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March mutual fund net sales up over year ago

Gary Arbach/Getty Images/iStockphoto

The Investment Funds Institute of Canada says the mutual fund industry earned $5.95-billion in net sales in March as gains in long-term funds outpaced redemptions in short-term money market funds.

The sales compared with $7.63-billion in February and $3.45-billion in March 2012.

Sales of long-term funds totalled $6.28-billion for the month compared with $8.20-billion in February and $4.15-billion in March last year.

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Net redemptions of short-term funds came to $337.3-million, compared with $567.8-million in February and $706.6-million in March 2012.

Total mutual fund assets under management for March were $901.1-billion, compared with $891.8-billion in the previous month and $849.7-billion a year ago.

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