Although asset totals rebounded sharply in March, modest mutual fund net sales were the order of the day, according to the latest figures from the Investment Funds Institute of Canada.

Based on a sample of preliminary data from some of its members, net sales of mutual funds for March are estimated to be between $168 million and $668 million, IFIC said Thursday.

IFIC also estimates that net assets of the mutual fund industry for March will be between $494.2 billion and $499.2 billion, up approximately 4.16% from last month’s total of $476.9 billion.

“Equity markets were more cooperative last month which resulted in an estimated 4.16% or $20 billion increase in industry assets under management,” said Pat Dunwoody, vice president of member services and communications. “Things were a bit more subdued on the sales side where its likely that Canadians were a little less focused on their investments and a little more focused on things like their employment which is understandable.”

The sales continue to be dominated by RBC. Again it was by far the biggest seller in the month, with $974 million in monthly net sales — all of it coming in money market funds. The firm saw $6 million in redemptions from its long-term funds.

Only three other firms recorded more than $100 million in overall net sales, led by Scotia Securities’ $155 million. Fidelity Investments Canada and Manulife Investments were the only others to break the $100 million mark.

Fidelity led the long-term net sales race, with $119 million worth. It was followed by Manulife at $84 million and Dynamic Mutual Funds at $70 million.

IE