(November 1- 18:45 ET) – CI Mutual Funds Inc. today reported that its strong momentum in net sales continued in October.
Net sales during the month climbed to $345 million, an increase of 50% over October 1999 and a company record for the month. For the year-to-date period, CI’s net sales have reached $6 billion.
“CI’s sales strength continued last month, even though domestic and global equity markets were extremely volatile,” said Stephen A. MacPhail, executive vice president and COO of C.I. Fund Management Inc., CI’s parent company.
According to CI, sales continue to be highly diversified, with a majority of its funds having positive net sales. Bestsellers include a number of global funds such as CI Global Boomernomics Fund and BPI American Equity Fund, as well as the Landmark Canadian Fund, managed by Derek Webb and launched in July 2000.
In addition, the company says it continues to experience strong growth in its U.S. institutional assets, which increased 7% over the month to $3.5 billion.
CI’s overall fee-earning assets were $30 billion at October 31, 2000, representing an increase of 40% for the year-to-date.
-IE Staff