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Mutual Fund News

Fund industry sales net $194-million in December

The Canadian mutual fund industry attracted $194-million in net sales in December, but the new cash flowed mainly into more conservative fixed-income and balanced funds, according to final figures released yesterday by the Investment Funds Institute of Canada (IFIC). Long-term funds, which invest in stock, bond and balanced funds, totalled $2.5-billion last month, while money market funds suffered $2.3-billion in net redemptions as investors shied away from their puny returns. The assets of higher-margin, long-term funds climbed 24 per cent or $104-billion in 2009, but that was "due almost entirely to improved performance," said Pat Dunwoody, IFIC's vice-president of member services. "It's clear that markets rewarded those investors who stayed the course in 2009."

© 2007 The Globe and Mail. All rights reserved.

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