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Net sales of mutual fund ticked up slightly in August, the Toronto-based Investment Funds Institute of Canada (IFIC) announced on Monday.

Overall monthly net sales came in at $2.7 billion, compared with $2.63 billion in July and $2.45 billion in August 2015.

Net sales of long-term funds were $2.70 billion and net redemptions of money market funds were $4.6 million.

Balanced funds continued to account for the bulk of net sales, totalling $2.33 billion in August.

Bond funds added another $900 million in monthly net sales.

Equity funds, however, recorded $507 million in net redemptions in August, although this was an improvement from $641.4 million in net redemptions in July.

Assets under management (AUM) for the mutual funds industry reached $1.31 trillion. Year-to-date, industry AUM increased by $81.6 billion or 6.6%.

Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Investor Economics Inc.

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