The mutual fund industry returned to positive net sales in September, with just under $1 billion in net new sales during the month.

The Investment Funds Institute of Canada reported that the industry was back in positive net sales territory in September at $994 million in total sales overall, including $666 million into long-term funds.

Mutual fund-of-funds programs saw the bulk of net sales during the month, at almost $890 million, while standalone funds had sales of $105 million, it said.

Global asset classes continued to garner the bulk of net sales in September, $834 million worth. Meanwhile, domestic asset classes were in net redemptions overall at $325 million.

Balanced funds recorded $878 million in monthly net sales. Equity funds saw just over $200 million in redemptions, as redemptions from domestic and U.S. funds offset $161 million in net sales for global equity funds. Bond funds, both foreign and domestic, were in negative territory during the month.

The banks dominated the sales once again, with RBC Asset Management Inc. recording $332 million in net sales, including $286 million into long-term funds. TD Asset Management was a close second with $317 million in overall net sales, although just $47 million went into long-term funds.

Fidelity Investments was the only other firm to record more than $100 million in overall net sales. It was also the only firm to join RBC with more than $100 million in long-term sales, at $132 million.

Several firms finished the month with net redemptions including, AIM Trimark, National Bank, and AIC, all of whom recorded more than $100 million in redemptions.

IFIC also reported that total mutual fund assets under management increased in September to $701.4 billion, an 0.8% month-over-month increase after three months of decline. Long-term mutual fund assets ended September at $653 billion, growing by 15.2% on a year-over-year basis.