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The Canadian Press - ONLINE EDITION

Balanced mutual funds advance in June; equity, short-term funds see withdrawals

Posted: 07/17/2014 3:02 PM | Comments: 0

Last Modified: 07/17/2014 3:39 PM

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TORONTO - Canadians plowed an additional $5.09 billion into mutual funds last month, with most of it going into balanced mutual funds which hold a variety of asset classes.

The Investment Funds Institute of Canada said the total compared with the $5.01 billion that Canadians put into mutual funds in May and $2.21 billion in June 2013.

As of June 30, the Canadian mutual fund industry had nearly $1.1 trillion under management, compared with $907 billion a year ago.

IFIC said net sales of balanced funds totalled $4.48 billion and $1.17 billion was added to bond funds in June.

By contrast, $415.6 million was withdrawn from equity funds and $371.8 million was pulled from money market funds, which invest in short-term securities such as government treasury bills.

For the first six months of 2014, investors have put $37.3 billion into mutual funds — about 30 per cent more than over the comparable period last year, when $28.7 billion was added to funds of various types.

IFIC compiles the information from 39 member fund managers and 58 other firms.

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