The Investment Funds Institute of Canada says based on a sample of preliminary data from some of its members, net assets of the mutual fund industry for the month of December will be between CAD591.9bn and CAD596.9bn.

This represents an increase of approximately 1.30 per cent from November’s total of CAD586.3bn. 

IFIC also estimates that net sales of mutual funds for the month of December are estimated to be between -CAD81.1m and CAD418.8m.   

“Based on preliminary estimates, December 2009 ended on a positive note. Since the beginning of the year, mutual fund investors have seen their mutual fund account balances increase by CAD87.4bn or 17.2 per cent – since the low at the end of February, balances have increased by CAD117.5bn.” says Pat Dunwoody, vice president of member services and communications with IFIC.

“From a sales perspective in 2009, we have seen a complete turnaround of what happened in 2008, flows into long-term funds were close to CAD17.4bn, compared to the CAD14.1bn that flowed out in 2008.”