The Investment Funds Institute of Canada says that based on a sample of preliminary data from some of its members, net redemptions of mutual funds for the month of August are estimated
The Investment Funds Institute of Canada says that based on a sample of preliminary data from some of its members, net redemptions of mutual funds for the month of August are estimated to be between -CAD185.4m and -CAD685.4m.
"Based on the preliminary data, August looks to be shaping up as another good month for mutual fund investors. Collectively, they have seen their mutual fund account balances increase by close to CAD58bn or 11.4 per cent since the start of 2009," says Pat Dunwoody, vice president of member services and communications with IFIC.
"As has been the case since April, long-term fund sales were strong in August with sales higher than they have been over the last three years at this time.’
IFIC also estimates that net assets of the mutual fund industry for the month of August will be between CAD563bn and CAD568bn, up approximately 1.57 per cent from last month’s total of CAD556.7bn.
