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Toronto-based RBC Global Asset Management Inc. (RBC GAM) reported mutual fund net redemptions of $2.8 billion in March, as mutual fund assets under management decreased by 9.5%.

Long-term funds had net redemptions of $3.3 billion, RBC said in a release, while money market funds saw net sales of $522 million. 

“Markets experienced remarkable volatility as a result of the pandemic, causing significant unease amongst investors,” said Doug Coulter, president of RBC GAM, in a release.

Other asset managers have seen similar declines, including CI Financial Corp., IGM Financial Inc. and its subsidiaries, and AGF Management Ltd.