Before mutual funds were created, only wealthy people had access to advice from experts about investing in the market.
The first open-end mutual fund in Canada was started in Montreal in 1932—in the midst of the Great Depression. It was nothing short of revolutionary. For the first time, people with small amounts of capital could participate in a professionally managed, diversified investment product .
By the end of 1960, there were approximately 20 mutual funds in Canada. In February 2017, more than 3,300 funds were available in Canada through about 115 fund managers. Mutual funds can be purchased through close to 100,000 financial advisors, or in several other ways, as the industry innovates to serve investors in this digital age.
Today, about 4.9 million Canadian households invest in mutual funds. The industry plays an important role in the economy in terms of employment, contribution to GDP, tax revenue, and growing household wealth, which touches the lives of Canadians every day.
IFIC is proud to support the work of its members, who provide investors with access to a wide variety of investment funds across Canada.