Mutual fund net sales for May were somewhere between $500 million and $1 billion, according to preliminary estimates from the Investment Funds Institute of Canada.

IFIC reported Tuesday that, based on a sample of preliminary data from some of its members, net sales of mutual funds for May are estimated to be between $497 million and $997 million.

“We are seeing a significant movement of assets back into long-term funds from money market funds, as investors are moving off the sidelines and getting back into the market,” said Pat Dunwoody, vice president of member services and communications with IFIC.

In April, IFIC reported net sales of $370 million.

RBC led the way in overall net sales in May, with $667 million, far ahead of second place Dynamic Mutual Funds, which had $328 million. BMO Financial and Scotia Securities were the only other firms with more than $200 million in net sales.

RBC also led the long-term net sales, but it was a much closer race with second-place Dynamic. RBC had $426 million in long-term monthly net sales, and Dynamic was hot on its heels with $361 million worth. TD Asset Management was the other firm with just over $300 million in long-term net sales.

IFIC also estimates that net assets of the mutual fund industry for May will be between $534.7 billion and $539.7 billion, up approximately 3.75% from last month’s total of $517.7 billion.

“There was more good news for investors in May, as assets under management grew for the third consecutive month,” noted Dunwoody.

“Over the past three months, assets have increased by a total of $60 billion or 12.6%.”

IE