Net new sales of mutual funds for January are estimated to be between $3.5 billion and $4 billion. The estimate, reported by the Investment Funds Institute of Canada, is based on a sample of preliminary data from some of its members.

“Net sales were the highest for a January since 1997,” said Pat Dunwoody, vice president, member services & communications. “Positive financial markets were behind the seventh consecutive increase in assets.”

Indeed, IFIC also estimates that net assets of the mutual fund industry at the end of January will be in the range of $669 billion and $674 billion, up approximately 1.8% from last month’s total of $660.2 billion.

Once again, RBC Asset Management led the way with almost $800 million in net sales. However, an independent, Dynamic Mutual Funds, took second place with just over $600 million in net sales. Dynamic edged out TD Asset Management, which had $549 million in net sales.

BMO Funds ranked a fairly distant fourth place with $306 million in sales, followed by Brandes Investment Partners at $241 million and Scotia Securities with $223 million in sales. The other firms with more than $100 million in sales include IGM Financial, CIBC Asset Management, and Desjardins.

A number of firms had net redemptions in the month however, including Fidelity Investments ($92 million worth), AIC, Guardian, Altamira, Acuity and Mavrix.