Net mutual fund sales were down slightly in August compared to the previous month, but industry's total assets under management are still on the rise.
The Investment Funds Institute of Canada (IFIC) released its monthly statistical data for August on September 16. While total net sales for August were $4.13 billion, which is less than the net sales of $4.56 billion reported in July, they were significantly higher than the net sales of $939.6 million recorded in August of 2013.
There were $1,130 billion in mutual fund assets under management in August 2014, which is an increase of $22 billion or 2% over the preceding month. Year to date, IFIC notes that industry assets under management have increased by $131 billion or 13.1%.
Broken down by asset class, investors favoured balanced and bond funds, which saw net sales in August of $3.4 billion and $214.7 million respectively. Equity funds posted net redemptions in August, losing $84.7 million. However, sales of equity funds remain up year to date, with $4.30 billion compared to the $2.04 billion recorded during same period last year.