Mutual fund net sales likely came in between $2.3 billion and $2.8 billion for March, according to a sample of preliminary data from the Investment Funds Institute of Canada.

The vast majority of the sales came in short-term funds. Indeed, IFIC estimates that long-term funds are in modest net redemptions so far this year.

Pat Dunwoody, vice president of member services and communications with IFIC, said, “Investors continue to focus on money market funds though we expect that they will move this money into long-term funds in the coming months as the volatility subsides.”

RBC Asset Management was once again the top selling firm in the month, accounting for more than $1.2 billion of the total; and more than $1 billion of that was into short-term funds.

No other firm managed as much as $300 million in overall net sales during the month. TD Asset Management fell just short with $292 million in net sales. CIBC Asset Management ranked second in money market sales, with $507 million worth.

Desjardins led the long-term sales at $273 million, followed closely by Dynamic Mutual Funds’ $220 million. They were the only firms with $200 million in long-term net sales.

Several companies remained in net redemptions during the month, led by AIM Trimark’s $652 million. AIC also saw $114 million in overall redemptions.

IFIC also estimates that net assets of the mutual fund industry at the end of March will be in the range of $681.8 billion to $686.8 billion, up approximately 0.83% from last month’s total of $678.7 billion. “Early estimates put industry asset growth in February at $5.6 billion despite continuing market volatility,” noted Dunwoody.