The mutual fund industry enjoyed a decent RRSP season, with about $5 billion in net sales during February, according to early data.

The Investment Funds Institute of Canada reported Tuesday that, based on a sample of preliminary data from some of its members, net new sales for the month of February are estimated to be between $4.8 billion to $5.2 billion. “Net sales for the month of February are expected to be approximately $5 billion, the highest monthly sales since February 2000,” noted Tom Hockin, IFIC president & CEO.

“It is expected that the majority of February1s sales will be in long-term funds. This indicates that investors are not just trying to benefit from tax savings during this RRSP season, but that they are investing for the long-term.”

While the long-term funds may have garnered the most action, it was still the bank-owned fund companies that benefited. Indeed, the Big Five accounted for more than half of net sales, more than $2.6 billion worth. RBC led the way with $969 million in net sales, followed by TD, Bank of Montreal and CIBC, with $583 million, $538 million and $402 million in net sales, respectively.

The leading independents weren’t able to match the banks, but CI managed $319 million in total net sales (including $104 million in the Assante funds). AIM Trimark scored $269 million, and Investors Group had $241 million in net sales (not including Mackenzie’s $184 million in net sales). Once again, tiny Brandes had huge net sales, recording $309 million, in the month.

AIC, AGF and Altamira were the only three firms reporting net redemptions in the month.

IFIC also estimates that net assets of the industry at the end of February will be in the range of $463 billion to $468 billion, up approximately 3.2% from last month1s total of $451.6 billion. “Net assets continue to grow, increasing for the fifth-straight month to approximately $466 billion,” said Hockin.