May marks another strong month: IFIC

By Steven Lamb | June 5, 2007 | Last updated on June 5, 2007
1 min read

The month of May appears to have seen strong mutual fund sales, with net inflows of between $3.2 billion to $3.7 billion, according to preliminary estimates from IFIC.

“Mutual fund net sales posted their best May since May 1996 and marked the thirty-first straight month of positive net sales,” said Pat Dunwoody, vice-president, member services and communications. “Since May 2003 assets under management have grown an average of 16.3% per year with total growth in AUM of 83.2% over the period.”

Net assets held in Canadian mutual funds are estimated at between $707.9 billion and $712.9 billion, an increase of about 1.5% over the prior month.

Some fund companies have already released sales data for the month. RBC appears set to maintain its dominance for another month, reporting net long-term fund sales of $514 million, with an additional $67 million flowing into money market funds.

TD Asset Management reported a strong month as well, with net sales topping $318 million. AGF Management reported last month to be its second best May in its 50-year history in terms of net sales, which topped $268.6 million.

Dynamic posted estimated net sales of $221 million, followed closely by Desjardins, with $216 million split between its two divisions.

CI Investments, which does not report sales data to IFIC, announced $293 million in net sales for the month, on gross sales of $1.1 billion.

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Steven Lamb