The Investment Funds Institute of Canada reported today that, based on a sample of preliminary data from some of its members, net new sales for the month of June are estimated to be between minus $1.3 billion to minus $0.9 billion.

“Net redemptions for June are expected to be approximately $1.1 billion,” said Tom Hockin, IFIC’s president and CEO in a news release. “It appears investor’s lack of confidence in the markets is the major contributing factor to the declining sales,” Hockin added.

Bank-owned fund companies reported the largest net redemptions. TD Asset Management had net redemptions of $443 million, while RBC Fund had net redemptions of $411 million. CIBC’s net redemptions totalled $166 million, and Scotia Securities reported net redemptions of $167 million.

AIM Funds Management enjoyed net sales of $200 million during the month, while Philips Hager & North reported net sales of $189 million.

IFIC also estimates that net assets of the industry at the end of June will be in the range of $408 to $413 billion, down approximately 5.2% from last month’s total of $433.6 billion.