Mutual fund sales are estimated to be between minus $50 million and positive $450 million for June, according to preliminary data released today by the Investment Funds Institute of Canada.

“Shaky markets kept investors on the sidelines in June,” said Joanne De Laurentiis, president & CEO of IFIC, in a news release. “And like the markets, mutual fund assets declined marginally.”

The banks continue to lead the net sales rankings, although, for a change, BMO Funds was the top seller with $165 million in monthly net sales. This put BMO just ahead of TD Asset Management, Dynamic Mutual Funds, CI Investments and RBC Asset Management.

However, BMO got a big boost from its money market funds, which contributed $131 million of its monthly sales total. Looking purely at long-term sales, RBC remains the industry leader with $142 million in net sales. Apart from RBC, only CI and TD had more than $100 million in long-term net sales.

Several firms suffered net redemptions in the month, led by AIM Trimark, with $349 million in redemptions. CIBC Asset Management was the only other firm with more than $100 million in net redemptions. Franklin Templeton, Fidelity Investments, and AIC all had notable redemptions, too.

IFIC also estimates that net assets of the industry at the end of June will be in the range of $586 billion to $591 billion, down approximately 0.4% from last month’s total of $591.7 billion.