The Investment Funds Institute of Canada released final sales figures for the month of May on Monday. Continuing redemptions in money market funds more than depleted gains in long-term funds.

Gross sales for all funds, including money market funds, totalled $9.9 billion. Net sales, excluding re-invested distributions of $200.3 million, were in the red to the tune of $3.7 million. Net sales for all funds including re-invested distributions were $197 million.

“Net sales of our long-term funds are up 14.3% from May 2001 and year-to-date long-term sales are up 29.7% from the prior year,” says Tom Hockin, IFIC’s president and CEO.

“Canadian long-term fund sales have increased by 129% while foreign long-term fund sales have decreased by 81% from May 2001. Despite continued growth of our long-term funds, year-to-date sales are down 38.7% due to money market redemptions,” adds Hawkin

IFIC also reported the total number of member unitholder accounts at 52.9 million, a 1.9% increase over one year ago.

Total assets under management decreased in May to $433.6 billion, down 0.6% from $436.3 billion in April. Assets are up 3.5% from last May’s figure of $422.0 billion.

Gross sales of money market funds for the month of May totaled $4.9 billion, IFIC reports. Net sales of money market funds in May were minus $844 million and minus $765 million including re-invested distributions. Total assets under management in money market funds were $60.5 billion.

Among the major players, only two of the largest 10 fund companies posted an increase in assets — RBC Funds Inc. and AIM Funds Management Inc. AGF Management Ltd. had a tough month. Its assets fell by 1.7%, or $502 million.