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Mutual Fund News

Fund sales fall sharply in July


Investors bought an estimated $850-million in mutual funds last month, a sharp decline from the $1.9-billion in net sales reported in July last year.

Net sales for the industry are expected to be in the range of $600-million to $1.1-billion, the Investment Funds Institute of Canada reported yesterday. That's up from $308-million in net sales reported in June.

Joanne De Laurentiis, IFIC's president and chief executive officer, noted that total industry assets rose to almost $600-billion in July.

Nevertheless, net sales are down significantly when compared with 2005. For the first seven months of 2006, net sales total about $12.2-billion, down 17 per cent from $14.8-billion reported during the same period a year ago.

Six firms reported net redemptions in July, led by AIM Funds Management Inc. The Toronto fund company lost $65-million in fund business last month.

RBC Asset Management Inc., the mutual fund arm of the Royal Bank of Canada, was the month's big winner, reporting $339-million in net sales.

© 2007 The Globe and Mail. All rights reserved.

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