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Canadian investors yanked about $726-million from mutual funds in September, but all that came from money market investments yielding puny returns. It was the fourth consecutive month for net redemptions in the Canadian industry. But the outflows were down sharply from a year ago when Canadians pulled $4.2-billion from funds amid plunging stock markets, according to preliminary figures released yesterday by the Investment Funds Institute of Canada (IFIC). "It's the reverse of last year when there was no long-term fund sales at all," said Dennis Yanchus, manager of statistics for IFIC. "Long-term fund sales are going to be around $1.9-billion to $2-billion." Long-term fund refers to stock, bond and balanced funds that charge higher management fees compared with the low-fee, short-term money market investments.

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