Investors beaten up by the September markets have pulled as much as $1.3 billion out of mutual funds over the past month, according to preliminary figures from the Investment Funds Institute of Canada.

Early data showed net redemptions of between $900 million and $1.3 billion, reported the lobby group. “Weak equity markets continue to discourage sales,” IFIC president Tom Hockin told CBC today.

Last month, North American markets put up some of the worst September results ever. The S&P/TSX composite index lost 6.5 points, while the Nasdaq dropped nearly 11%. The Dow Jones industrial average drop was closer to 12%

RBC Funds leads the pack, which shows 9 of the top 10 fund firms recording net redemptions. RBC’s net redemption came to $226 million for its family of funds.

“Unfortunately, investors are losing patience with the markets at exactly the wrong,” RBC Funds president Brenda Vince told CBC.