The mutual fund industry saw net sales slip to $1.72 billion in September, down from $2.3 billion in August, according to the latest data from the Investment Funds Institute of Canada (IFIC).
IFIC reports, based on data collected by Investor Economics Inc., that year to date fund sales climbed to $23.8 billion in September, up from $19.4 billion in the same period last year.
Long-term funds had net sales of $2.2 billion in September, down from almost $2.6 billion in August. Money market funds recorded $474 million in net redemptions during September.
By asset class, balanced fund sales rose month over month to almost $2 billion, up from $1.64 billion in August. Bond fund sales slipped to $1.16 billion in September from $1.68 billion last month.
Equity fund redemptions also rose during September, finishing at $1.3 billion, up from $1.16 billion in August. Equity fund redemptions have now surpassed $10 billion for the first nine months of the year, up from $6 billion in the same period last year.
Notwithstanding the slide in sales, mutual fund assets rose almost 2% in the month to $827.2 billion. Industry assets are up 10.5% over the past 12 months.