Mutual fund net sales for March are estimated to be between $4.9 billion and $5.5 billion, according to a sample of preliminary data from some members of the Investment Funds Institute of Canada.

The banks continue to lead the sales parade, with RBC Asset Management and TD Asset Management recording net sales of $845 million and $647 million, respectively. IGM Financial ranked third with $487 million in net sales. AIM Trimark led the independents with $329 million in net sales.

Desjardins, BMO Financial, CIBC Asset Management, Scotia Securities, Brandes Investment Partners, Franklin Templeton, National Bank, Dynamic Mutual Funds, and IA Clarington all had more than $100 million in net sales. AIC was in net redemptions for the month.

IFIC said that long-term fund sales for the first quarter of 2007 are estimated at $17 billion, the highest for the same period since 1998.

IFIC also estimates that net assets of the mutual fund industry at the end of March will be in the range of $686 billion to $691 billion, up approximately 1.3% from last month’s total of $679.9 billion.