Mutual fund net sales for July are estimated to be between $2.7 billion to $3.2 billion, according to the Investment Funds Institute of Canada.

“With estimates of July’s long-term fund sales in the range of $2.5 billion, investors continued their commitment to mutual funds as a source of long-term investment solutions,” said Pat Dunwoody, vice president, member services & communications, in a release.

RBC Asset Management Inc. led the way, as usual, with net sales of $477 million. IGM Financial took second spot with $363 million in monthly net sales. IGM’s sales total was almost evenly split between its Investors Group funds and Mackenzie Financial funds. However, $143 million of IGM’s sales were in money market funds, compared with just $43 million for RBC.

Looking solely at long-term funds, RBC topped the sales charts, but Dynamic Mutual Funds took second place with $277 million in net sales. Following RBC, Dynamic, and IGM, Scotia and Desjardins were the only other firms with more than $200 million in long-term net sales.

AIC saw net redemptions in the month, as did Altamira.

IFIC also estimates that net assets of the mutual fund industry at the end of July will be in the range of $701 billion to $706 billion, down approximately 0.45% from last month’s total of $706.8 billion. Several world equity markets fell sharply at the end of July.

IFIC’s estimates are based on a sample of preliminary data from some of its members.