Canadian mutual fund sales rose last month, according to an industry estimate from the Investment Funds Institute of Canada.

It announced that net new sales in July grew about 12% from the June level, to $418.2 million, and 71.3% from the year earlier. In June, Canadian mutual fund sales were $373.3 million and in July 2003, they were $244.1 million.

Assets under management by the Canadian mutual fund industry are estimated at $352.8 billion to $356.6 billion, down about 1.2% from June.

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