Canada’s mutual fund industry experienced net outflows in September for the first time in a year, Reuters reports.

Preliminary data collected by The Investment Funds Institute of Canada , Canada’s mutual fund trade group, suggests the fund industry hemorrhaged nearly $275 million, and after final numbers are tallied outflows could reach $463 million.

Despite the down month, Canada’s mutual fund industry still stood at an estimated $369.6 billion to $373.6 billion by the end of Sept., according to the IFCI. Canadian mutual fund providers netted $39.6 million during the previous month.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.