Investors Group Inc. said Wednesday that mutual fund sales for March were off 26% compared with last year, while redemptions were up almost 25%.

The Winnipeg-based company posted gross sales of $427.4 million, redemptions of $476.4 million and net redemptions of $49.0 million for the month of March 2003. Net redemptions of long-term funds were $61.6 million for the month. That compares with gross sales of $578.1-million, redemptions of $382.4million and net sales of $195.7 million in March 2002 for the Investors Group Consultant network. Net sales of long-term funds were $164.5 million in March 2002.

Mutual fund assets under management were $35.7-billion at March 31, 2003, compared with $36.1-billion at Feb. 28, 2003.

Meanwhile, Assante Asset Management Ltd. reported net sales in Canada of $112.8 million for March 2003. As a percentage of the company’s monthly average Canadian assets under management, March net sales were 1.9%.

The company’s Canadian assets under management were $6 billion at March 31, 2003.