Mutual funds managed another $4.1 billion in March net sales, according to the latest data from the Investment Funds Institute of Canada. However, industry assets slipped in the month.

IFIC reports that net sales, including re-invested distributions of $629 million, totalled $4.7 billion. “Sales for the first three months of the year totaled $10.9 billion with long-term funds making up over 96% of these sales,” said Tom Hockin, IFIC president and CEO, in a news release. “Sales for March are normally high as it is expected that a large amount of funds are invested on the last day of RRSP season, however, this month’s net sales are the highest March sales since 2000.”

Income-focused funds continue to attract the bulk of net sales, with $971.7 million going into bond and income funds during the month. Also, $922 million and $907 million went into dividend and income and balanced funds, respectively. The pure equity categories continue to lag, with $219 million deposited in U.S. equity funds. Another $211 million went into Canadian equities, and $195 million was devoted to foreign equities.

Despite the sales strength, total assets under management decreased in March to $464.6 billion, down 0.3% from $466.2 billion in February. However, assets are up 25.8% from last March’s figure of $369.4 billion. Bigger than average asset drops were evident at the large independent manufacturers, led by a 3.1% drop at AGF. Franklin Templeton, AIC, Altamira and Fidelity saw their totals weaken, too.

The banks continue to be the big winners. BMO Investments saw its assets increase 1.5%, followed by TD at 1.1%, and RBC, Scotia and Dynamic were the only firms among the top 15 to see assets increase in the month. Other firms that continue to make gains are niche firms such as Guardian, Brandes, Northwest, Saxon, Mawer and Acuity. National Bank, Fiducie Desjardins, Manulife, Standard Life and HSBC were stronger, too.

IFIC also reported the total number of member unitholder accounts at 51.5 million, a 2.8% decrease over one year ago.