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Mutual fund redemptions continued in June

first_img Mutual fund redemptions accelerated in June, according to data published on Thursday from Investment Funds Institute of Canada (IFIC).Investors pulled $466 million from mutual funds in June, following net redemptions of $32 million in May. In 2017, the industry recorded $5.2 billion in net sales in June. Share this article and your comments with peers on social media Business economic graph and chart digital illustration 123RF Net redemption of long-term funds were $907 million in June 2018, while net sales of Money market funds reached $440 million.Balance fund net redemptions totalled $955 million in June, while net redemptions of bond funds were $481 million.Net sales of equity funds increased slightly in June to $283 million from $236 million in May. Net sales of specialty funds slipped to $246 million, down slightly from $276 million in May.Despite the net sales slump, industry assets continued to climb higher in June. The combined assets of Canada’s mutual fund industry totalled $1.51 trillion. Assets increased by $11.3 billion or 0.8% compared to May.For the first half of 2018, the industry recorded net sales of $14.4 billion, which is less than half of the $31.2 billion recorded in the first six months of 2017.Long-term net sales were down by 57.4% compared with the first half of 2017, with equity funds the lone bright spot, up 3.5% from 2017. Facebook LinkedIn Twitter IG Wealth amends product shelf Keywords Mutual fundsCompanies Investment Funds Institute of Canada Related news Franklin Templeton launches new real asset fund James Langton Purpose looks to fill retirement income gap with longevity fundlast_img read more