With redemptions reaching exceptionally high levels, mutual funds are hoarding cash like never before, BusinessWeek reports. Funds lost $68 billion in October and appear to be on track to top those losses this month. By comparison, in October 2007, mutual funds lost $11.3 billion and $9.94 billion the following month.

Year-to-date, funds have lost 3.3% of assets, a bit more than the 4.3% loss in the bear market of 2002-2003, according to TrimTabs Chief Operating Officer Conrad Gann. If today’s redemptions reached that level, another $38 billion would easily leave mutual funds.

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.