The Investment Funds Institute of Canada estimates mutual fund net sales for October are to be between $2.4 billion and $2.9 billion.

IFIC based its estimate on a sample of preliminary data from some of its members.

“Net sales estimates are strong for October at $2.7 billion bringing the industry close to levels not seen since July,” says Pat Dunwoody, vice president of member services and communications with IFIC.

“Capital markets also performed well in October which contributed to the 1.14% increase in assets under management for the month.”

RBC Asset Management led the way with over $900 million in total net sales. The bulk of its sales were in money market funds, as just $330 million went into long-term funds.

Dynamic Mutual Funds led the long-term sales, generating $417 million worth during the month. It was also runner up to RBC in the overall sales race, albeit a distant second, with $407 million in net sales.

TD Asset Management took third place overall, with $319 million in net sales. Manulife, Franklin Templeton and Fidelity also had solid sales for October.

Several firms reported net redemptions for the month, including AIM Trimark, AIC and National Bank. CIBC Asset Management also recorded $248 million in long-term net redemptions, but slightly positive overall net sales.

IFIC also estimates that net assets of the mutual fund industry at the end of October will be in the range of $706.9 billion to $711.9 billion, up approximately 1.14% from last month’s total of $701.4 billion.