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Fund Sales Soar in February

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As is often the case, the mutual fund industry enjoyed solid sales in February, with net inflows to long-term totalling $7.9 billion, according to data from the Investment Funds Institute of Canada (IFIC).  That’s up from $3.6 billion in January.

It also marks a steady increase from $5.87 billion in February of 2011 and $3.39 billion in February 2010.

“Net sales for the mutual fund industry totalled $7.08 billion.  Net sales of long-term funds were $7.90 billion and net redemptions of money market funds were $827.4 million,” said Jon Cockerline, IFIC’s director, policy and research.

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