The Investment Funds Institute of Canada reported today that November net sales, excluding re-invested distributions of $228.9 million, totaled $3.5 billion.

“Mutual fund sales continue to be strong in November. Net sales are 9% higher than last month and 94% higher than that of the same month last year,” states Tom Hockin, IFIC1s president and CEO. “Although money market funds are taking the lion’s share of new money, long term fund sales continue to gain strength. Long term fund sales increased by 34% from last month.”

Money market funds did account for about $2.6 billion of net sales in the month, with just over $900 million going into long-term funds.

Within the long-term category, bond funds led the way with $213 million in net sales, followed closely by U.S. equities at $195.5 million. Dividend funds picked up another $154.5 million in net sales, followed by balanced funds at $139.6 million. Positive net sales were evident in every other category too, as the industry enjoyed some balanced growth for a change this year.

Total assets under management increased in November to $414.9 billion, up 4.7% from $396.3 billion in October. Assets are up 1.4% from last
November’s figure of $409.3 billion.

Apart from the banks, the big winners in the month include AIM, AGF, AIC,
Altamira, Clarington, Synergy and McLean Budden. Mackenzie, CI, StrategicNova and Guardian are lagging.

IFIC also reported the total number of Member unit holder accounts at 51.9 million, a 2.9% increase over one year ago.