Mutual funds likely had another month of overall net redemptions, according to preliminary numbers released Wednesday by the Investment Funds Institute of Canada.

IFIC reported that, based on a sample of preliminary data from some of its members, net sales of mutual funds for July came in somewhere between redemptions of $440.7 million and positive net sales of $59.3 million. The tug of war between long-term and money market funds continued, with long-term funds still generating positive net sales, but money markets facing redemptions.

Just three firms managed more than $100 million in overall net sales, according to the preliminary data, led by TD Asset Management’s $188 million. Dynamic Mutual Funds was second with $158 million, followed closely by CIBC Asset Management at $145 million.

RBC led the long-term sales, with $239 million worth, edging out TD’s $229 million total, and CIBC’s $183 million. However, RBC’s strong long-term sales were overwhelmed by the weakness in its money market funds, as they had $261 million in redemptions. BMO Financial Group had even heftier money market redemptions of $263 million, pushing it to overall net redemptions of $241 million for the month.

Along with RBC, TD and CIBC, a handful of other firms managed more than $100 million in long-term net sales, including Dynamic, Scotia Asset Management and Fidelity Investments Canada ULC.

IFIC also estimates that net assets for July will be between $603.7 billion and $608.7 billion up approximately 2.43% from last month’s total of $591.8 billion.

“Based on the preliminary data, July saw assets under management increase by an estimated $14.4 billion for the month. This is certainly good news for mutual fund investors as they have seen overall assets increase by close to $50 billion since last July,” said Pat Dunwoody, vice president of member services and communications with IFIC.

“Mutual fund sales were a bit more subdued likely due to Canadians being a little less focused on their investments during the summer months,” she added.

IE