The Investment Funds Institute of Canada has come out with its July 2016 industry overview, which shows overall growth in both assets under management and net sales.
The report finds that mutual funds experienced an increase in assets, in both month-on-month and year-on-year terms. Total industry AUM for July 2016 was $1.304 trillion, an increase of 2.9% from the previous month’s $1.267 trillion. It also exceeded July 2015’s showing of $1.244 trillion for industry AUM.
Month on month, AUM increased for all asset classes except for specialty funds, which were stuck at $12.9 trillion.
Net sales for the industry also showed acceleration. Overall industry net sales hit $2.6 billion in July 2016, an improvement over $1.4 billion in June 2016.
Year on year, though, net sales were lower than July 2015’s posting of $4.3 billion.Year-to-date net sales were also down, with $19.2 billion YTD net sales in July this year compared to $45.2 billion YTD in July 2015.
Continuing the trend from June, decreases were seen in stand-alone funds, equity funds, and short-term funds. The asset classes saw net redemptions of $32.0 million, $641.4 million, and $57.3 million, respectively in July.
Overall, the figures suggest an improvement from a month-to-month standpoint, but momentum for the industry is still slower compared to last year.
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