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Shaky markets take toll on mutual fund donations

Volatile equity markets left mutual fund investors skittish last month with estimated net sales totalling about $200-million, the Investment Funds Institute of Canada reported yesterday. In contrast, $1.8-billion was invested in funds in June last year. "Shaky markets kept investors on the sidelines in June," Joanne De Laurentiis, IFIC's president and chief executive officer, said in a statement. Ten firms reported net redemptions last month. AIM Funds Management Inc., owner of the AIM and Trimark brands, had the worst performance, reporting $349-million in lost business. Six firms reported net sales of more than $100-million in June. BMO Funds, the fund arm of Bank of Montreal, was the month's top seller, reporting net sales of $165-million.

© 2007 The Globe and Mail. All rights reserved.

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