Arbitrage funds see outflows in June and other top mutual fund news

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Arbitrage funds saw some redemptions, while equity oriented mutual funds and balanced funds, continued to receive robust inflows in June. Arbitrage funds, take advantage of price difference between cash and futures market. (ET)Mutual fund gross commissions of the top 10 distributors for 2015-16 declined 31% to Rs 1,651 crore compared to Rs 2,399 crore in the previous year, according to AMFI data. (ET)

Three wealth management companies owned by Scotiabank have agreed to pay $20 million to clients and $850,000 to the Ontario Securities Commission to resolve a case in which the bank mistakenly overcharged mutual fund investors. (business.financialpost.com)

An Investors Group financial adviser in Dartmouth is facing allegations of misconduct and is set to appear before a disciplinary hearing of the mutual fund dealers’ self-regulatory body in late August. (thechronicleherald.ca)