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Mutual Fund News

Investors stick with money market funds

Mutual fund sales in Canada plunged to about $300-million in April from $2.5-billion a year ago. All the new cash went to money market funds - a continuation of the same trend in March and January, according to preliminary figures released yesterday by the Investment Funds Institute of Canada. "It's surprising because we did see some pretty good equity markets last month," said Dennis Yanchus, manager of statistics at IFIC. RBC Asset Management Inc. was the sales leader, attracting $760-million. Dynamic Mutual Funds Ltd. took in $274-million; Fidelity Investments Canada, $171-million; and CI Financial Income Fund, $170-million. AIM Funds Management Inc. suffered from $653-million in net redemptions. CIBC Asset Management and IGM Financial Inc., respectively, saw outflows of $263-million and $186-million.

© 2007 The Globe and Mail. All rights reserved.

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