Two branch plant operations of major U.S. fund complexes were among the top three market-share gainers in Canada in 1999. Fidelity Investments Canada and AIM Funds Management, both of Toronto, ranked second and third in picking up share.
In what was a year of consolidation and slow growth for the struggling Canadian industry, takeover activity accounted for the largest single shift in industry share. C.I. Mutual Funds of Toronto enjoyed the largest gains in standing, surging to ninth place in the IFIC rankings by December 1999, from fifteenth place a year earlier. It picked up an additional 2.28 percent in share to hold $18.6 billion (all figures in $Can) in assets and a 4.77 percent share at year end.