Mutual fund net sales for May are estimated to be between $100 million and $600 million, according to preliminary data from the Investment Funds Institute of Canada.

The estimate is based on a sample of preliminary data from some of its members. “May has traditionally been a slow month and this year we’re coming off a really strong RRSP season,” said Joanne De Laurentiis, president & CEO of IFIC.

Despite the modest industry numbers, RBC Asset Management continues to hold its lead, generating $267 million in sales. CI Investments is a close second with $238 million in sales. The only other firms with as much $100 million in net sales are Dynamic Mutual Funds and Acuity Funds.

However, a number of larger firms recorded net redemptions in the month. CIBC Asset Management led the way with $296 million in redemptions, followed closely by AIM Trimark Investments at $281 million. AIC also recorded $171 million in redemptions.

IFIC also estimates that net assets of the industry at the end of May will be in the range of $588 billion to $593 billion, down approximately 2.8% from last month’s total of $608 billion.