Mutual fund net sales rose a bit in October, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports (based on its data and data collected by Investor Economics Inc.) that industry net sales came in at $1.7 billion, up slightly from September, but down from $2.1 billion in October 2012. Year to date net sales totalled $35 billion, up from $25.9 billion in the same period last year.
Long-term fund net sales topped $2 billion in October, up from $1.5 billion in September, but down from $2.7 billion in October 2012. Money market funds had net redemptions of $345.1 million during the month.
Balanced funds led the way with net sales of $2.1 billion in October, compared to $1.7 billion in sales in September. Equity funds saw net sales of $1.2 billion, up from just over $900 million in September. Bond funds had net redemptions of $1.5 billion in October, compared to net redemptions of $1.4 billion in September.
Total mutual fund assets under management (AUM) for October were $971.2 billion, up by about 3.3% from September. Over the past 12 months, total mutual fund assets have increased by 16.4%.