BMO ETFs lead Canadian ETFs in new assets
By National Underwriter
By Warren S. Hersch
The ETF business of BMO Asset Management Inc. led the Canadian ETF industry in new assets for the second consecutive year in 2012, the company disclosed today.
BMO ETFs attracted $5 billion in net new assets, up 130 percent from the previous year. Overall, BMO accounted for 40 percent of all Canadian ETF new asset inflows for the year, according to Bloomberg industry data cited by BMO.
BMO S&P/TSX Capped Composite Index ETF (ZCN) topped the industry with $813 million in inflows. ZCN replicates the performance of the S&P/TSX Capped Composite Index, the primary indicator for Canadian equity markets.
Separately, BMO Global Asset Management today announced that its U.S. mutual fund family has surpassed $10 billion in assets under management (AUM). The business grew by 19.4 percent last year through December 31, 2012, making it one of the fastest growing mutual fund families, according to Strategic Insight.
Originally published on LifeHealthPro.com