Mutual fund sales were relatively strong in March as industry assets under management (AUM) continued to climb, the Investment Funds Institute of Canada (IFIC) reports.

Overall industry net sales came in at $5.8 billion in March, up from $4.5 billion in the same month last year. Through the first three months of the year, net sales are almost $19 billion compared with $11 billion in the same period a year ago, according to new data from IFIC.

In March, long-term fund net sales were $5.3 billion, IFIC reports, and money market funds recorded positive net sales of $472 million. Balanced funds continue to lead the way, with $2.8 billion in monthly net sales. Bond funds ranked second with net sales of $1.7 billion in March, and equity funds contributed $565 million in monthly net sales.

IFIC also reports that total AUM rose by $16 billion in the month, a 1.2% gain, to almost $1.39 trillion. Over the previous 12 months, industry AUM is up by 13%, representing an increase of $157.6 billion

Research firm Strategic Insight provides the aggregated totals that IFIC reported. The data is compiled from IFIC and other sources.