TORONTO, Aug. 07, 2019 (GLOBE NEWSWIRE) -- The Investment Funds Institute of Canada (IFIC) today released their report Assessing the Economic Footprint of the Funds Industry in Canada, produced by The Conference Board of Canada. The report highlights the growth of the investment funds industry in Canada as well as its important contributions to the Canadian economy.
“The Conference Board’s research demonstrates how the investment funds industry benefits Canadians from both an individual savings perspective and a broader economic perspective,” said Paul Bourque, President and CEO, IFIC. “Canadians have come to rely on investment funds to help them achieve their savings goals, but the industry also generates significant employment, government revenues, and increased GDP.”
The report examines the role of mutual funds and exchange-traded funds within the broader Canadian economy, including annual revenues earned, jobs created, and economic impact at both national and provincial levels.
Report highlights:
- Total economic footprint of the investment funds industry in 2018 was $37.1 billion, accounting for 1.7 per cent of total GDP.
- The industry employed 260,000 people (full-time equivalent) in 2018 and paid $8.3 billion in wages, salaries, and other compensation.
- Investments managed by the industry have grown from under $100 billion in the early 1990s to $1.71 trillion in May 2019.
- Investment funds account for roughly 38 per cent of all privately held financial wealth in Canada.
“This research aims to provide a detailed understanding of how the investment funds industry contributes to Canada’s economy,” said Robyn Gibbard, Economist, National Economics & Custom Analysis, The Conference Board of Canada. “Our comprehensive analysis shows that revenues earned by the industry help stimulate economic activity within a number of specific sectors and help grow the economy as a whole.”
The second report of this two-part series will focus on quantifying the impact that financial advice has on Canadians’ savings and evaluating how it contributes to the broader economy.
To read the full report, please visit IFIC.ca.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
For more information, please contact:
Pira Kumarasamy
Senior Manager, Communications and Public Affairs
IFIC
pkumarasamy@ific.ca
416-309-2317