IRA Sales Said to Boost April Totals
June 5, 2000
Stock and fixed-income mutual funds' net sales rose 22 percent in April from March, despite volatile market performance.
Stock and fixed-income funds had estimated net sales of $26.5 billion in April, up from the $21.7 billion in March, according to estimates from Financial Research Corp. of Boston, a financial services tracking and consulting firm. FRC attributed the sales growth to an increase in investing through Individual Retirement Accounts in April.
Janus of Denver was the best-selling fund group in April, with estimated net sales of $3.9 billion for April in long-term funds. Janus had net sales of $32 billion for the year through April 30. That total is more than the combined sales of the second- through sixth-best selling firms - Putnam Investments of Boston, AIM Distributors of Houston, Invesco Funds Group of Denver, the Vanguard Group of Malvern, Pa., and Fidelity Investments of Boston - during the same period, according to FRC.