BUSINESS

Canadians hold more than a trillion dollars in mutual funds: IFIC

11/18/2014 05:39 EST | Updated 01/18/2015 05:59 EST
TORONTO - Canadian mutual funds investors continued to favour balanced funds in October, according to the Investment Funds Institute of Canada.

IFIC says the industry's overall net sales last month totalled $2.55 billion, up from $1.7 billion in October 2013.

Net sales of balanced funds, which hold a variety of assets, were $2.27 billion, up from $2.095 billion a year ago.

Bond fund net sales in October were $363.5 million compared with net redemptions of $1.5 billion in the same month a year ago.

Equity fund net redemptions in October were lower at $229.2 million versus net sales of $1.202 billion year over year.

Mutual fund assets under management in October totalled $1.123 trillion, up 15.6 per cent from a year ago.