Fund Sales Drop 41% in AprilBy Andrew Rickard | May 22 2015 10:35AM
The Investment Funds Institute of Canada (IFIC) has released statistics on mutual fund sales for the month of April. Net sales for the month came to $5.46 billion, which represents a 41% decline from the $9.29 billion reported in March. IFIC notes, however, that this is still higher than the $4.57 billion recorded in April 2014.
Total mutual fund assets under management were also down slightly. In April, total assets came to $1,217 billion, down 0.2% from $1,220 billion in March. Since April 2014, IFIC says that total mutual fund assets have increased by $146.5 billion or 13.7%.
Broken down by fund group, money market funds saw net redemptions in April of $159.8 million, while this category has experienced net redemptions of $3.35 billion over the last 12 months. There was a significant decline in bond fund sales, going from $1.37 billion in March to just $140.4 million in April; this is drop of almost 90%. As for balanced and equity funds, they had net sales in April of $4.9 million and $302.9 million, down from $7.38 billion and $888.3 million respectively.