Fund sales end 2010 on a high note

By Steven Lamb | January 6, 2011 | Last updated on January 6, 2011
2 min read
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  • Mutual fund sales finished 2010 on a strong note, with between $1.17 billion and $1.67 billion in net sales, according to preliminary estimates from the Investment Funds Institute of Canada.

    Total industry assets are estimated to have ended the year between $632.1 billion and $637.1 billion, up 2.4% from the end of November.

    Several companies released details of their sales for the month.

    DundeeWealth finished the year with $35.2 billion in mutual fund assets under management. Its Dynamic Funds reported net sales of $401 million for long-term funds, with an additional $8 million in money market fund sales. For the full year, Dynamic generated $4.1 billion in long-term mutual fund net sales with short-term mutual fund net redemptions of $70 million.

    Fidelity reported total net sales of $282 million, with net assets of $50.8 billion. Money market funds saw a small outflow of $15 million.

    Mackenzie Financial reported $140.4 million in net redemptions for December, consisting of $132.3 million in long-term fund outflows, with another $8.1 million coming out of money market funds. Total mutual fund AUM at the end of 2010 stood at $43.5 billion, up 7% from the end of December 2009.

    Investors Group reported $54.6 million in mutual fund redemptions, including $51.8 million in long-term fund outflows and $2.8 million in money market redemptions.

    Mutual fund assets under management were $61.8 billion at December 31, 2010 compared with $57.7 billion at December 31, 2009.

    CI Financial posted net mutual fund redemptions of $110 million, which the company chalked up to institutional rebalancing and year-end RIF payments. Full-year fund sales totalled $1.1 billion.

    The company reported retail assets under management at December 31, 2010 of $71.8 billion, up 6.1% from November. That increase is in no small part due to the acquisition of Hartford Investments Canada, which had $1.8 billion in assets under management.

    AGF Management reported $113.6 million in net redemptions of long-term mutual funds, with an additional $17.4 million in redemptions from money market funds. Assets under management ended the year at $44.1 billion, down from $45.0 billion at December 31, 2009.

    Steven Lamb