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. -- www.cnxmarketlink.com
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