CI Fund Management Inc. has posted total net sales of $219-million in March, according to the company.
The net sales included $136-million from CI Mutual Funds Inc., comprising net sales of long-term funds of $125-million and net sales of money market funds of $11-million.
In a news release, the wealth management company said its Assante Corp. unit had net sales of $73-million, comprising net sales in long-term funds of $78-million and net redemptions of money market funds totalling $5-million. Its Skylon Advisors Inc. operations posted net sales of $10-million in March, it noted.
CI Fund said that as of March 31, its total fee-earning assets were $61.8-billion, down 0.3 per cent from a month earlier but up 98 per cent from a year earlier.
In February, CI Fund Management Inc. reported combined net sales of $514-million and total fee-earning assets $62-billion, which was up $2-billion or 3.4 per cent from January.
The Toronto-based company had total managed assets in February of $49.5-billion and administered assets of $12.5-billion.
"CI continues to enjoy a positive business environment, with strong net sales and growing investor confidence," said Stephen MacPhail, CI Fund's executive vice-president, chief operating officer and chief financial officer.
"Furthermore, our investment fund assets posted only a slight decline during the month, significantly outperforming the major Canadian and global equity market indexes."
The Toronto Stock Exchange's S&P/TSX composite index fell 2.3 per cent in March, while the Standard & Poor's 500-stock index in the United States lost 1.6 per cent.
CI Fund Management is traditionally one of the earliest reporters of monthly sales statistics among companies in the Canadian mutual fund industry, providing an early glimpse into how the industry fared in the month.
Industry watchers will get a much more complete picture today, when the Investment Funds Institute of Canada, the country's national mutual fund organization, releases its industry-wide preliminary sales estimates for March.
The industry is coming off a big month in February, in which net sales totalled $5-billion, the best one-month performance in four years.
© 2007 The Globe and Mail. All rights reserved.
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