The Investment Funds Institute of Canada (IFIC) estimates that mutual fund net sales for May are between $2.2 billion and $2.7 billion. However, all of the sales are expected to be into money market funds.

The sales estimate is based on a sample of preliminary data from some of IFIC’s members. Pat Dunwoody, vice president of member services and communications with IFIC, said, “Sales were also solid this month coming in at between $2.2 billion and $2.7 billion and are in line with total sales at this time last year.”

However, the charts that accompany the preliminary estimates indicate that long-term funds likely had modest net redemptions in the year-to-date period.

RBC Asset Management remains the sales leader, with over $1.2 billion worth. It is far ahead of second place TD Asset Management, which had just over $500 million in total net sales. Most of RBC’s sales, $980 million worth, came in its money market funds.

Dynamic Mutual Funds led the long-term sales, with $438 million in May. It was followed by Fidelity Investments Canada at $296 million.

AIM Trimark Investments reported $576 million in overall net redemptions.

IFIC also estimates that net assets of the mutual fund industry at the end of May will be in the range of $717 billion to $722 billion, up approximately 2.03% from last month’s total of $705.2 billion.