The Investment Funds Institute of Canada says the mutual fund industry earned $5.95-billion in net sales in March as gains in long-term funds outpaced redemptions in short-term money market funds.
The sales compared with $7.63-billion in February and $3.45-billion in March 2012.
Sales of long-term funds totalled $6.28-billion for the month compared with $8.20-billion in February and $4.15-billion in March last year.
Net redemptions of short-term funds came to $337.3-million, compared with $567.8-million in February and $706.6-million in March 2012.
Total mutual fund assets under management for March were $901.1-billion, compared with $891.8-billion in the previous month and $849.7-billion a year ago.Report Typo/Error