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TD Mutual Funds reports October redemptions and sales
TORONTO, Nov. 4 /CNW/ - TD Asset Management Inc. (TDAM) today announced fund net redemptions of $1.12 billion, of which $552 million in net redemptions were from long-term funds and $568 million in net redemptions were from money market funds. Long-term fund gross sales for the month totaled $662 million, down 11% from the previous month. Long-term gross redemptions totaled $1.12 billion, an increase of 21% over September. "Redemptions in long-term funds were experienced across the funds industry, as unprecedented volatility unsettled many investors. As a result, many investors opted for guaranteed term products during the month," said Tim Pinnington, President, TD Mutual Funds. TDAM's money market redemptions peaked early in the month, but finished the month at a more moderate level. "After the moves by central banks around the world to support the credit markets, it appears that investor confidence is gradually returning," added Pinnington. About TD Asset Management Inc. ------------------------------ Under the TD Mutual Funds name, TDAM provides a diverse range of over 60 mutual funds and 15 professionally managed portfolios. TDAM manages retail mutual fund assets on behalf of more than 1.4 million investors and TD Mutual Funds is one of the most broadly diversified fund families in Canada. Funds are available at TD Canada Trust branches (through TD Investment Services Inc. representatives), TD Waterhouse Discount Brokerage, Financial Planning and Private Investment Advice, as well as leading investment dealers, independent brokers, advisors and financial planners. As of October 31, 2008, TDAM was the fourth largest mutual fund company in Canada, with $48.2 billion invested in TD Mutual Funds.
For further information: Maria Leung, TD Bank Financial Group, (416) 983-4093, firstname.lastname@example.org
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