The Canadian mutual fund industry suffered just over $200 million in net redemptions for September, according to data released Tuesday by the Investment Funds Institute of Canada.
IFIC says that funds produced overall net redemptions of $205.1 million last month, with long-term funds generating net sales of $43.7 million overwhelmed by money market fund net redemptions of $248.8 million.
Year-to-date, overall net sales are sitting at $19.4 billion, comprised of long-term net sales of $24.1 billion and money market net redemptions of $4.78 billion.
The modest long-term net sales included over $1 billion in bond fund sales and $485 million in balanced fund sales. Specialty funds added another $136 million in positive net sales.
However, equity funds recorded $1.6 billion in net redemptions during a month of overwhelmingly negative returns.
Total mutual fund assets under management dropped by about $30 billion during the month to $748.6 billion. In the year-to-date, total mutual fund assets are down by 3.9% from $778.5 billion in December 2010.