Mutual fund net sales jumped in November, driven by a revival in balanced fund sales and a return to positive net sales for equity funds, according to the latest data from the Investment Funds Institute of Canada (IFIC).

IFIC reports that total net sales came in at $4.3 billion during the month, up from net sales of $2.55 billion in October. The monthly net sales total also edged out the $4.0 billion in net sales recorded in November 2013.

Long-term funds provided all of the monthly net sales, generating $4.43 billion worth last month. Conversely, money market funds recorded net redemptions of just $116.8 million for the month. Over the last 12 months, nets sales of long-term funds totalled $62.0 billion.

By asset class, balanced funds led the way with net sales of $3.36 billion in November, up from $2.27 billion in October. Equity funds also reversed course, generating net sales of $588.4 million during the month, compared to net redemptions of $229.2 million in October.

The exception was bond funds, which saw their net sales dip during the month to $228.8 million in November; compared to net sales of $363.5 million in October.

Total mutual fund assets under management (AUM) finished the month at $1.155 trillion, up by $32 billion, or 2.8% from October. Over the past 12 months, total mutual fund assets have increased by $168.3 billion or 17.1%, IFIC notes.

Data for this report is compiled from IFIC and other sources. Aggregate totals are provided by research firm Investor Economics.