Mutual funds likely suffered another month of net redemptions in August, according to preliminary estimates 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 redemptions of mutual funds for the month of August are estimated to be between $185.4 million and $685.4 million.

RBC led the sales charts from a variety of perspectives. It recorded the highest overall redemptions, with $1.1 billion in overall monthly net redemptions, although this was entirely due to $1.59 billion in redemptions from its’ money market funds. However, it also led the long-term sales charts with $471 million in net sales.

TD Asset Management was second in long-term net sales at $353 million, followed by Fidelity Investments Canada’s $287 million. Dynamic Mutual Funds and Scotia Securities also both had more than $200 million in long-term net sales.

Scotia led the overall net sales with $338 million, followed by Fidelity’s $240 million, and Dynamic’s $210 million.

IFIC also estimates that net assets of the mutual fund industry for August will be between $563 billion and $568 billion, up approximately 1.57% from last month’s total of $556.7 billion.

“Based on the preliminary data, August looks to be shaping up as another good month for mutual fund investors. Collectively, they have seen their mutual fund account balances increase by close to $58 billion or 11.4% since the start of 2009,” said Pat Dunwoody, vice president of member services and communications with IFIC. “As has been the case since April, long-term fund sales were strong in August with sales higher than they have been over the last three years at this time.”

IE