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Canadian mutual fund assets up 12.3% in 2010

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Total Canadian mutual fund assets reached CAD635,7bn in December 2010, up 2.6 per cent since November and 12.3 per cent for the year according to the latest figures released by The Investment Funds Institute of Canada (IFIC).

Total net sales for December came in CAD1.3 billion and CAD12.0 billion for all 12 months of 2010. Money Market net redemptions in December (-CAD1.02 billion), slowed from the previous month (-CAD1.47billion) and from December 2009 (-CAD2.24 billion). Money market net redemptions have continued to hover near the -CAD1 billion mark since May, and net redemptions totalled CAD17.2 billion for the year.

Long term fund sales in December (CAD2.31 billion) brought a strong close to the year at CAD29.2 billion, despite falling from the previous month (CAD3.78 billion) and from December 2009 (CAD2.83 billion). Long term fund net sales for 2010 were the highest they have been over the last ten years, outstripping the previous sales peak in 2007 (CAD27.3 billion).

Fund of Fund net sales in December were CAD1.58 billion, resulting in almost CAD17.9 billion in net sales for the year making 2010 a close second to the results seen in 2007 (CAD19 billion) – the peak year for Fund of Fund sales. Fund of Fund net sales have been steadily increasing over the last two years.

Fixed Income fund sales have steadily declined since September of this year in direct contrast to Balanced funds, which have seen rising sales over the same period.

Balanced funds, for the third consecutive month, led the way among the broad asset classes with net sales of CAD2.41 billion in December. Balanced fund sales were CAD26.1 billion in 2010, over double the sales result for 2009 (CAD12.3 billion).

In the Fixed Income fund space, December net sales (CAD694.4 million) slowed from the previous month (CAD1.07 billion) and from December 2009 (CAD1.40 billion). Fixed Income fund net sales for 2010 (CAD10.3 billion) were also down from 2009 (CAD12.8 billion).

"Long term fund sales have been consistently strong throughout 2010 as has long term fund asset growth, which made 2010 a great year to be in the market," says Jon Cockerline, Director, Policy. "What we are really seeing in the mutual fund flows in 2010 is a return to the pre-downturn sales trend, an investor focus on Balanced funds and Fund-of-Funds over other types of stand-alone funds."

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