Mutual fund sales are estimated to be between $2 billion and $2.5 billion for November, according to preliminary data from the Investment Funds Institute of Canada.

Estimated net sales of $2.3 billion for November would be the highest total for a November since 2001, the trade association reported.

The banks continue to lead the way, with BMO Funds generating $340 million in net sales, followed by RBC Asset Management recording $340 million worth of sales, and TD Asset Management’s $323 million.

CI Investments led the independents, with $303 million in net sales. Dynamic Mutual Funds was strong, with $192 million in sales, Franklin Templeton saw $179 million in sales, and PH&N added $125 million.

IGM Financial generated $365 million in total net sales, with its Mackenzie Financial subsidiary producing $210 million of that. The IG side recorded $139 million in sales, and Counsel Wealth Management contributed $16 million in sales.

Scotia Securities led the list of companies in net redemptions, recording $176 million worth. It was followed closely by AIC with $171 million in redemptions. AIM Trimark saw net redemptions too, $92 million worth.

After a rough October, IFIC also estimates that net assets of the industry at the end of November will be in the range of $551 billion to $556 billion, up approximately 3.2% from last month’s total of $539.0 billion.