Securities and Investment Management Association

The Securities and Investment Management Association (SIMA) is a member-driven organization that serves as the leading voice for the Canadian securities and investment management industry. Headquartered in Toronto, Ontario, SIMA's core mission is to champion a thriving and resilient investment sector that drives economic growth, fosters innovation, and creates opportunities for Canadian investors.

SIMA empowers Canada's investment industry by providing industry intelligence, regulatory advocacy, and tools to navigate evolving regulatory landscapes and emerging market trends. The association's services include market intelligence, operational support, data-driven insights, research initiatives, and industry reporting. It caters to investment fund managers, investment and mutual fund dealers, and other capital markets participants, overseeing approximately $4 trillion in assets for over 20 million investors.

Formerly known as The Investment Funds Institute of Canada (IFIC), the organization rebranded to SIMA in March 2025 to reflect its expanded mandate and broader scope, which now includes capital markets participants. Andy Mitchell serves as the President and CEO, with Judy Goldring as the Chair of the Board of Directors. SIMA is positioned as a key advocate in public policy discussions, strengthening its data and research capabilities, and deepening engagement with regulators and stakeholders to support the industry.

Latest updates

Quebec Investment Funds Face Fee Hikes Amid Regulatory Scrutiny

Event summary

  • The Securities and Investment Management Association (SIMA) is opposing proposed fee increases for investment funds in Quebec by the Autorité des marchés financiers (AMF).
  • SIMA argues the proposed increases lack sufficient justification and could negatively impact Quebec’s investment industry competitiveness.
  • SIMA suggests the AMF utilize its existing budget surplus before implementing fee increases.
  • SIMA is advocating for a three-year, transparent, and predictable fee framework for the AMF.

The big picture

SIMA’s intervention highlights a growing tension between regulatory bodies seeking to expand their budgets and the investment management industry, which oversees approximately $4 trillion in assets, facing increasing cost pressures. This dispute underscores the importance of predictable and transparent regulatory frameworks for maintaining investor confidence and attracting capital to Quebec’s financial sector. The AMF’s position as having the highest fees in Canada creates a competitive disadvantage for Quebec-based firms.

What we're watching

Regulatory Headwinds
The Ministère des Finances du Québec’s response to SIMA’s concerns will signal the government’s commitment to fostering a competitive investment environment in Quebec, potentially impacting future regulatory policy.
Cost Pressures
Whether the AMF will prioritize utilizing its budget surplus to mitigate the need for fee increases will indicate its approach to balancing regulatory oversight with industry affordability.
Governance Dynamics
The degree to which CIRO’s delegation of regulatory powers influences the AMF’s fee-setting process will reveal the evolving structure of financial regulation in Canada.

Canadian Investment Funds See Asset Decline Despite Sales Gains

Event summary

  • Total mutual fund assets decreased by $93.5 billion (3.5%) to $2.547 trillion at the end of March 2026.
  • Mutual fund net sales reached $1.6 billion in March 2026, while ETF net sales hit $19.0 billion, the second-highest monthly figure on record.
  • Equity funds were the only mutual fund asset class to record negative net sales in March 2026.
  • Despite positive net sales, market weakness outweighed inflows, leading to asset declines for both mutual funds and ETFs.

The big picture

The data reveals a divergence between investor interest (demonstrated by net sales) and overall asset performance, highlighting the impact of market volatility on Canadian investment funds. While ETFs continue to benefit from strong inflows, the decline in mutual fund assets, particularly in equity funds, suggests a potential shift in investor preferences or a reaction to recent market downturns. The $4 trillion AUM managed by the Canadian investment industry faces ongoing pressure to deliver returns amidst challenging economic conditions.

What we're watching

Investor Sentiment
Continued market weakness could further depress mutual fund assets, potentially triggering a shift towards more defensive investment strategies among retail investors.
Equity Performance
The sustained negative net sales in equity funds suggest a reassessment of risk exposure; whether this trend reverses will depend on broader market recovery and investor confidence.
ETF Momentum
While ETFs continue to attract strong inflows, the pace of growth may moderate if broader market conditions deteriorate, potentially impacting SIMA’s overall industry AUM.

SIMA Urges CSA to Ease Liquidity Risk Management Framework

Event summary

  • The Securities and Investment Management Association (SIMA) has submitted recommendations to the Canadian Securities Administrators (CSA) regarding proposed changes to the liquidity risk management (LRM) framework for investment funds.
  • SIMA supports the CSA’s goal of strengthening LRM but emphasizes the need for practical considerations to minimize regulatory burden and promote operational efficiency.
  • Key recommendations include excluding non-reporting issuers and ETFs from the framework, allowing a 12-month implementation period, and eliminating pre-trade liquidity assessments.
  • SIMA oversees approximately $4 trillion in assets for over 20 million investors in Canada.

The big picture

SIMA's intervention highlights the ongoing tension between regulatory bodies seeking to enhance investor protection and the investment management industry striving for operational efficiency. The CSA’s final framework will shape how Canadian investment funds manage liquidity risk, impacting compliance costs and potentially influencing fund performance. SIMA's position reflects a broader industry concern about the potential for overly burdensome regulations to stifle innovation and competitiveness within Canada's $4 trillion asset management sector.

What we're watching

Regulatory Headwinds
The CSA’s response to SIMA’s recommendations will signal the degree to which regulators prioritize industry concerns regarding implementation costs and complexity, potentially impacting the timeline and scope of the new framework.
Operational Impact
The extent to which firms adopt SIMA’s suggested flexibility in internal policy development and stress-testing frequency will reveal the practical challenges of implementing standardized LRM across diverse fund types and risk profiles.
Governance Dynamics
The separation of liquidity classification from the existing illiquid-asset definition could create divergence in reporting and compliance, requiring firms to adapt their systems and potentially leading to increased scrutiny from auditors and investors.

Canadian Investment Funds Hit New Records as Balanced Funds Surge

Event summary

  • Total mutual fund assets reached $2.641 trillion at the end of February 2026, up 3.0% from January.
  • ETF assets totaled $781.9 billion, a 5.1% increase month-over-month.
  • Balanced funds experienced a surge in popularity, marking the best-selling category since February 2022.
  • Mutual fund net sales totaled $10.5 billion in February, while ETF net sales reached $18.9 billion.
  • Year-to-date (YTD) mutual fund sales are significantly higher than the same period last year, totaling $16.264 billion compared to $12.131 billion.

The big picture

The Canadian investment industry is experiencing unprecedented growth, with both mutual fund and ETF assets reaching new all-time highs. The resurgence of balanced funds suggests a cautious optimism among investors, while the continued dominance of ETFs highlights the evolving preferences within the Canadian investment landscape. This trend, overseeing over $4 trillion in assets, underscores the sector's resilience and its role in driving Canadian economic growth.

What we're watching

Investor Sentiment
The renewed interest in balanced funds suggests a shift towards risk mitigation, potentially signaling concerns about future market volatility despite the current record highs.
ETF Dominance
ETF sales significantly outpaced mutual fund sales, indicating continued preference for the product's flexibility and cost-effectiveness, and potentially eroding market share for traditional mutual fund providers.
Retail Activity
The data reflects Canadian retail investor activity, and future performance will depend on their continued participation and allocation decisions, which could be influenced by macroeconomic factors.

Canadian Investment Funds See Record ETF Inflows, Mutual Fund Assets Rebound

Event summary

  • Mutual fund assets in Canada reached $2.564 trillion at the end of January 2026, up 1.4% from December.
  • Mutual fund net sales totaled $5.7 billion in January 2026, the highest monthly total since February 2025.
  • ETF assets reached $743.8 billion, a 4.3% increase from December and a new all-time high.
  • ETF net sales hit a record $20.8 billion in January 2026, surpassing the previous record set in December 2025.
  • Bond funds saw the largest net sales within mutual funds at $4.169 billion, while equity funds experienced net redemptions of $588 million.

The big picture

The Canadian investment landscape is exhibiting a bifurcated trend: while ETFs continue to gain traction and reach record asset levels, mutual funds are demonstrating a resurgence in popularity, particularly among retail investors. This suggests a potential re-evaluation of investment strategies and a possible shift away from the passive investment strategies that have largely driven ETF growth. The $4 trillion in assets under management underscores the significance of these trends for the Canadian economy and financial markets.

What we're watching

Retail Sentiment
The strong mutual fund sales suggest a potential shift in retail investor sentiment towards more traditional investment vehicles after a period of ETF dominance, warranting observation of future flows.
Bond Yields
The significant inflows into bond funds may be a reaction to expectations of stabilizing or declining interest rates, and the sustainability of this trend will depend on future monetary policy decisions.
ETF Innovation
While ETFs saw record sales, the mutual fund sector is showing signs of renewed activity; the ability of mutual fund providers to innovate and adapt to changing investor preferences will be crucial for maintaining market share.

Canadian Investment Funds Surge to Record AUM Amid Market Rally

Event summary

  • Canadian mutual fund assets reached a record $2.53 trillion by year-end 2025, a 12.7% increase year-over-year.
  • ETF assets also hit an all-time high of $713 billion, growing 37.8% year-over-year.
  • Mutual fund net sales totaled $40.5 billion in 2025, more than double the 2024 level.
  • ETF net sales reached a record $125.8 billion, the first year exceeding $100 billion annually.
  • The S&P/TSX Composite Index rose 28.2% in 2025, contributing to the positive investment environment.

The big picture

The surge in Canadian investment fund assets and sales underscores the robust performance of the Canadian capital markets and a broader shift in investor behavior away from traditional savings products. With over $6.5 trillion in market capitalization and $4 trillion in assets managed, the Canadian investment industry is a significant driver of economic activity, but its continued growth is tied to sustained market performance and investor confidence. SIMA's expanded reporting aims to provide greater transparency into this dynamic relationship.

What we're watching

Investor Sentiment
The shift from GICs to market-linked investments may prove unsustainable if equity markets cool, potentially impacting future fund inflows.
ETF Dominance
The rapid growth of ETFs suggests a continued preference for lower-cost, flexible investment vehicles, which could pressure mutual fund managers to adapt their offerings.
Market Volatility
The strong performance of Canadian equities in 2025 may not be easily replicated, and increased volatility could test the resilience of retail investor demand.

Canadian ETF Assets Hit Record High Amidst Mutual Fund Decline

Event summary

  • Mutual fund assets in Canada decreased by $14.7 billion in December 2025, totaling $2.528 trillion.
  • ETF assets reached a record high of $713.0 billion at the end of December 2025, up $13.0 billion from November.
  • Mutual fund net sales were $1.9 billion in December, while ETF net sales reached $16.9 billion – the highest single-month total ever recorded.
  • Overall mutual fund net inflows more than doubled in 2025, marking eight consecutive months of positive sales.
  • ETF assets increased by $195.5 billion over the year, representing the largest annual dollar increase on record and a 37.8% growth rate.

The big picture

The Canadian investment landscape is undergoing a significant shift, with ETFs rapidly gaining market share from traditional mutual funds. This trend reflects a broader investor appetite for greater transparency, flexibility, and potentially lower costs. The record ETF growth, coupled with the modest decline in mutual fund assets, highlights the increasing importance of innovation and adaptation within the Canadian asset management industry, which oversees approximately $4 trillion in assets.

What we're watching

Retail Sentiment
The continued shift towards ETFs suggests a preference for actively managed strategies and potentially lower fees, which could pressure mutual fund managers to adapt their offerings or risk further outflows. Further data will be needed to determine if this is a long-term trend or a short-term market reaction.
Regulatory Scrutiny
The rapid growth of ETFs, particularly those with complex strategies, may attract increased regulatory scrutiny regarding liquidity risk and investor suitability. SIMA’s data adjustments for double-counting will be closely watched for any changes in methodology.
Balanced Fund Performance
The significant outflows from balanced mutual funds, despite overall positive inflows, indicate a potential reassessment of asset allocation strategies by retail investors. Future performance of balanced funds will be critical in determining whether this trend reverses.
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