TORONTO, Sept. 13 /CNW/ - TD Asset Management Inc. (TDAM) announced
long-term fund net redemptions of $86 million and money market fund net
redemptions of $457 million for total net fund redemptions of $543 million in
the month of August.
"The mutual fund industry bore the brunt of the recent market volatility,
as reflected in our numbers," said Timothy Pinnington, President, TD Mutual
Funds. "By the end of August, we saw daily net fund sales returning to normal
as the uncertainty created by the liquidity crisis in certain asset backed
commercial paper securities passed. This was a blip in an otherwise
exceptional year for TD Mutual Funds."
TD Mutual Funds' top selling funds for the month included the TD Dividend
Income Fund, TD Dividend Growth Fund, TD Managed Income Portfolio and the TD
Managed Aggressive Growth Portfolio.
Earlier in August, TDBFG announced that it did not have any exposure to
non-bank sponsored asset-backed commercial paper products. This includes
holdings within TD Mutual Funds and other money market funds managed by TDAM.
About TD Asset Management Inc.
Under the TD Mutual Funds name, TDAM provides a diverse range of over 68
mutual funds and 15 professionally managed portfolios. TDAM manages retail
mutual fund assets on behalf of more than 1.4 million investors and TD Mutual
Funds is one of the most broadly diversified fund families in Canada. Funds
are available at TD Canada Trust branches (through TD Investment Services Inc.
representatives), TD Waterhouse Discount Brokerage, Financial Planning and
Private Investment Advice, as well as leading investment dealers, independent
brokers, advisors and financial planners. As of August 31, 2007, TDAM was the
fourth largest mutual fund company in Canada, with $54.4 billion invested in
TD Mutual Funds.
For further information:
For further information: Lisa Hodgins, TD Bank Financial Group, (416)