Mutual fund net sales rose to $2.1 billion in October, up from $1.7 billion in the previous month, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports, based on data from Investor Economics Inc., that October net sales were $2.1 billion, pushing year-to-date net sales were $25.9 billion.
Long-term fund net sales totaled $2.7 billion for the month, but money market funds saw another $562.8 million in net redemptions.
By asset class, balanced funds led the way, generating October net sales of $2.16 billion, up slightly from $1.96 billion in September. Bond fund net sales jumped to $1.48 billion, compared to net sales of $1.16 billion the previous month. Equity funds saw continued net redemptions, which totaled $1.36 billion in October, up slightly from $1.30 billion in September.
Total mutual fund assets under management (AUM) for October were up 0.9% to $834.3 billion, IFIC said, compared to $827.2 billion in the previous month. Since October 2011, total mutual fund assets have increased by $60.6 billion, or 7.8%, IFIC said.