It looks like another month of mutual fund redemptions in November.

The Investment Funds Institute of Canada reported today that, based on a sample of preliminary data from some of its members, net new sales for the month of November are estimated to be between minus $900 million to minus $500 million.

“Net new sales for November increased by approximately $400 million from the previous month,” stated Tom Hockin, IFIC’s president and CEO. “There was also a strong growth of assets in the industry of approximately 3.1%.”

Once again the banks and the big independents seem to be taking the lion’s share of the redemptions. RBC leads with $378 million in redemptions for the month. It is trailed by AGF at $212 million and Investors Group at $190 million. No other firm has as much as $100 million in net redemptions.

On the upside, the month marked a strong showing by CI. It won the month with $241 million in monthly net sales. Perennial leader, AIM, came second with $125 million in net sales. PH&N and Brandes also had relatively strong showings.

IFIC also estimates that net assets of the industry at the end of November will be in the range of $395 billion to $400 billion, up approximately 3.1% from last month1s total of $385.8 billion.