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Canadian mutual fund assets down 3.4 per cent

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The Investment Funds Institute of Canada estimates that net assets of the mutual fund industry for the month of May will be between CAD596.8bn and CAD601.8bn, down approximately 3.4 per cent from the previous month’s total of CAD620.4bn.

Net redemptions of mutual funds for the month of May are estimated to be between -CAD1.0bn and -CAD1.5bn.

“Market volatility during the month of May led to a decline in industry assets that was not unexpected. Despite this dip, year-over-year asset growth was a very healthy 11.4 per cent,” says Pat Dunwoody, vice president of member services and communications with IFIC. “Long-term net sales year-to-date at just over CAD13bn remained well above their values at this point in 2009 or 2008 and were essentially identical to result in 2006.”

The statistics represent preliminary estimates from a sample of IFIC members.

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