July mutual fund sales are estimated to be between $600 million and $1.1 billion, according to the Investment Funds Institute of Canada’s estimate, which is based on a sample some of its members’ preliminary data.

“The markets have rebounded slightly in the last month and that’s led to increased sales and assets,” said Joanne De Laurentiis, IFIC’s president and CEO, noting that assets rose to almost $600 billion in July.

RBC Asset Management Inc. led the way once again, with net sales of $339 million, although $147 million of that came from money market funds. CI Investments and IGM Financial were the only other firms managing more than $100 million in net sales for the month.

Looking solely at long-term funds, RBC and CI were neck and neck, with $192 million and $162 million in net sales, respectively. IGM’s sales all came from money market funds, its long-term funds had $13 million in redemptions.

Several firms were in net redemptions for July, led by AIM Trimark’s $193 million. CIBC Asset Management, BMO Funds and AIC were in redemptions as well, but BMO’s redemptions all came from its money market funds; on the long-term side, it had $51 million in net sales.

IFIC also estimates that the industry’s net assets at the end of July will be in the range of $596 billion to $601 billion, up approximately 1.7% from June’s total of $589 billion.