Mutual fund sales dipped in August amid heightened market volatility and economic uncertainty.
Total industry net sales for August were $2.45 billion, according to a report released Thursday by the Investment Funds Institute of Canada (IFIC), down sharply from $4.26 billion in July.
Sales were also down compared to August 2014, when sales totalled $4.13 billion.
Long-term net sales were $2.05 billion in August, and money market funds contributed another $399.4 million.
Balanced funds continued to lead the way in August, with net sales of $1.65 billion, which was almost half of what they were in July, when sales reached $3.1 billion. Bond funds also dipped in August, generating net sales of $238.3 million compared to $317.5 million in July.
Equity funds fell into net redemptions during the month, recording $119.6 million in redemptions, compared to net sales of $131.9 million in July.
Total mutual fund assets under management (AUM) also declined in August, dipping to $1.21 trillion, compared to $1.24 trillion at the end of July, a decrease of $33.4 billion, or 2.7%. Over the previous 12 months though, AUM are still up by $80.4 billion, or 7.1%.
Monthly sales data is compiled from IFIC and other sources. Aggregate totals are provided by Investor Economics Inc.