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Mutual Fund News

Long-term funds regain sheen in first quarter

Net sales in the Canadian mutual fund industry rose 61 per cent during this year's registered retirement savings plan season compared with the same three months of last year, according to figures released yesterday by the Investment Funds Institute of Canada. Canadians stashed $5.4-billion in the first quarter, up from $3.4-billion a year ago. In March, the industry took in $1.6-billion in new cash. That included nearly $4-billion in long-term funds and about $2.3-billion in net outflows of short-term money market funds. Balanced and fixed-income funds topped the bestseller list last month. "Long term fund demand remained robust through March as investors continue to exhibit strong levels of market confidence," said Frank Hracs, chief economist at Credo Consulting.

© 2007 The Globe and Mail. All rights reserved.

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