Mutual funds likely finished 2010 with more than $1 billion in net sales in December, according to preliminary estimates released Wednesday by the Investment Funds Institute of Canada.

IFIC said net sales for December are estimated to be between $1.17 billion and $1.67 billion.

Dynamic Mutual Funds led the way with $409 million in overall net sales, including $401 million in long-term net sales.

Fidelity Investments Canada ULC was a distant second place with $282 million in overall net sales, and CIBC Asset Management was the only other firm to break the $200 million mark, with $202 million in monthly net sales.

RBC led the long-term net sales, edging out Dynamic, with $415 million worth. However, it also had $285 million in money market redemptions. CIBC ranked third in long-term net sales with $329 million.

IFIC also estimates that net assets of the mutual fund industry will finish the year at between $632.1 billion and $637.1 billion up approximately 2.4% from last month’s total of $619.7 billion.