Mutual funds managed modest net sales in April, probably in the $400-million to $800-million range, the Investment Funds Institute of Canada said Tuesday.

It looks like the bank-owned fund companies were back leading the way, too, with RBC Asset Management recording $222 million in net sales and TD Asset Management close behind with $218 million. They were the only firms managing as much as $200 million in net sales. Indeed, only three firms had sales greater than $100 million: BMO Funds, CI Funds and Brandes Investment Partners.

AIC continues to suffer net redemptions, recording another $312 million worth in April. Fidelity, Altamira and CIBC were all in net redemptions. As with all the banks, however, the bulk of CIBC’s redemptions came in its money-market funds ($65 million of $91 million in total net redemptions).

RBC also saw $126 million in redemptions from its money-market funds (otherwise, long-term fund net sales were $348 million). TD had $78 million in money market redemptions. And, National Bank was pushed into overall net redemptions, thanks to $67 million in money market redemptions, which overwhelmed its $55 million in long-term sales.

Some of this redemption activity from bank money market funds likely reflects RRSP season contributions which were parked in bank funds before the contribution deadline, only to be later deployed in other investments.

Explaining the modest net sales, Tom Hockin, IFIC’s president & CEO, said, “Typically, investors take a break after buying their RRSPs. So, the month of April usually does not have the same kind of robust sales as during the RRSP season.”

IFIC also estimates that net assets of the industry at the end of April will be in the range of $509 billion to $514 billion.