TD Mutual Funds
topped the sales charts in Canada for the first quarter of 2003, according to data collected by the Investment Funds Institute of Canada
. Total net sales for the sixth largest Canadian fund group hit C$365 million during the quarter ending in March. TD Mutual Funds were also the third best selling family in Canada during March when they gained C$95 million in net sales.
AIM Trimark Investments
reported C$109 million in March net sales to lead the list of all funds. Close behind was Scotia Securities
with C$100 million in net sales. Mackenzie Financial
and ManuLife Mutual Funds
tied for third with net sales of C$60 million.
, president of TD Mutual Funds, said that the advisor channel was especially strong during the quarter.
Meanwhile, a number of funds reported significant net redemptions during March as the trade association estimated that all Canadian funds suffered net outflows of as much C$400 million. The largest redemptions were at C.I. Mutual Funds, where investors pulled a net C$180 million. RBC Funds, Fidelity Investments, and Altamira Investment Services also all reported net outflows of more than C$100 million.
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