Winning streak: Funds finish summer on an upbeat note

By Doug Watt | September 4, 2003 | Last updated on September 4, 2003
1 min read

(September 4, 2003) For the second straight month, Canada’s mutual fund industry posted modestly positive net sales as investors tentatively returned to the markets. Net sales are expected to be about $200 million in August, according to preliminary estimates released yesterday by IFIC.

“Assets in the industry have increased for the fifth straight month to $413 billion,” added IFIC president Tom Hockin. “Most of the growth can be attributed to the strength in the financial markets over that period.”

In July, net sales reached $321 million, fueled by nearly half a billion dollars poured into long-term funds.

Investors Group remains the top fund firm in Canada, with nearly $39 billion in net assets. RBC Asset Management climbed to second spot, boosted by $48 million in net sales last month, the bank’s fourth consecutive month of positive sales.

“Asset growth is being driven by improving sales and very strong investment management performance,” said RBC Asset Management chair George Lewis.

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  • Stephen MacPhail, chief operating officer at CI Funds, says net sales of long-term funds have strengthened significantly in recent months, reflecting a “slow but sure” improvement in investor confidence.

    Although CI’s assets grew by 2% in August, redemptions reached $15 million as investors bailed out of money market funds.

    Detailed fund sales data for August will be released on September 15.

    Filed by Doug Watt,,


    Doug Watt