Net redemptions of long-term mutual funds were $114 million for the month ended Nov. 30, AGF Management Ltd. reported Tuesday.

That compared with long-term net sales of $10.8 million a year ago.

Total mutual fund net redemptions for the month were $124.5 million, compared with net sales of $1.9 million in November 2007.

Fee-earning assets under management (AUM) were $35.6 billion as at Nov. 30, AGF said.

“While the market environment continued to pose challenges for the mutual fund industry, net redemptions from our long-term funds were lower than in the previous two months,” said Blake Goldring, chairman and CEO, in a release.

Average daily mutual fund AUM for November was $19.5 billion.

AGF institutional, strategic and high-net-worth AUM declined to $15.8 billion from $23.7 billion at November 2007, primarily as a result of market volatility, the company said.

AGF also repurchased 1 million Class B Non-Voting shares at an average price of $7.79 per share under its normal course issuer bid during November.

IE