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Canadian mutual funds assets up 9.7 per cent in second quarter

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After a small decline in assets under management in the first quarter of 2009, assets of Canadian mutual funds grew by CAD48bn or 9.7 per cent in the second quarter, according to the In

After a small decline in assets under management in the first quarter of 2009, assets of Canadian mutual funds grew by CAD48bn or 9.7 per cent in the second quarter, according to the Investment Funds Institute of Canada.

Net redemptions of mutual funds for the month of June are estimated to be between CAD1.3bn and CAD1.8bn.

IFIC estimates that net assets of the mutual fund industry for the month of June will be between CAD542.9bn and CAD547.9bn, up approximately 1.43 per cent from May’s total of CAD537.8bn.

Pat Dunwoody, vice president of member services and communications with IFIC, says: "We are continuing to see a re-balancing of assets, as investors are moving back into long-term fund categories.  In addition, we are seeing investors move to other interest bearing securities as money market yields have come down over the past few months.’

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