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Mutual fund sales edged out ETF sales in August, and assets under management (AUM) for both segments grew, according to the latest data from the Investment Funds Institute of Canada (IFIC).

The industry trade group reported that mutual funds recorded $2.9 billion in August net sales, down from $3.4 billion in July, but well ahead of last August’s $576 million.

Long-term net sales edged up to $3.3 billion in August from $3.2 billion in the previous month.

Bond funds continued to lead the way, accounting for $2.9 billion in monthly net sales, followed by $616 million in balanced funds and $495 million for specialty funds.

At the same time, equity fund redemptions accelerated in August, rising from just $87 million in July to $662 million.

For ETFs, overall net sales were down sharply in August, dropping to $2.7 billion from $6.4 billion in the previous month.

Bond funds edged out equity funds in net sales, with both categories producing around $1.2 billion worth. This was down markedly from $3.3 billion in bond ETF sales in July and $2.3 billion in equity fund sales.

Despite the sales slowdown in August, ETFs still hold a solid edge over mutual funds in year-to-date net sales.

Through August, ETF net sales totalled $31.7 billion, and long-term fund sales were at $29.5 billion.

Mutual funds have managed $14.1 billion in total net sales over the same period, and $9.4 billion in long-term net sales.

Industry assets also registered growth in August, with mutual funds adding $28.0 billion in AUM, which pushed overall industry assets to $1.67 trillion.

ETF assets totalled $236.3 billion at the end of August, up $5.5 billion from the previous month.