(September 18) – The Investment Funds Institute of Canada reported that August gross sales for all funds, including money market funds totaled $9.7 billion. Net sales, excluding re-invested distributions of $280.3 million, totaled $1.3 billion, more than double last year’s August result. Including re-invested distributions net sales were $1.6 billion.
Mutual fund assets reached an all-time high of $438.5 billion in August, up 4.6% from July and 21.3% from August 1999. Foreign equity funds continue to lead the way with net new inflows of almost $670 million, however they were their weakest so far this year. Picking up the slack were U.S. equities with $175.9 million in net flows, Canadian equities with $144 million in net flows and balanced funds with more than $119 million.
Concerning total assets, the combined AIM-Trimark jumped into number two position overall behind Investors Group, followed by Royal, Fidelity, Mackenzie, TD and C.I. Although once AGF digests Global Strategy it will pick up sixth spot, just behind Mackenzie.
The total number of unitholder accounts rose 11% to 49.2 million.
-IE Staff