Mutual fund sales way down in August

By Staff | September 21, 2018 | Last updated on September 21, 2018
1 min read
Massimo Giachetti /

Monthly statistics from IFIC show that Canadian mutual fund net sales fell to $299 million in August, from $772 million the previous month.

In the same month last year, the industry reported $1.8 billion in net sales, the report said.

Bond funds had the biggest drop with net redemptions of $405 million, while equity funds saw net redemptions of $24 million.

Net sales of balanced funds fell to $146 million from $519 million in July.

Net sales of money market funds, however, rose to $257 million in August from a net redemption of $169 million in July, IFIC said.

Year-to-date net sales for long-term funds were $14.5 billion, compared to $37.2 billion at this time last year.

Net sales of balanced funds fell to $7.5 billion so far this year, from $21.3 billion through August last year. Year-to-date net sales of equity funds declined 6.1% to $4.6 billion from the previous year.

Bond fund sales saw the most dramatic year-to-date drop, plummeting almost 97% to $280 million from more than $9 billion last year.

The year-to-date net sales for money market funds rose to $989 million, an increase of 517% from the previous year.

The mutual fund industry’s assets under management rose by $8.6 billion or 0.6% in August. The  industry’s combined assets are $1.54 trillion.

Read the monthly statistics here. staff


The staff of have been covering news for financial advisors since 1998.