Thursday, March 5th1.5°C
25326
23829

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 TSX15103.11+20.271
S&P CDNX696.92-1.17
DJIA18135.72+38.82
Nasdaq4982.81+15.668
S&P 5002101.04+2.51
CDN Dollar0.8017+0.0006
Gold1196.30-4.2999
Oil52.90+0.35
Lumber287.00-3.70
Natural Gas2.832-0.009

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.010.00
QHR Technologies Inc1.65+0.10
Cantex0.035-0.005
Anavex Life Sciences0.184+0.004
Metalex Ventures0.045+0.005
Russel Metals24.27-0.68
Copper Mountain Mining1.240.00
Colorado Resources0.130.00
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.22-0.005

 



24947

FEATURED Property
22240805187 Chute Lake Crescent
4 bedrooms 2 baths
$399,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


25107