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Canadian mutual fund assets down by 3.2 per cent in May

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Canadian mutual fund assets totalled CAD600.5bn at the end of May, declining by CAD20bn or 3.2 per cent from April, according to research by the Investment Funds Institute of Canada.

Total assets were up CAD5.2bn April (0.9 per cent) from the start of the year and CAD62.7bn (11.7 per cent) from May 2009.

Overall net redemptions came in at CAD1.08bn for May and were up from CAD669.9m in April.

Net sales totalled CAD939.2m in May 2009. Total net sales were CAD3.67bn over the first five months of 2010, compared to CAD4.68bn over the same period last year.

Total sales were comprised of CAD206.4m in long-term fund net redemptions and CAD875.5m in money market fund net redemptions.

Long-term fund net sales were down from CAD1.26bn in April and from CAD1.93bn in May 2009.

Money market fund redemptions slowed in comparison to both April (CAD1.93bn) and May 2009 (CAD992.9m).

Fund of fund sales were CAD1.04bn for the month of May, down from CAD1.56bn in April and
CAD559m May of 2009. Year-to-date fund of fund sales totalled CAD9.0bn and were up from CAD1.63bn at the same point last year.

Balanced funds led the way in May with net sales totalling CAD1.28bn, down from CAD2.32bn in April. Balanced fund sales were up from CAD850.8m in May 2009. Balanced fund sales over the past 12 months totalled CAD23.1bn and were up significantly from net redemptions of CAD2.56bn over the previous 12 month period.

Fixed Income funds moved back into positive sales territory in May with CAD237.8m in net sales for the month, up from net redemptions of CAD554.9m in April. Fixed income fund sales in May were down from CAD1.17bn in May 2009.

Equity fund net redemptions were CAD1.65bn in May, up from net redemptions of CAD473.3m in April and net sales of CAD13.6m in May 2009. Equity fund net redemptions were down significantly over the past 12 months (CAD6.31bn) relative to the previous 12 month period (CAD9.94bn).

Pat Dunwoody, vice president, member services communications, says: “Mutual fund net assets remained above the CAD600bn mark in May during a turbulent month for markets. Year-over-year asset growth was still a healthy 11.7 per cent which meant that investors saw a CAD62.7bn increase in their account balances collectively over the last 12 months,

“Long-term net sales were negative in May but this was due to a slowdown in gross sales rather than an increase in gross redemptions. Likely, we were seeing investors take a pause to watch the events in Europe play out and to gauge the impact of these events on the global recovery.”

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