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Net sales for Canada’s mutual funds industry were $8.7 billion in February, according to data published Thursday by the Investment Funds Institute of Canada (IFIC).

Despite the turmoil in equity markets last month, February’s net sales nearly doubled January’s net sales of $4.9 billion, but were below February 2017’s net sales of $9.2 billion.

Long-term fund net sales totalled $8.1 billion in February, up from $5.2 billion in January, but down from $9.2 billion in February 2017.

Some investors sought safety in money market funds during RRSP season. Money market fund net sales in February were $632 million, compared with net redemptions of $305 million in January.

Among broad asset classes, balanced funds’ net sales in February totalled $4.5 billion, up sharply from $2.4 in January.

Bond funds’ net sales in February totalled $1.1 billion, on par with $1.1 billion in January.

Equity funds’ net sales in February totalled $2.2 billion, up from $1.5 billion in January.

Assets under management (AUM) for the Canadian mutual funds industry totalled $1.48 trillion in February, down $4.6 billion or 0.3% compared to January.

“The decrease in AUM compared to the previous month is a result of declines in the markets,” IFIC says in a news release.

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