Mutual funds suffered about $4.5 billion of net redemptions in September while assets dropped almost 9%, according to preliminary data from the Investment Funds Institute of Canada.

IFIC reported that, based on a sample of preliminary data from some of its members, mutual fund net redemptions are estimated to be between $4.4 billion and $4.9 billion for September. It also estimates that net assets of the mutual fund industry will be between $631.8 billion and $636.8 billion, down approximately 8.8% from last month’s total of $695.6 billion.

Hardest hit were the leading bank-owned firms, RBC Asset Management and TD Asset Management, which had almost $1.3 billion and $1.15 billion in monthly net redemptions, respectively. Money market funds were their biggest source of redemptions, with RBC seeing over $1 billion in redemptions from these funds and about $900 million flowing from TD’s money market funds.

Most firms saw net redemptions during the month. Fidelity Investments Canada was a notable exception, recording $134 million in net sales, including $108 million in long-term net sales. A handful of other firms had some modest positive net sales to, including Dynamic Mutual Funds, Manulife Investments, IA Clarington, Hartford Investments Canada, and Scotia Securities.

“September saw a sizeable decrease in both assets and sales due to the financial situation in the United States,” says Pat Dunwoody, vice president of member services and communications with IFIC.