Mutual fund net sales surged above the $3 billion mark in October, according to industry statistics published Thursday by the Investment Funds Institute of Canada (IFIC).
Total net sales for October were $3.1 billion, up from $2.2 billion in September and $2.3 billion in October 2014.Long-term net sales were $3.25 billion in October, while money market funds had net redemptions of $169.1 million.
Balanced funds continued to power overall net sales in October, generating $2.2 billion worth, up from $1.8 billion in September.But net sales of equity funds surged, coming in at just over $1.0 billion in monthly net sales, compared to $276.8 million in September.
Bond funds joined money markets in net redemptions in October, with $151.8 million worth, up from $81.7 million in net redemptions in September.
Total mutual fund assets under management (AUM) finished October at $1.225 trillion, up $31.7 billion, or 2.7%, from September, IFIC reports.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Investor Economics Inc.