IFIC reports mutual fund sales negative in September

(October 3, 2003) Mutual fund sales reversed course in September posting net redemptions of between $50 million and $350 million, according to early estimates from IFIC.

“Preliminary statistics indicate net redemptions of about $150 million for the month of September,” notes Tom Hockin, IFIC president and CEO. “History shows that sales for the month of September are typically slower than August.”

The IFIC report estimates a 1.0% decrease in net assets in the industry, with an estimated value of between $406 billion and $411 billion. In August, assets stood at $412.9 billion.

Filed by Steven Lamb, Advisor.ca, slamb@advisor.ca