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TD Mutual Funds reports November Net Sales
TORONTO, Dec. 2 /CNW/ - TD Asset Management Inc. (TDAM) today reported net redemptions totaling $99 million, consisting of money market fund net sales of $162 million and long-term fund net redemptions of $261 million for the month. Total net assets invested in TD Mutual Funds totaled $46.7 billion as of the end of November. "Investors have clearly been anxious about the volatility we have seen over the last few months, however we have seen some signs that investor confidence appears to be gradually rebuilding," said Tim Pinnington, President TD Mutual Funds. Long-term fund gross sales for the month totaled $476 million, a decrease of 28% from October 2008. Long-term gross redemptions totaled $737 million, decreasing 39% over the previous month. Long-term fund redemptions declined 19% since November 2007. "This suggests that while the recent volatility may be making investors reluctant to commit new money to long-term funds, they are largely taking a longer-term view on their existing holdings," 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 November 30, 2008, TDAM was the fourth largest mutual fund company in Canada, with $46.7 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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