Mutual fund net sales are estimated to be between $2.2 billion to $2.7 billion for April.

The Investment Funds Institute of Canada reported the forecast based on a sample of preliminary data from some of its members, “The preliminary estimates indicate last month will be the best April for sales since 1998,” said Pat Dunwoody, vice president, member services and communications at IFIC. “Generally, the industry has been in positive sales territory since November 2004 with assets growing steadily since June 2006.”

According to IFIC’s data, TD Asset Management edged out RBC Asset Management for the sales lead ($435 million to $421 million), although RBC held onto the lead in long-term fund sales with $476 million in long-term sales to TD’s $309 million.

Desjardins was the only other firm with more than $200 million in overall net sales. BMO Financial, AIM Trimark, Dynamic Mutual Funds, Scotia Securities and Brandes Investment Partners all had total net sales of more than $100 million.

IFIC also estimates that net assets of the mutual fund industry at the end of April will be in the range of $699 billion to $704 billion, up approximately 1.8 % from last month’s total of $690.1 billion.