The mutual fund industry managed $1.8 billion in net sales in January, according to the Investment Funds Institute of Canada. IFIC said that net sales, including re-invested distributions of $292.8 million, totaled $2.1 billion.

“Net sales of long-term funds in January were $1.9 billion, compared with $1.3 billion from the previous month and $115 million in net redemptions in January 2003. Monthly sales in equity funds were positive for the first time in 19 months,” Tom Hockin, IFIC president and CEO, said in a release.

There were just $69.3 million in Canadian equity fund sales, and foreign equity funds remained in net redemptions, with $75.9 million in redemptions. U.S. equity funds recorded $78.7 million in net sales. The sales were led by bond and dividend categories once again, with $86.5 million and $699.1 million in net sales, respectively.

Total assets under management increased in January to $451.6 billion, up 2.9% from $438.9 billion in December. Assets are up 18.3% from last January’s figure of $381.6 billion. “All long-term asset classes experienced an increase in assets from the previous month and overall industry assets are at an all time high of $452 billion,” Hockin noted. “Long-term fund assets in January were $398 billion, the highest ever for the industry.”

Among the big players, the top performer was CIBC Asset Management. It enjoyed asset gains of 5%. Other industry-beating performances came from Franklin Templeton, PH&N and Dynamic. Asset gains lagged at big names such as CI, AIC and Scotia.

Brandes continued to enjoy outstanding growth, with assets up 16.3% in the month. Northwest, Acuity, Saxon and Marvix all had strong months too.

IFIC also reported the total number of unitholder accounts at 50.5 million, a 3.3% decrease over one year ago.