TORONTO, Oct. 2 /CNW/ - TD Asset Management Inc. (TDAM) today announced
fund net redemptions of $1,154 million, of which $894 million in net
redemptions were from money market funds. Gross sales for the month totaled
$1,725 million and gross redemptions totaled $2,879 million.
"Money market fund net redemptions for this month largely reflected
overall market volatility and some spillover from concerns regarding money
market funds in the United States," said Tim Pinnington, President, TD Mutual
Funds. "However, despite difficult market conditions, our gross sales remained
relatively consistent with our September 2007 results."
TDAM has continually employed a prudent approach in balancing risk and
reward in its management of money market funds. "We manage our money market
funds with three key objectives in mind - to maintain liquidity, preserve
capital, and provide a competitive return."
Furthermore, TDAM's measured approach has ensured that none of its money
market funds are invested in securities of failed U.S. financial institutions.
About TD Asset Management Inc.
Under the TD Mutual Funds name, TDAM provides a diverse range of over 60
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 September 30, 2008, TDAM was
the fourth largest mutual fund company in Canada, with $52.7 billion invested
in TD Mutual Funds.
For further information:
For further information: Barbara Timmins, TD Bank Financial Group, (416)