Canada’s mutual fund industry likely endured another month of net redemptions in August, according to preliminary estimates from the Investment Funds Institute of Canada.

Based on a sample of preliminary data from some of its members, IFIC estimates net new sales for August to be between $150 imillion in net sales and $250 million in net redemptions. “Net redemptions are expected to be approximately $50 million,” said Tom Hockin, IFIC’s president & CEO, in a release. He added that the majority of August’s redemptions are expected to come from money market funds.

Hardest hit, according to IFIC, are independent firms such as AIC ($173 million in net redemptions), and Fidelity ($142 million of redemptions).

More modest redemptions were also reported by IGM Financial, CIBC, TD Asset Management, Altamira, Marvix, Scotia Securities and Franklin Templeton. Little to no sales were also recorded by firms such as CI, AIM Trimark and RBC Asset Management.

The only firm reporting as much as $100 million in net sales was Brandes.

BMO Funds, PH&N, Dynamic and Manulife also recorded some solid positive sales in the month.

Along with weak industry sales, IFIC also estimates that net assets of the industry at the end of August will be in the range of $465 to $470 billion, down approximately 0.4% from last month’s $470.0 billion.