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Mutual fund sales total $2.29-billion in August

Mutual fund sales total $2.29-billion in August

Stefan Klein/iStockphoto

Investors poured money into balanced and bond funds in August to push set sales for mutual funds higher, according to data compiled by the Investment Funds Institute of Canada.

The industry group said net sales totalled $2.29-billion while net sales of long-term funds were $2.58-billion and net redemptions of money market funds were $297.5-million.

That compared with net sales of $2.12-billion in July and $202.3-million in August, 2011.

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By asset class, bond funds led the way with $1.68-billion in net sales, while balanced funds added $1.64-billion. Net sales of specialty funds totalled $423.6-million.

Net redemptions of equity funds amounted to $1.16-billion, while money market fund net redemptions totalled $297.5-million.

Total assets under administration were $811.7-billion for August, up from $802.7-billion in July and $778.6-billion in August, 2011.

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