Net sales of mutual funds for May are estimated to be between $3.2 billion to $3.7 billion, according to the Investment Funds Institute of Canada.

“Mutual fund net sales posted their best May since May 1996 and marked the 31st straight month of positive net sales,” said Pat Dunwoody, IFIC’s vice president, member services & communications, in a release. The estimate is based on a sample of preliminary data from some of its members.

Once again, the banks led the way. RBC Asset Management edged out TD Asset Management with $581 million in net sales to TD’s $570 million. On a long-term basis, RBC was far in front with $514 million in net sales versus $318 million for TD.

There was a sharp drop from RBC and TD to third place IGM Financial, which had $233 million in net sales. Dynamic Mutual Funds and Desjardins were the only other reporting firms with more than $200 million in net sales. BMO Financial Group, Franklin Templeton and Brandes Investment Partners were just shy of the $200 million mark.

Most other firms had modestly positive net sales. AIC, Altamira and Acuity reported net redemptions for the month.

IFIC also estimates that net assets of the mutual fund industry at the end of May were in the range of $707.9 billion to $712.9 billion, up approximately 1.53% from last month’s total. “Since May 2003 assets under management have grown an average of 16.3% per year with total growth in AUM of 83.2% over the period,” Dunwoody added.