Net assets for mutual fund industry rose 0.9% in July

Net assets for the mutual fund industry increased by $13.1 billion, or 0.9%, in July compared to the previous month, IFIC said on Tuesday.

Net sales of mutual funds were $772 million last month, rebounding after June saw net redemptions of $466 million, the organization said in a release.

Net sales of long-term funds totalled $941 million in July, compared to redemptions of $907 million for those funds in June.

Net sales of long-term funds for the year to date are $14.5 billion, a drop of 59.2% year over year.

Net sales for the year for all mutual funds are also down. Overall sales reached $15.2 billion for the year to date, down from $35.2 billion for the same period last year.

The combined assets of Canada’s mutual funds industry was $1.53 trillion in July, IFIC said.

The monthly statistics can be read here.

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