Net sales of equity funds rebounded last month but overall net sales of mutual funds dipped, according to data published Monday from the Investment Funds Institute of Canada (IFIC).
Total monthly net sales came in at $1.6 billion in September, down from $1.8 billion in August and $1.9 billion in September 2016.
Net sales of long-term funds were $1.7 billion in September, while money market funds recorded net redemptions of $97.6 million.
Despite the decline in overall net sales, equity funds enjoyed a solid turnaround during the month. Equity fund net sales rose to $595 million in September, IFIC reports, up from $148 million in net redemptions in August.
Net sales of bond fund were more or less unchanged from the previous month, but net sales of balanced funds plunged to just $259.7 million in September, down from almost $1 billion in August, and $2.3 billion in September 2016.
Total assets under management rose by 1.2% in September, adding $16.8 billion during the month to finish at $1.43 trillion.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Strategic Insight.
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