Fund sales see continued strength in March

Early reports from several mutual fund manufacturers suggest that sales soared in March, helped along by strong global equity markets.

DundeeWealth continued to set the pace, reporting long-term mutual fund net sales of $543 million and short-term mutual fund net redemptions of $9 million. Mutual funds assets under management totaled $28.8 billion.

Fidelity reported total inflows of $467 million, with long term funds receiving $498 million in net inflows.

CI Financial reported net retail fund sales of $243 million for the month of March, on gross sales of $1.1 billion. Net long term fund sales totaled $213 million, while money market funds took in another $30 million. At month end, assets under management stood at $68.1 billion, a gain of 2.7% over the previous month.

“CI had a very successful quarter, with net sales of $690 million representing increases of 69% over the previous quarter and 287% over the first three months of 2009,” said Stephen A. MacPhail, president of CI. “Meanwhile, we have seen steady asset growth, with retail assets under management at the end of March up 5.3% from the average of the fourth quarter of last year.”

Investors Group reported $159.6 million in net new money, with $154.9 million in flows to long term funds, and $4.7 million into money markets. Mutual fund assets under management were $59.3-billion at the end of March, compared with $46.6-billion at March 31, 2009.

Mackenzie Financial posted $75.2 million in net redemptions, with investors taking a net $42 million out of long term funds, and $33.2 million from money market funds. Total assets under management were $64.9 billion at March 31, 2010, as compared to $52.6 billion at March 31, 2009.

AGF Management reported $100.3 million in total net redemptions, with $87.8 million in net redemptions from long-term mutual funds and $12.5 million from money markets.

Counsel Portfolio Services reported $26.1 million in net new money, including 23 million in long term fund inflows, and $3.1 million coming into money market funds. Mutual fund assets under management were $2.25 billion at month end, compared to $1.67 billion a year earliert March 31, 2009 and $2.14 at December 31, 2009.

Mavrix Fund Management reported net sales of $26.4 million on gross sales of $48.8 million. Total assets under management at month end stood at $374.3 million, up 46.40% from a year earlier.

(04/05/10)