Mutual fund sales ticked up in November, according to figures released on Thursday by the Investment Funds Institute of Canada (IFIC).
Net sales for the mutual funds industry during the month were $2.24 billion, up from $1.99 billion in October, but well below the $3.76 billion recorded in November 2015.
Net sales of long-term funds were $2.28 billion in November, and net redemptions of money markets totalled $32.6 million.
By asset class, net sales of balanced funds led the way in November, totalling $2.31 billion, which was unchanged from October.
Net sales of bond funds dropped to just $0.31 billion during November, down from $1.31 billion in October. Net redemptions of equity funds also shrank to $0.30 billion during the month, compared to $1.69 billion in October.
Assets under management (AUM) for the mutual funds industry totalled $1.33 trillion for the month ending Nov. 30, up by $7 billion, or 0.50%, from October.
Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Strategic Insight.