The Investment Funds Institute of Canada estimates that net assets of the mutual fund industry for the month of August will be between CAD607.6bn and CAD612.6bn, up approximately 0.38 per cent from July’s total of 607.8bn.

IFIC also estimates that net sales of mutual funds for the month of August are between -CAD350m and CAD150m.
 
“With mixed or weaker than expected economic signals in most markets and a tendency among investors to be focused on their summer breaks at this time of year, we saw a drop in both long-term fund net sales and money market fund net redemptions in August,” says Pat Dunwoody, IFIC vice president of member services and communications.

“However, with long-term fund sales at CAD16bn year-to-date, the trend for 2010 remains robust and is in-line with industry sales experience in the 2004-2006 pre-downturn periods.”