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Net sales for Canada’s mutual funds industry in March were $2.6 billion, according to data published Friday by the Investment Funds Institute of Canada (IFIC).

Sales were down compared to net sales of $7 billion for February, and net sales of $5.8 billion for March 2017.

Net sales of long-term funds totalled $2.7 billion in March, while net redemptions of money market funds were $133 million.

Balanced funds’ net sales in March totalled $1.4 billion, down from the February’s robust $4.5 billion.

Bond funds’ net sales totalled $120 million compared to February’s net sales of $152 million.

Equity funds’ net sales totalled $0.9 billion compared to net sales of $1.4 billion in Febrrary.

Assets under management (AUM) for the Canadian mutual funds industry totalled $1.48 trillion in March, up $1.2 billion or 0.1% compared to February.

Since March 2017, total mutual fund assets have increased by $91.1 billion or 6.5%.

Monthly sales data are compiled from IFIC and other sources. Aggregate totals are provided by Toronto-based Strategic Insight.