The Canadian mutual fund industry delivered another month of positive net sales in August according to preliminary estimates from the Investment Fund Institute of Canada.

IFIC said net new sales for the month of August are estimated to be between zero to $400 million.

“Net sales are expected to be about $200 million. This is the second consecutive month of positive sales for the industry and the first since March 2002,” revealed Tom Hockin, IFIC’s president & CEO.

However, the joy of positive net sales is not being felt at all firms. Fidelity, AGF, and Investors Group are all still generating notable redemptions. AIM, AIC and Scotia are seeing redemptions, too.

The big winner appears to be CIBC, which is reporting about $195 million in net sales all by itself. TD is a distant runner-up with $67 million in net sales. A few independents are also seeing net sales, including Brandes, with $45 million.

IFIC also estimates that net assets at the end of August will be in the range of $410 to $415 billion, up approximately 2.5% from last month’s total of $403.2 billion. “Assets in the industry have increased for the fifth straight month to $413 billion. Most of the growth within the past five months can be attributed to the strength in the financial markets over that period,” Hockin noted.