Mutual funds were in net redemptions once again in September, with the Investment Funds Institute of Canada estimating that net redemptions were between $475.9 million and $975.9 million for the month.

Once again, money market funds saw notable redemptions, led by $1.75 billion in money market redemptions at RBC. TD Asset Management was a distant second with $393 million in money market redemptions, and CIBC Asset Management had $216 million worth.

However, TD and RBC also led the long-term sales, with $564 million and $543 million in long-term sales, respectively. Fidelity Investments Canada ULC edged out CIBC for third spot, with Scotia Securities Inc. rounding out the top five.

Dynamic Mutual Funds was the overall sales leader for the month with $311 million, followed by Fidelity, BMO Financial Group, TD and Scotia.

“Since April, we have seen strong long-term fund sales coupled with weak money market fund sales in what we see as investors cautiously moving off the sidelines,” said Pat Dunwoody, vice president of member services and communications with IFIC. “Investors have been accessing equity markets predominantly through balanced fund options this year and we expect to see that trend continue when we see the final data on the 15th,” she said.

IFIC also estimates that net assets of the mutual fund industry for the month of September will be between $578.8 billion and $583.8 billion, up approximately 2.41% from last month’s total of $567.6 billion.

IE