Mutual fund assets decrease 4% in October: IFIC

The Investment Funds Institute of Canada (IFIC) has released October figures for mutual fund net assets and net sales.

Combined assets of Canada’s mutual fund industry totalled $1.46 trillion. During October, assets decreased by $63.1 billion or 4.1% compared to September 2018.

The mutual fund industry recorded net redemptions of $3.6 billion for the month and year-to-date net sales of $10.4 billion.

That compares to net redemptions of $1.5 billion for September and year-to-date net sales in 2017 of $41.0 billion.

Two asset classes had net sales for the month: specialty funds and money market funds, at $917 million and $402 million, respectively. Year-to-date specialty fund net sales were about 52% higher than year-to-date 2017, while year-to-date money market fund net sales were 301% higher than year-to-date 2017.

For full details, see IFIC’s monthly statistics.

Staff

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