Mutual fund sales edge higher in 2011

By Alain Thériault | April 17 2012 08:43PM

According to data from Investor Economics, mutual funds sales in Canada totalled $15.8 billion in 2011, up 2% since 2010. Total mutual fund assets under management stood at $805.8 billion on Dec. 31.
Holding the eighth largest mutual fund market share in Canada, Dynamic Funds was the indisputable sales leader. It sold $3.5 billion in mutual funds in 2011, for growth of 10% compared with 2010.

Niche players Sentry and Beutel Goodman were the growth champions, with soaring sales of 27.8% and 24.5% respectively. HSBC Global Asset Management also grew robustly, with sales surging by 17.2%.

RBC Global Asset Management remains the mutual fund leader in Canada, with a 13.6% share and assets of $109.9 billion. TD Asset Management lags far behind with an 8.5% share and assets under management of $68.9 billion.

The Power Financial subsidiaries report their figures separately. Investors Group ranks third with $57.7 billion, and Mackenzie Financial holds seventh position with $39 billion.

CIBC Mutual Funds, Fidelity Investments and BMO Financial Group fill the fourth, fifth and sixth place slots, with assets under management of $52 billion, $51.5 billion and $41.9 billion respectively.

Net mutual fund sales stood at $2.64 billion in January, the Investment Funds Institute of Canada reports. Long-term funds generated spectacular net sales of $3.55 billion. Conversely, money market funds underperformed with net withdrawals of $910.7 million. Under an agreement signed on Aug. 15, 2011, IFIC now bases its studies on Investor Economics statistics.