Share this article and your comments with peers on social media CIBC to introduce fixed administration fees for certain investment funds Long-term fund net sales totaled $2.37 billion in July, according to the report, with total sales over the past 12 months reaching $46.5 billion. In terms of asset classes, equity funds saw an increase in July with net sales totaling $927 million in July 2013 compared to the $127.8 million in net redemptions made in June. IFIC also reports a slight decrease in balanced fund net sales with a total of $2.47 billion. Bond fund net redemptions continued to increase in July with a total of $1.29 billion, according to the report, compared to the $127.8 million net redemptions in June 2013. Like bond funds, money market funds also saw more redemptions in July. Money market fund net redemptions were $220.3 million that month, said the report, making the total net redemptions for money market funds over the past 12 months $4.95 billion. As well, fund-of-fund AUM reached $241.2 billion in July, said the report, with net sales totaling $2.13 billion. Stand-alone funds’ AUM meanwhile stood at $683.2 billion at the end of July and saw net sales of $26.3 million. Fiona Collie Facebook LinkedIn Twitter Mutual fund sales outpace ETF sales in March Fiera sells rights to manage US$1.9B emerging markets fund Related news Keywords Mutual fundsCompanies Investment Funds Institute of Canada Total mutual fund assets under management (AUM) are on the rise, according to a monthly report released by the Toronto-based Investment Funds Institute of Canada (IFIC) on Friday. According to IFIC, total mutual fund AUM for July 2013 were $924.4 billion, a 1.9% increase over June 2013. Furthermore, AUM has increased 15.2%, or $121.7 billion, over the past year. However, total net sales were down in July to $2.15 billion compared to the $2.21 billion in sales made in June.