Tuesday, July 29th23.4°C
22568
21953

Mutual funds balloon to $1 trillion, says Investment Funds Institute of Canada

TORONTO - Canadians are holding more than a trillion dollars in mutual funds for the first time ever, according to the Investment Funds Institute of Canada.

IFIC said Wednesday that assets under management were $1.01 trillion as of Jan. 31, an increase of 16 per cent or $140.1 billion year over year.

Sales of long-term funds totalled $6.25 billion in January, up from $6.286 billion a year earlier.

Last month, net sales of equity funds amounted to $1.59 billion and balanced funds added $4.72 billion. Bond funds saw net redemptions of $567 million, while specialty funds reported net sales of $502.9 million.

IFIC says investors are drawn to mutual funds for a variety of factors including convenience and ease of use. The first mutual fund was offered in Canada in 1932.

"The importance of this milestone is the increase in wealth it represents for the roughly 4.6 million Canadian households that choose to save for their financial goals through mutual funds," IFIC president and CEO Joanne De Laurentiis said in a statement.

"Mutual funds have grown tenfold in value since 1990 and are a cornerstone of Canadians' retirement savings," she said. "Of the $986 billion increase since 1990, approximately 54 per cent was generated by net sales, while 46 per cent is the increase in the total value (market effect) of those savings."

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX15483.13+37.91
S&P CDNX1013.83-6.02
DJIA17004.5321.94
Nasdaq4458.56+13.65
S&P 5001980.02+1.11
CDN Dollar0.9210-0.0051
Gold1310.00+6.70
Oil100.64-1.03
Lumber322.30-0.70
Natural Gas3.747-0.001

 
Okanagan Companies
Pacific Safety0.195+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.19+0.04
Cantex0.065-0.005
Anavex Life Sciences0.2650.00
Metalex Ventures0.08+0.01
Russel Metals35.19+0.04
Copper Mountain Mining2.89-0.08
Colorado Resources0.22-0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.02-0.03
Mission Ready Services0.17-0.02

 



22315

FEATURED Property
2002488617 Boynton Place
3 bedrooms 3 baths
$349,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Learn to delegate effectively

Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...

_








Member of BC Press Council


22685