The Investment Funds Institute of Canada reported that net sales, excluding re-invested distributions, totalled minus $380 million for September. Net sales for all funds including re-invested distributions were $268 million.

“Net sales of long-term funds were $505 million for the month of September, the highest month since February 2003. This also marks the fifth straight month that net sales have been positive in the long-term category,” said Tom Hockin, IFIC president and CEO, in a news release.

“Net redemptions for September can all be attributed to an $885 million outflow from money market funds,” he added.

IFIC also reported the total number of unitholder accounts slipped to 51.2 million, a 2.9% decrease over one year ago. Total assets under management decreased in September to $408.9 billion, down 1% from $412.9 billion in August.

On a more positive note, assets are up 7.3% from last September’s figure of $381.1 billion.

Gross sales of money market funds for the month of September totalled $3.6 billion. Net sales of money market funds in September were minus $885 million and minus $788 million including reinvested distributions. Total assets under management in money market funds were $55.7 billion.

All of the 10 largest fund groups by assets saw their fund assets decline during September. AGF posted the biggest drop in assets at 2.4%. The next two largest declines were felt by AIM Trimark, down 1.8%, and Franklin Templeton, down 1.7%.

A couple of smaller fund groups reported big jumps in assets. Brandes Investment Partners posted a 7.5% rise, while AEGON Fund Management saw its assets climb 10.1%.