Based on a sample of preliminary data from some of its members, the Investment Funds Institute of Canada is reporting that net new sales for the
month of October are estimated to be between minus $1.4 billion to minus $1.1 billion.

“Net redemptions for October are expected to be about $1.25 billion,” says Tom Hockin, IFIC’s president and CEO. “Despite this, net assets in October still increased by approximately 1.1%.”

The redemptions are spread between the banks and the independents, suggesting that both money market and long-term funds had their share of
tough time, says IFIC. RBC was the big loser, with $428 million in net redemptions for the month. It was followed by AGF at $255 million and Fidelity, with $158 million.

AGF’s former U.S. managers, Brandes Partners, showed up with $48 million in net sales. It was trumped only by its former litigation adversary, AIM, which had $65 million in monthly net sales, and, PH&N, which recorded $58 million in October net sales. AIM was the top firm once again. Other notable losers include Investors Group, BMO and CI. CI Mutual Funds Inc., had net redemptions of
$82 million in October 2002. Small positive net sales were recorded at Manulife, Dynamic and Guardian, among others.

October sales figures for Mackenzie in October were $22.3 million in net redemptions for balanced
and fixed income funds, net sales for VenGrowth and segregated funds of $3.9 million; net redemptions of $3.4 million for alternative funds; and net redemptions of $33.7 million in money market and short duration funds .

IFIC estimates that net assets of the industry at the end of October will be in the range of $382 to $387 billion, up approximately 1.1% from last month’s total of $381.1 billion.