Canadian mutual fund assets sag C$30 bln in Sept
* Equity funds were the biggest losers, down C$1.61 blnOct 18 (Reuters) - Canadian mutual fund assets under
management tumbled C$30 billion ($29.7 billion) in September,
wiping out most remaining year-to-date gains, as equity markets
weakened on fears over the state of the global economy,
industry figures showed on Tuesday.Managed assets were at C$748.6 billion at the end of the
month, compared with C$778.6 billion, according to the
Investment Funds Institute of Canada, which tracks sales for
most of the country’s mutual fund companies.In December 2010, Canadian mutual fund assets were at
C$778.5 billion.The month-over-month decline included C$205.1 million in
net redemptions, compared with net sales of $202.3 million for
the previous month and C$1.33 billion in net sales a year
earlier.Equity fund net redemptions totaled C$1.61 billion,
compared with net redemptions of C$1.59 billion in August.Money market funds had net redemptions of C$248.8 million
versus net redemptions of $4.5 million the previous month.Balanced funds had net sales of C$485.1 million, compared
to C$478.7 million in August. Bond fund net sales came to
C$1.04 billion, versus C$1.26 billion.
UPDATE 1-Steel Dynamics Q3 profit more than doubles
Oct 17 (Reuters) - Steel Dynamics posted quarterly
profit which more than doubled on higher shipments and increased
external steel selling price.Net third-quarter profit was $43 million, or 19 cents per
share, up from $19 million, or 9 cents per share, a year ago,
the Fort Wayne, Indiana-based steelmaker said on Monday.But the profit was lower than the $99 million, or 43 cents
per share, it earned this year’s second quarter. Revenue fell to
$2 billion from $2.1 billion last quarter.Last month, Steel Dynamics forecast third-quarter earnings
that lagged market estimates, citing uncertainty in the U.S. and
global economies, which led to lower demand for its products.As a result, analysts lowered their estimates for the third
quarter to 20 cents per share from 29 cents per share, according
to Thomson Reuters I/B/E/S.
Apple to hold private memorial to Jobs Sunday: report
According to the invitation, guests have been asked to RSVP to Emerson Collective, a philanthropic organization founded by Jobs’ wife, Laurene Powell Jobs.An Apple spokesman did not immediately return calls seeking comment.The event is separate from an October 19 celebration that Apple plans for all its employees at its Cupertino campus.
