Home Breadcrumb caret Industry News Breadcrumb caret Industry Mutual fund sales way down in August Year-to-date net sales are also down from 2017 By Staff | September 21, 2018 | Last updated on September 21, 2018 1 min read Massimo Giachetti / iStockphoto.com 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 Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo