Early estimates from the Investment Funds Institute of Canada show that mutual fund sales were hit by the financial market turmoil in August, putting the industry in net redemptions for the month.

IFIC reports that, based on a sample of preliminary data from some of its members, net redemptions of mutual funds are estimated to be between $1.3 billion to $1.8 billion. While money market funds are the biggest source of net redemptions, long-term funds were likely in modest net redemptions too, IFIC estimates.

Of the firms reporting to IFIC, TD Asset Management was hit hardest, with $543 million in monthly net redemptions. National Bank reported $446 million in redemptions, and CIBC Asset Management recorded $354 million in redemptions. IGM Financial and AIC were the other firms reporting at least $100 million in redemptions.

Even the powerhouse RBC Asset Management recorded $64 million in redemptions, although its long-term funds had $51 million in net sales. The long-term net sales leader however was Scotia Securities, which had $137 million in net sales, it was the only firm with more than $100 million in net sales. Scotia also led the overall sales charts with $113 million in net sales.

“The issues surrounding asset-backed commercial paper rippled through different sectors of the economy,” said Pat Dunwoody, vice president of member services and communications with IFIC, in a release. “As such, it was not unexpected that some investors would leave money market funds.”

IFIC also estimates that net assets of the mutual fund industry at the end of August will be in the range of $693.6 billion to $698.6 billion, down approximately 1.05% from last month’s total.