Net mutual fund redemptions between $1.3B and $1.8B for June, IFIC says

By The Canadian Press

TORONTO - Net redemptions of mutual funds for June were estimated to be between $1.3 billion and $1.8 billion, according to the Investment Funds Institute of Canada.

IFIC estimated Friday that net assets of the mutual fund industry for the month of June will be between $542.9 billion and $547.9 billion, up 1.43 per cent from May's total of $537.8 billion.

"We are continuing to see a re-balancing of assets, as investors are moving back into long-term fund categories," IFIC's Pat Dunwoody said in a statement.

"In addition, we are seeing investors move to other interest bearing securities as money market yields have come down over the past few months."