RRSP season boosts long-term fund sales
News from globeandmail.com
Canadians stashed about $560-million into mutual funds in January as the registered retirement savings plan season kicked in high gear.
While the net sales were sharply lower than $1.2-billion a year ago, the trend was upbeat for the Canadian industry because it was all in higher-margin, long-term funds, according to preliminary figures released yesterday by the Investment Funds Institute of Canada (IFIC).
There was about $3.2-billion in long-term fund net sales and $2.6-billion in money market net redemptions last month. Long-term funds include stock, bond and balanced funds.
“The investor sentiment is cautious, but positive based on what we are seeing in sales,” said Dennis Yanchus, IFIC’s manager of statistics.