IFIC reports January fund sales higher

(February 4, 2004) Mutual funds sales improved in January, as Canadians bought an estimated $1.8 billion worth of funds, according to a preliminary report from IFIC.

That marks a rise of $700 million over the previous month. Assets in funds grew to an estimated $450 billion to $455 billion as the markets continued to move higher, marking an increase of 3.1% from December’s $438.9 billion total.

“Historically, sales in January are a good indication of the level of sales we expect to see this RRSP season,” said Tom Hockin, IFIC president and CEO. “Net assets for the industry are expected to be $452 billion, the highest that assets have ever been historically for the industry.”

Top sellers included RBC and CIBC, with sales of $492 million and $284 million respectively, with Phillips Hager & North hitting $231 million in net sales. AIC leads net redemptions, of those reporting so far, at $127 million.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com