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Canadian mutual fund sales up CAD2.9bn in April

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Total Canadian industry mutual fund assets for April were CAD664.7 billion, an increase ofCAD2.9 billion over last month, and CAD72.3 billion since April 2010, according to the latest figures released by the Investment Funds Institute of Canada (IFIC).

Net sales for the month were CAD1.50 billion, down from CAD3.72 billion in March, but up from net redemptions of CAD336.6 million in April 2010. Year-to-date, total net sales were CAD14.2 billion, over twice as much as last year at this point. (CAD6.2 billion) Over the past year, net sales totalled CAD19.9 billion, over CAD13 billion more than the previous 12 month period. (CAD6.56 billion).

Long-term fund net sales remained strong with net sales of CAD2.34 billion for the month of April, down from CAD4.31 billion in March, but up from CAD1.58 billion in April of last year. April marked the seventh consecutive month that long-term fund sales surpassed the CAD2 billion mark. Over the past 12 month (CAD31.8 billion), long-term fund sales were slightly lower than the previous 12 month period (CAD34.4 billion).

Money Market net redemptions in April (CAD839.5 million) were higher than March (CAD589.7 million), but over a billion dollars less than last April. (CAD1.91 billion) Over the past year (CAD11.9 billion), total Money Market fund net redemptions were CAD16 billion lower than the previous year. (CAD27.9 billion).

Fund-of-fund net sales for the month were CAD1.51 billion, down from CAD2.41 billion in March and CAD1.55 billion in April 2010. Over the past 12 months, fund-of-fund net sales totalled CAD19.4 billion, up from CAD15.7 billion over the previous 12 month period.

Jon Cockerline, Director, Policy & Research at the IFIC, says: "The continued strength of balanced fund sales at CAD2.6 billion for the month of April, 2011 and totalling CAD15.48 billion year-to date have significantly contributed to the positive industry sales flow. Equity fund sales also continue to make gains at CAD1.58 billion year-to-date versus CAD3.5 million of net redemptions in the same period last year."

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