Net fund redemptions between $262.2 million and $762.2 million: IFIC

November, 3, 2009 - 05:32 pm THE CANADIAN PRESS

TORONTO - Canadians moved between $262.2 million and $762.2 million out of mutual funds in October, according to preliminary industry data Tuesday.

The Investment Funds Institute of Canada estimated that net assets of the mutual fund industry for the month of September will be between $569.3 billion and $574.3 billion, down approximately 1.87 per cent from September's total.

"Markets took a breather at the end of October which capped off seven months of exceptional growth in assets under management," IFIC's Pat Dunwoody said in a statement.

"Assets remain about $50 billion above where they were at this point last year and we continued to see strength in long-term fund sales last month."

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