Home Breadcrumb caret Industry News Breadcrumb caret Industry Strong long-term fund sales offset by money markets Mutual fund sales fell into the red in June, but it is too soon to get a handle on how large industry-wide net redemptions were. Preliminary estimates by the Investment Funds Institute of Canada place the number anywhere between $20.9 million and $520.9 million. The good news for the industry is that long-term funds saw […] By Steven Lamb | July 6, 2010 | Last updated on July 6, 2010 2 min read Mutual fund sales fell into the red in June, but it is too soon to get a handle on how large industry-wide net redemptions were. Preliminary estimates by the Investment Funds Institute of Canada place the number anywhere between $20.9 million and $520.9 million. The good news for the industry is that long-term funds saw net sales of nearly $950 million in long term funds in the month. “Market volatility was still a factor in June, yet assets remained $45 billion or 7.6% higher than at this point last year,” said Pat Dunwoody, vice-president of member services and communications with IFIC. The industry ended the month with net assets of between $589.3 billion and $594.3 billion, down about 1.44% from May’s total of $600.5 billion. DundeeWealth reported total mutual fund net sales of $257 million, including $270 million in net long-term fund sales and $13 million in net redemptions from money market funds. Total mutual fund assets under management at the end of June were just under $28.3 billion. Mackenzie Financial boasted $239.4 million in net mutual fund sales, consisting of $274.1 million in long term fund sales, and $34.7 million in money market redemptions. Assets under management totaled $60.9 billion at month end, up from $57.8 billion at June 30, 2009. Investors Group reported net redemptions of $22.5 million, with long-term funds accounting for $5.4 million of that total and money markets making up $17.1 million. Mutual fund assets under management were $55.5-billion at June 30, 2010, up from $52.5-billion a year earlier. Counsel Portfolio Services reported net sales of $15.9 million, including $13.9 million in long-term fund sales. Assets under management were $2.17 billion at month end, compared to $1.84 billion a year. Fidelity reported total flows of $167 million, on long-term net inflows of $179 million. Scotia Asset Management posted long-term net sales of $147 million. Total assets under management increased $3.9 billion on a year-over-year basis. CI Financial reported net fund sales of $24 million, with $36 million in net long-term fund sales, and $12 million in net money market redemptions. Retail assets under management finished the month at $64.6 billion. AGF Management posted $176.4 million in net redemptions for the month, consisting of $160.3 million in long-term funds and $16.1 million in money market assets. Total mutual fund assets under management were $20.9 billion. (07/05/10) Steven Lamb Save Stroke 1 Print Group 8 Share LI logo