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.

Steve Geist, 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.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE