The mutual fund industry generated about $500 million in net sales for November, according to preliminary data from the Investment Funds Institute of Canada.

IFIC reported that based on a sample of preliminary data from some of its members, net new sales for the month of November are estimated to be between $300 million to $700 million. “Net sales are expected to be about $500 million. This is the second consecutive month of positive sales for the industry and the fourth positive month within the last five,” said Tom Hockin, IFIC president and CEO.

IFIC also estimates that net assets of the industry at the end of November will be in the range of $427 billion to $432 billion, up 2.5% from last month’s total of $420.3 billion. “Assets in the industry have increased for the second straight month to $430 billion, a gain of almost $61 billion within the last eight months. This also marks the highest that net assets in the industry have been since May 2002,” Hockin said.

The big winner in the month looks to be little Brandes Investment Partners, with $151 million in net sales. It is followed by CIBC Asset Management, TD Asset Management and Mackenzie Financial, as the only firms registering more than $100 million in monthly net sales. Decent sales are also evident at Manulife, BMO, Dynamic and Altamira.

Redemptions were experienced by several firms in the month though, including $192 million in redemptions from AIC, $155 million at AGF and $120 million at Fidelity. Scotia, CI and Investors Group also reported net redemptions in the month.