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IFIC halts monthly fund sales disclosure Add to ...

The Investment Funds Institute of Canada will no longer release monthly mutual fund sales broken down by company, starting with the January sales report that came out Tuesday.

IFIC, the mutual fund industry group that compiles sales and fund flow data, did not provide any reasoning in its official statement for the change, but did say that it will continue to release aggregated national sales volumes to offer broad insight.

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The move comes after some of the big Canadian fund managers stopped publishing their own monthly sales numbers. IGM Financial Inc. , which owns Investors Group and Mackenzie Financial, was the latest to do so, following in the footsteps of CI Financial Corp. and Invesco Trimark Ltd.

None of these firms broke any rules by taking the initiative. Fund companies were never required to release monthly statistics and merely reported them for years as a Canadian industry norm. Going forward, publicly traded fund managers like IGM and CI will have to disclose their sales on a quarterly basis.

In the big scheme of things, IFIC's decision doesn't change too much, because research firms like Morningstar are still able to estimate managers' monthly sales numbers by sifting through the reported assets under management and accounting for valuation changes in equity and bond markets. But these data are available only through a paid subscription, whereas the old IFIC data were free.


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