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December mutual fund sales higher than a year ago

Net mutual fund sales totalled $1.29 billion in December, up from $588 million a year earlier, as the redemption of short-term funds dropped sharply, according to the Investment Funds Institute of Canada.

TORONTO — Net mutual fund sales totalled $1.29 billion in December, up from $588 million a year earlier, as the redemption of short-term funds dropped sharply, according to the Investment Funds Institute of Canada. Assets under management by IFIC members totalled $635.7 billion at the end of last month, up from $619.7 billion in November and $566.2 billion in December 2009. Short-term fund redemptions totalled $1.02 billion for the month compared with $1.47 billion in November and $2.24 billion in December 2009. Meanwhile, balanced funds led the way for the industry as they racked up $2.41 billion in net sales, down from $3.01 billion in November, but up from $1.86 billion a year ago. Bond fund sales fell to $694 million compared with $1.07 billion in November and $1.4 billion in December 2009.