Net sales for Canada’s mutual fund industry surged in October to $2.4 billion from $1.6 billion in September, according to data released on Tuesday from the Investment Funds Institute of Canada (IFIC).
Last month’s net sales were also comfortably ahead of the $2 billion in net sales recorded in October 2016.
Net sales of long-term funds totalled $2.7 billion in October, while money market funds recorded net redemptions of $272.4 million.
All of the major long-term asset classes saw sales rise a bit last month, IFIC reports.
Bond funds led the way in October, with net sales of $1.25 billion, up from $754.8 million in September. Balanced funds generated net sales of $682.4 million, compared with $259.7 million in September. Equity fund net sales ticked up slightly in October to $623.8 million in October, up from $595.4 million in September.
Year to date, total industry net sales reached $41.0 billion, compared with $25.8 billion through the first 10 months of 2016.
Total mutual fund assets under management rose by 2.9% in October, IFIC reports, climbing by $40.7 billion to $1.47 trillion from $1.43 trillion in September.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Strategic Insight.