TORONTO – Net mutual funds sales totalled $2.15 billion in July compared with $2.12 billion a year ago, according to data compiled by the Investment Funds Institute of Canada.
Net sales of long-term funds were $2.37 billion, compared with $2.88 billion a year ago, while net redemptions of money market funds were $220.3 million last month compared with $756.2 million in net redemptions in July 2012.
Equity fund sales totalled $927 million, compared with $861.3 million in net redemptions a year ago, while balanced fund sales increased to $2.47 billion compared with $1.58 billion a year ago.
Bond fund net redemptions were $1.29 billion compared with net sales of $1.81 billion in July 2012. Specialty fund sales were $272.1 million compared with $350.7 million in the same month last year.
Total mutual fund assets under management for July were $924.4 billion, up from $802.7 billion a year ago.