Ontario's Funds Industry is Playing an Increasingly Valuable Role in the Province's Economy

OTTAWA, Nov. 20, 2014 /CNW/ - The value of mutual funds and exchange traded funds (ETF) held in Ontario has grown by 90 per cent in the last decade, helping Ontario's funds industry play an increasingly valuable role in the province's economy, according to The Conference Board of Canada's new report, Money Management Matters: Assessing the Economic Footprint of Ontario's Funds Industry.

"The funds industry has grown in importance as the 21st century has ushered in a period of economic change in Ontario," said Pedro Antunes, Executive Director, Economic Outlook and Analysis. "As in many developed economies, manufacturing in Canada has undergone a restructuring, while service industries—such as finance, insurance, and real estate—have helped pick up the slack."

In 2013, the funds industry directly employed 44,413 people, and generated $4.1 billion in direct real GDP in Ontario. The total economic footprint of the industry (including direct, indirect, and induced impacts) accounted for $11.4 billion or 1.8 per cent of total real GDP in the province.

HIGHLIGHTS

• Assets under management in Ontario's funds industry have grown substantially over the last decade.
• Direct real GDP in Ontario's mutual funds and exchange-traded funds (ETF) industry was $4.1 billion in 2013.
• Ontario's funds industry directly employed 44,413 people in 2013.
• The total economic footprint of Ontario's funds industry in 2013 was $11.4 billion in real GDP.

In 2004, funds assets under management in Ontario were valued at an estimated $257 billion, and by 2013 that had increased to $489 billion. These funds assets held by Ontario residents represent 49 per cent of the $999.2 billion in assets held nationally.

Research for, Money Management Matters: Assessing the Economic Footprint of Ontario's Funds Industry, was undertaken by The Conference Board of Canada with funding and Support from The Investment Funds Institute of Canada (IFIC).

This publication is available at www.e-library.ca

SOURCE: Conference Board of Canada