The Investment Funds Institute of Canada estimates that its member firms racked up $500 million in net sales during October.

IFIC reported that, based on a sample of preliminary data, net sales for October are estimated to be between $300 million to $700 million. “Net sales for the month of October are expected to be approximately $500 million, marking the highest month of sales for this year and the third positive sales month within the last four months,” noted Tom Hockin, IFIC’s president & CEO, in a statement.

He also suggested that long-term fund sales for October are expected to be about $1 billion, the sixth consecutive positive month and the highest since April 2002.

IFIC estimates that net assets of the industry at the end of October will be in the range of $417 to $422 billion, up approximately 2.7% from last month’s total of $408.9 billion. Hockin noted this level not seen been seen since May 2002.

It looks like the banks led the way, with CIBC and RBC reporting net sales of $179 million and $166 million, respectively. The only other firm to report more than $100 million in net sales was Brandes, with $125 million.

BMO, with $84 million in net sales, was the only other firm with more than $50 million in sales. Other firms with net sales include Dynamic, Guardian, TD, and PH&N.

However, some firms are still seeing substantial net redemptions, including AGF ($129 million), Fidelity ($125 million), and AIC ($111 million). Other firms with redemptions include Investors Group, Scotia, CI and Altamira.