Mutual fund sales risepar The IJ Staff | August 22 2018 09:45AM
The combined assets of Canada’s mutual fund industry rose to $1.53 trillion as of the end of last month, an increase of $13.1 billion or 0.9% compared with June 2018, according to the Investment Funds Institute of Canada (IFIC).
Net sales stood at $772 million with year-to-date net sales of $15.2 billion.
Balanced fund net sales helped boost the industry with $519 million in June and year-to-date net sales of $7.4 billion. Equity and bond funds also rose.
However, year-to-date balanced fund net sales were 63.9% lower than year-to-date last year; year-to-date equity fund net sales were 8.4% lower than this time last year and year-to-date bond fund net sales were 91.8% lower than a year ago.
Money market fund net redemptions were $169 million in July 2018 and year-to-date net sales were $732 million. However, year-to-date money market fund net sales rose 301% higher than year-to-date, 2017.