The fund industry recorded net redemptions of 20.1 bln reais in December, the highest monthly figure since October 2008. Redemptions were concentrated in the Fixed Income and Money Market categories, with 15.3 bln reais and 6.4 bln reais, respectively, as well as, according to the preliminary numbers, government-owned funds. At the other end of the scale, the Pension Fund category reported net sales of 6.5 bln reais, fueled by the seasonal upturn (tax incentive) in sales by the open plans. As a result, the industry closed the year with net redemptions of 1.1 bln reais, the lowest figure since 2008, when net redemptions totaled 65.6 bln reais. Nevertheless, the DI-Linked category registered net sales of 45.4 bln reais, concentrated in the retail segment, which resumed growth in 2014, and the Pension Funds recorded net sales of 32 bln reais, having staged a rapid recovery from the redemptions that characterized the second half of 2013.