- More than 25,000 BMO customers contributed to RSPs on March 1st;
20 per cent increase from same day last year
- BMO Mutual Funds' sales up 22 per cent this RSP season
TORONTO, March 2 /CNW/ - BMO Mutual Funds today announced the results of
a strong 2007 RSP season, with net sales of $709 million, up 22 per cent from
the same timeframe (January 1 - March 1) in 2006.
Market turbulence didn't discourage investors from making last minute
contributions, with more than 25,000 BMO customers contributing to their RSPs
on March 1st, up 20 per cent from the same day last year. Close to 89,000 BMO
customers contributed to their RSPs the last week of this season, an increase
of 16 per cent from 2006.
"We're pleased to see that short-term market fluctuations didn't deter
our customers from investing in their RSPs. We firmly believe that time in the
market, not timing the market, is the best way to ensure long-term growth in a
portfolio," said Ed Legzdins, President and CEO, BMO Investments Inc. "One of
the biggest lessons this week was the importance of asset allocation and
diversification - to ensure all of your investments are not in one region or
Income and dividend funds were BMO's top selling mutual funds - Monthly
Income Fund, Dividend Fund, Diversified Income Fund and North American
Dividend Fund accounted for 58 per cent of net sales.
"While BMO witnessed an increase in global equity and global balanced
funds this RSP season, investor demand for income continued to be strong
throughout January and February," added Legzdins. "We also saw strong
long-term fund sales this season as investors appear to be focusing on
longer-term needs rather than on the short-term ebbs and flows of the market."
More than 80 per cent of BMO's net sales were in long term mutual funds
and twenty per cent of net sales were in its pre-packaged portfolio solution,
BMO MatchMaker, the one-step program that matches an investor's profile and
specific financial goals with a diversified investment portfolio of BMO Mutual
Note: National and local BMO Mutual Funds financial planning experts are
available for interviews and to provide commentary on the 2007 RSP season, as
well as tips and advice to investors who missed the RSP deadline or who
"parked" their money and are now wondering what to do next.
For further information:
For further information: JoAnne Hayes, Toronto, email@example.com,
(416) 867-3996; Lucie Gosselin, Montreal, firstname.lastname@example.org, (514)
877-1101; Laurie Grant, Vancouver, email@example.com, (604) 665-7596;