Net sales for the mutual fund industry were just under $2.0 billion in October, up slightly from $1.9 billion in September but down sharply from $3.1 billion in October 2015, according to data released Friday by the Investment Funds Institute of Canada (IFIC).

Through the first 10 months of the year, net sales are about half of what they were to the same point in 2015. Year-to-date net sales were $25.8 billion in October, down from $52.9 billion for the same period in 2015.

Long-term funds recorded net sales of $1.9 billion in October, while money market funds added another $90.9 million.

By broad asset class, balanced funds generated net sales of $2.31 billion in October, up slightly from $2.28 billion in September, and bond funds recorded $1.31 billion in net sales, up from $1.0 billion in September.

Equity funds, however, saw monthly net redemptions rise to $1.7 billion in October from $1.3 billion in September.

Assets under management for the mutual fund industry edged lower to $1.32 trillion in October, down $2 billion, or 0.15%, from September.

Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Investor Economics Inc.

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