Mutual fund sales up $1.46B in September; assets under management $940B: IFIC

TORONTO – The Investment Funds Institute of Canada says total mutual fund assets under management increased $14.4 billion last month to $940.4 billion.

IFIC says the figures represent a 1.6 per cent increase from the $926 billion under management in August and up 13.7 per cent, or $113.3 billion, from September 2012.

Total net sales for September were $1.46 billion, up from $939.6 million the previous month but lower than the $1.72 of net sales in September 2012.

Long-term fund net sales for the month totalled $1.52 billion in September for a total of $44.3 billion, while money market fund net redemptions were $62.4 million.

During the last 12 months, money market fund net redemptions have totalled $4.34 billion.

Balanced fund net sales totalled $1.68 billion in September, up slightly from last month’s $1.66 billion, while bond fund net redemptions totalled $1.36 billion, down from net redemptions of $1.40 billion in August.

Equity fund net sales totalled $910.3 million in September, compared to net sales of $558.9 million in August 2013.