Mutual funds likely saw net redemptions and lower asset levels in October, according to preliminary data from the Investment Funds Institute of Canada.

IFIC reported today that, based on a sample of preliminary data from some of its members, net redemptions of mutual funds for the month are estimated to be between $262.2 million and $762.2 million. It also estimates that total industry net assets will be between $569.3 billion and $574.3 billion, down approximately 1.87% from last month’s total of $582.7 billion.

Once again, RBC is the biggest mover, recording $884 million in net redemptions, driven by almost $1.4 billion in redemptions from its money market funds. TD Asset Management also had $466 million in net redemptions from its money market funds, and CIBC Asset Management was third with $183 million in money market redemptions.

TD was the top-selling firm on the long-term side, with $624 million in monthly net sales, followed by RBC and Fidelity Investments Canada ULC.

On an overall basis, Fidelity was the bestselling firm, generating $352 million in positive net sales. Scotia Securities had $318 million in overall net sales, and BMO Financial Group was third at $198 million.

“Markets took a breather at the end of October which capped off seven months of exceptional growth in assets under management,” said Pat Dunwoody, vice president of member services and communications with IFIC. “Assets remain about $50 billion above where they were at this point last year and we continued to see strength in long-term fund sales last month,” she says.

IE