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Mutual Fund News

Canadians sock $1.7-billion into mutual funds in June

Canadians stashed about $1.7-billion in mutual funds in June with some investors jumping back into the market as the S&P/TSX Composite Index hit fresh highs. Fund flows, however, were off 26 per cent from $2.3-billion a year ago, according to figures released yesterday by the Investment Funds Institute of Canada. "It's positive considering the volatility in the Canadian market," said Peter Loach, managing director of BMO Nesbitt Burns Inc. The S&P/TSX Index ended the month down 1.7 per cent. The lion's share of new cash continued to flow into money market funds. RBC Asset Management Inc. was the leader with $1.1-billion in net sales. Dynamic Mutual Funds Ltd. brought in $694-million; Fidelity Investments Canada, $454-million and CI Financial Income Fund, $442-million. AIM Funds Management Inc. suffered from $1-billion in net redemptions, while AGF Management Ltd. experienced $336.7-million in net outflows.

© 2007 The Globe and Mail. All rights reserved.

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