Mutual funds attracted between $500 million and $1 billion in net sales in July, according to early estimates from the Investment Funds Institute of Canada.

IFIC reported that, based on a sample of preliminary data from some of its members, net sales of mutual funds for the month of July are estimated to be between $480 million and $980 million. “Though markets have been uncertain as of late, investors continue to invest in mutual funds, albeit money market funds,” said Pat Dunwoody, vice president of member services and communications with IFIC.

RBC led the way with $678 million in net sales, although all of that came in its money market funds, as $740 million went into its money markets during the month. RBC Asset Management actually had positive net sales of $173 million into its long-term funds, but $234 million was redeemed from the newly acquired Phillips, Hager & North.

Following RBC in the overall sales parade were Fidelity Investments Canada and Dynamic Mutual Funds, both of which were powered by their long-term funds. Fidelity had $368 million in long-term net sales and $390 million in overall net sales. Dynamic recorded $356 million in long-term net sales and $358 million in overall net sales.

Among companies with net redemptions, AIM Trimark saw the biggest totals, with $540 million coming out of its long-term funds.

IFIC also estimated that net assets for the industry will be between $682.8 billion and $687.8 billion, down approximately 2.1% from last month’s $700.1 billion. “Most markets were either down or flat therefore industry assets under management were down by 2.11%,” Dunwoody added.