June looks to be another month of net redemptions for the mutual fund industry according to the Investment Funds Institute of Canada.

IFIC said Thursday that net new sales for the month of June are estimated to be between minus $850 million to minus $450 million.

Most of the big firms are reporting net redemptions, led by $229 million from AGF. Several other firms, including Investors Group, RBC, and Fidelity, also had more than $100 million in redemptions for the month.

Independents such as AIM, Mackenzie, AIC and Franklin Templeton all suffered redemptions, as did bank-owned firms such as CIBC, TD, Scotia and Altamira.

PH&N led firms with positive net sales, with $136 million in monthly net sales. BMO bucked the bank trend, generating $48 million in net sales. National Bank and Fiducie Desjardins had positive sales, too. Other firms with positive sales include Guardian and Brandes.

IFIC also estimates that net assets of the industry at the end of June will be in the range of $388 billion to $393 billion, up approximately 0.8% from last month’s total of $387.7 billion.

“Net assets increased for the third consecutive month. June assets increased by approximately 0.8% over the previous month to about $391 billion,” said Tom Hockin, IFIC president sf CEO. “This marks the first time since January 2002 that industry assets have increased for more than two consecutive months.”