Mutual fund net sales climbed in November as long term fund sales remain on track to surpass 2007 peak levels, according to the latest data from the Investment Funds Institute of Canada.

IFIC said that overall sales totalled $2.31 billion last month, up from $1.46 billion in October and $800.7 million in November 2009. Over the past 12 months, net sales were $11.3 billion, up significantly from $4.2 billion over the previous 12 month period, IFIC said.

Long-term funds contributed $3.78 billion in net sales, which was partly offset by $1.47 billion in money market fund net redemptions. Long-term fund sales were up from $2.56 billion in October and from $3.29 billion in November 2009.

“While we still have one month left to go in 2010, long-term fund sales are on track to surpass 2007 peak levels,” said Jon Cockerline, director policy at IFIC.

Balanced funds led the way in November with $3.01 billion in net sales, which was up from about $2 billion in the previous month, and in the same month last year.

Fixed income fund net sales were $1.07 billion for November, down from $1.37 billion in October and $1.51 billion last November.

Equity funds remain in net redemptions, with $319 million worth in November. This is down from $820.6 million in redemptions the previous month, but up from $288.2 million in November 2009.

Dynamic Funds led the way in overall net sales for November, at $420 million, followed by RBC ($380 million) and CIBC Asset Management ($349 million). RBC led in long-term sales ($784 million), with CIBC ranking second ($492 million) and Dynamic in third place (($433 million).

IFIC also reported that mutual fund assets totaled $619.7 billion at the end of November, up $3.8 billion or 0.6% from October. Mutual fund assets are up by $53.5 billion, or 9.4%, since the beginning of the year. “Asset growth has been strong over the last 12 months for domestic equity funds in particular,” Cockerline said, noting that they have “benefited from the run-up in the price of precious metals and energy stocks.”