Mutual funds likely managed about $1.7 billion in net sales for June, according to preliminary 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 June are estimated to be between $1.46 and $1.96 billion.

“June is the month when Canadians begin to wind down and take summer vacations. Still, we expect June sales to come in at a decent $1.7 billion,” says Pat Dunwoody, vice president of member services and communications with IFIC.

Once again, the bulk of sales were generated by money market funds, while sales of long term funds fell sharply from a year ago.

Net sales of long-term funds, excluding re-invested dividends, were approximately $250 million in June, down from almost $2 billion.

RBC led the way again, with just over $1 billion in net sales, powered primarily by more than $900 million into its money market funds.

However, Dynamic Mutual Funds continued to lead the long-term net sales, reporting $719 million in monthly net sales. Fidelity Investments was second with $446 million in long-term net sales. IGM Financial, RBC and Scotia Securities were the only other firms pointing to more than $100 million in long-term net sales.

AIM Trimark saw about $1.1 billion in net redemptions for the month. Several other firms had modest net redemptions, but none had as much as $100 million worth.

IFIC also estimates that net assets of the mutual fund industry for June will be between $698.5 billion and $703.5 billion, down approximately 2.5% from last month’s total of $719.3 billion. “Markets were less buoyant in June than in May and total assets under management are expected to drop by 2.5% to about $701 billion,” Dunwoody says.