Monthly statistics from IFIC show that Canadian mutual fund net sales fell to $299 million in August, from $772 million the previous month.
In the same month last year, the industry reported $1.8 billion in net sales, the report said.
Bond funds had the biggest drop with net redemptions of $405 million, while equity funds saw net redemptions of $24 million.
Net sales of balanced funds fell to $146 million from $519 million in July.
Net sales of money market funds, however, rose to $257 million in August from a net redemption of $169 million in July, IFIC said.
Year-to-date net sales for long-term funds were $14.5 billion, compared to $37.2 billion at this time last year.
Net sales of balanced funds fell to $7.5 billion so far this year, from $21.3 billion through August last year. Year-to-date net sales of equity funds declined 6.1% to $4.6 billion from the previous year.
Bond fund sales saw the most dramatic year-to-date drop, plummeting almost 97% to $280 million from more than $9 billion last year.
The year-to-date net sales for money market funds rose to $989 million, an increase of 517% from the previous year.
The mutual fund industry’s assets under management rose by $8.6 billion or 0.6% in August. The industry’s combined assets are $1.54 trillion.
Read the monthly statistics here.