Mutual fund sales topped the $2 billion mark in November, according to preliminary numbers released Thursday by the Investment Funds Institute of Canada.

IFIC estimates that net sales for the month will be between $2.2 billion and $2.7 billion as long-term net sales overcame continued money market redemptions.

Dynamic Mutual Funds led the way in the month with $430 million in overall net sales, comprised of $443 million in long-term net sales and $13 million in money market redemptions.

RBC ranked second with $380 million in overall net sales, on the strength of its industry-leading $784 million in long-term net sales.

CIBC Asset Management was third in overall net sales at $33 million. It edged out Dynamic for second place in the long-term category with $465 million in net sales.

IFIC also estimated that industry net assets for November will be between $615.9 billion and $620.9 billion, up approximately 0.4% from last month’s total of $615.9 billion.

IE