In what is effectively a run on investments, Canadian mutual fund investors continued to remove large amounts of money from the market this month with IFIC reporting over $900 million redeemed, down from the slightly under $9 billion in October.

Approximately $10.5 billion dollars worth of mutual funds have been sold since the beginning of 2008, representing a net gain of about $1.2 billion dollars so far this year.

Compared with positive sales of approximately $1.8 billion in November 2007 show a dramatic fall between the years, reaffirmed by the total $32 billion dollar net gain in mutual fund deposits in 2007.

The TSX showed similar significant losses.

“In November, we saw fund sales fall in line with what we saw over the first eight months of 2008 - large flows into Canadian money market funds and little or no sales to long-term funds,” said IFIC’s communications president.

 Print This   Email This   Share/Save