Fund sales expected to top $1.4 billion

January was another healthy month for the mutual fund industry, with net new sales estimated at between $1.2 billion and $1.7 billion, according to IFIC. That’s down from December’s total of $1.7 billion, but more than double last January’s $660 million in sales.

“Sales are in line with expectations for this time of year,” said Joanne De Laurentiis, who recently took over as IFIC president. “Strong markets, mixed with investors’ appetite for long-term savings, especially RRSPs, boosted assets by about $17 billion in January.”

Total industry assets are expected to be in the range of $584 to $589 billion, up 3% from last month.

Among firms, RBC Asset Management was far and away the leader, with nearly $700 million in net new sales. Other top performers included TD Asset Management, with $370 million in sales and Dynamic Mutual Funds, at $340 million.

Laggards included AIM Trimark, with $396 million in net redemptions, AIC, off $176 million, and Scotia Securities, down $197 million, though Scotia notes that IFIC’s numbers do not include the firm’s portfolio partners program, which generated $74 million in sales last month.

Filed by Doug Watt, Advisor.ca, doug.watt@advisor.rogers.com