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TD Mutual Funds reports August Sales
TORONTO, Sept. 13 /CNW/ - TD Asset Management Inc. (TDAM) announced long-term fund net redemptions of $86 million and money market fund net redemptions of $457 million for total net fund redemptions of $543 million in the month of August. "The mutual fund industry bore the brunt of the recent market volatility, as reflected in our numbers," said Timothy Pinnington, President, TD Mutual Funds. "By the end of August, we saw daily net fund sales returning to normal as the uncertainty created by the liquidity crisis in certain asset backed commercial paper securities passed. This was a blip in an otherwise exceptional year for TD Mutual Funds." TD Mutual Funds' top selling funds for the month included the TD Dividend Income Fund, TD Dividend Growth Fund, TD Managed Income Portfolio and the TD Managed Aggressive Growth Portfolio. Earlier in August, TDBFG announced that it did not have any exposure to non-bank sponsored asset-backed commercial paper products. This includes holdings within TD Mutual Funds and other money market funds managed by TDAM. About TD Asset Management Inc. ------------------------------ Under the TD Mutual Funds name, TDAM provides a diverse range of over 68 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 August 31, 2007, TDAM was the fourth largest mutual fund company in Canada, with $54.4 billion invested in TD Mutual Funds.
For further information: Lisa Hodgins, TD Bank Financial Group, (416) 983-2982, firstname.lastname@example.org
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