impacts) accounted for $11.4 billion or 1.8% of total real GDP in the province.

In 2004, funds assets under management in Ontario were valued at an estimated $257 billion, and by 2013 that had increased to $489 billion. These funds assets held by Ontario residents represent 49% of the $999.2 billion in assets held nationally.

Funding and support for the report was provided by Investment Funds Institute of Canada (IFIC).

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Originally published on Advisor.ca

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