Net sales of mutual funds fell sharply in April, according to data published Tuesday by the Investment Funds Institute of Canada (IFIC).
Monthly net sales came in at $1.8 billion for April, IFIC reports, down from $4.5 billion in March, and down $5.5 billion from April 2015.
Net sales of long-term funds totalled $2.5 billion in April, while money market funds had net redemptions of $717 million.
Net sales of balanced funds were $1.9 billion in April, which was down from $3.1 billion in March.
Bond funds recorded $743 million in monthly net sales, down from $860 million in the previous month.
Equity funds, however, were in net redemptions in April. Net redemptions of equity funds were $396 million during the month, versus net sales of $934 million in March.
Total mutual fund assets under management (AUM) rose 0.5% during the month to finish at $1.24 trillion, if reports, up by $7 billion, or 0.5% compared to March 2016.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Investor Economics Inc.
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