TD Asset Management Inc., a subsidiary of TD Bank (NYSE:TD) and the manager of TD Mutual Funds, today reported long-term fund net sales totaling $624 million for the month, and money market fund net redemptions of $466 million. Assets invested in TD Mutual Funds totaled $53.2 billion as of the end of October. This represents a record month, and can be an important signalling event.
There is a lot of money on the sidelines, and that will flow back into the markets eventually, as investors will need return that outpaces inflation. While investors may be timid about going long in a single security, investing in funds has historically provided stable returns, with the added benefits of diversification and professional management.
Thomas Dyck, President of TD Mutual Funds noted “For the second straight month, we have experienced record net sales of our long-term funds, capping off what has been a period of tremendous momentum for our business. We are especially proud to have finished the fiscal year ending October 31st in number one position for net sales of long-term funds in Canada.”
It’s a good time for TD Bank, as this announcement coincides with the unveiling of their ‘branch of the future’ model at their newest branch in Brampton. “The design of this branch gives us the opportunity to serve customers in a completely new way. From the minute a customer walks in we offer a warm, open, welcoming and professional atmosphere that makes it clear that this branch is all about them,” says Nupi Dhillon, Branch Manager. “If they are early for an appointment they can relax with a coffee in our lounge area. If they have the kids with them we have a fun children’s area and a computer loaded with games.”
It seems that they may have the recipe right, north of the border. Focusing on the customer, delivering products and services conducive to the customer’s expectations with operating hours that accommodate working professionals, should help this bank rise in the industry.
