Net sales of the Canadian mutual fund industry dried up in August, according to data published Thursday from the Investment Funds Institute of Canada (IFIC).
The industry recorded net sales of $299 million, down from $772 million in July, and far below the $1.8 billion in August 2017.
Net sales of long-term funds were $43 million in August. Year-to-date net sales were $14.5 billion, 61% lower than year-to-date sales, 2017.
Sales for all long-term asset classes declined in August. Bond funds dropped into net redemptions of $405 million, down from $33 million in net sales in July.
Equity fund sales dropped to net redemptions of $24 million in August from net sales of $45 million in July.
Net sales of balanced fund sales were $146 million in August, down from $519 million in July.
Money market fund net sales were $257 million.
Despite the sales drought, industry assets continued to rise. Total industry assets under management increased by $8.6 billion in the month, or 0.6%; to $1.54 trillion.