(February 6 – 10:40 ET) – Mackenzie Financial Corp. is reporting Canadian mutual fund net sales of $84 million for January. Sales are down sharply from December, when the firm reported Canadian mutual fund net sales of $330 million for the month.

Its January net sales were comprised of gross sales of $523 million and redemptions of $439 million, $50 million of which is an annual payment paid to Mackenzie’s Master Limited Partnership. In December, the firm reported gross sales of $633 million and redemptions of $303 million.

An additional $22.6 million in net sales not figured into Mackenzie’s reported mutual fund net sales, is attributable to VenGrowth, segregated fund and alternative strategies investment businesses at Mackenzie.

At the end of the month, the firm has $32.319 billion in total assets under administration, up 1.8% from December, and up 6.8% from January 2000. However, most of the month over month increase is attributable to market gain.

“With January behind us and a month of negotiations for our business done, we have our sights set on one goal — to meet the needs of advisors and their clients during RRSP season,” said Phil Cunningham, president of Mackenzie Financial Services. “Mid-month, we launched our new Keystone Altamira Advisor Series of Funds and a unique hedge product, Mackenzie Alternative Strategies Fund. We’re confident that Mackenzie has the kind of investment products that clients are looking for this season.”

The firm hopes the new Keystone Altamira funds and the new Mackenzie Alternative Strategies fund will fuel further growth in February.
-IE Staff