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Market uncertainty weakens the fund market in May.
Canadian investors shied away from mutual funds last month, according to the Investment Funds Institute of Canada.
The decline, coming at a tumultuous time for markets, was “not unexpected” according to IFIC vice-president Pat Dunwoody. He stressed that although the industry’s net assets were down 3.4% from April, sales were nonetheless well over last year’s values, and almost equivalent to pre-recession numbers.
Manulife Investments was on top in May, with $201 million in net sales. Among the five big banks, only Scotiabank posted positive net numbers.
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