December fund sales estimated at $1.6 billion

IFIC expects December to be another strong month for the fund industry, with net new sales estimated at about $1.6 billion, bringing the total for the year to more than $23 billion.

Based on preliminary data from some members, net sales for the last month of 2005 are expected to be between $1.4 billion and $1.9 billion.

“December marked another month of sizable sales,” said IFIC president Tom Hockin. IFIC also estimates that industry assets will be in the range of $567 billion to $572 billion, up 2.5% from November.

Among firms, RBC led the way with $435 million in net new sales. “We are especially proud of December’s long-term net sales which set another record for RBC Asset Management,” said Brenda Vince, president, RBC Asset Management. “In 2005, for the first time in our history, we achieved more than $6 billion in calendar year long-term net sales.”

TD Asset Management reported $344 million in sales, while Phillips, Hager & North took third spot, at $214 million.

CIBC Asset Management reported net redemptions of $243 million, primarily due to a drop in money market fund sales.

Other laggards included AIM Trimark, which reported $135 million in net redemptions, AIC, off $131 million, and Scotia Securities, down $163 million, though Scotia notes IFIC does not include the majority of sales from the Scotia Partners Portfolios, which totaled $131 million for the month.

(01/04/06)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.