May stronger month for fund sales

(June 2, 2005) The mutual fund industry is anticipating higher sales in May, compared to the previous month. IFIC estimates that net sales for the month will be between $700 million and $1.1 billion. April’s net sales were $567 million. “We are pleased that the industry has posted its seventh straight month of positive net […]

By Staff | June 2, 2005 | Last updated on June 2, 2005

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(June 2, 2005) The mutual fund industry is anticipating higher sales in May, compared to the previous month. IFIC estimates that net sales for the month will be between $700 million and $1.1 billion.

April’s net sales were $567 million.

“We are pleased that the industry has posted its seventh straight month of positive net sales,” said IFIC president Tom Hockin. “Though these statistics are preliminary, we expect our final net sales for May to be higher than in April, and the highest net sales for May since 2001.”

IFIC estimates that industry assets will be around $520 billion, up nearly 2% from April.

The big banks led the way in May, with RBC reporting $240 million in net sales and TD coming in at $232 million. CI Fund Management had net sales of $131 million in May and net sales of $1.7 billion for its fiscal year ending May 31, 2005. “An exceptional RSP season and continued sales momentum capped a strong fiscal year for CI,” said CI president Stephen MacPhail.

At the other end of the spectrum, the bleeding continues at AIC, which reported $279 million in net redemptions in May.

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