Funds, which consist of AUM held in Galaxy Asset Management's active, passive, and venture funds, accounted for $4.42 billion, according to the statement.

The 4% increase from the previous month, which stood at $4.64 billion, was mainly due to market gains and net inflows into Galaxy Asset Management's funds, the company said.

The company's shares closed down $0.42 to $23.80 on the Toronto Stock Exchange.

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