IFIC cuts back on stats reports

IFIC announced late Monday that it would no longer include sales data for individual fund companies in its monthly sales report. Instead, IFIC will report on sales by asset class and CIFSC category.

The decision comes after a string of major companies pulled out of offering such data to the group.

“IFIC, as the official and authoritative source of industry data, will continue to report on the significant trends and developments in our industry,” said Joanne De Laurentiis, IFIC president and CEO. “Investors will receive the information that they want and that is most relevant to their investing decisions.”

She also pointed out that most asset managers have a much broader product lineup beyond mutual funds, and that reporting strictly on fund sales could paint an inaccurate picture of a company’s overall sales performance.

At the same time, IFIC announced it would no longer publish preliminary sales estimates, which have typically been released on the second business day of each month. These estimates often provided a massive range for industry sales, occasionally straddling the line between net positive and net negative sales.

IFIC will continue to publish its more accurate mid-month sales reports. The January 2011 report is expected shortly.