It looks like the mutual fund industry had a pretty rough sales month in April.

The Investment Funds Institute of Canada reported that, based on a sample of preliminary data from some of its members, net new sales for the month of April are estimated to be between 0 and negative $400 million.

“Consistent with previous years, net sales have dropped following RRSP season,” states Tom Hockin, IFIC’s president and CEO. “The weak sales are likely due to continued redemption in money market funds.”

Indeed, the banks saw massive net redemptions in the month. Hardest hit was TD, with $385 million in net redemptions. Followed by RBC, with $219 million in redemptions, and AGF, with $160 million in redemptions. AGF is evidently suffering from the loss of Brandes as sub-managers.

The top performer in the month was AIM, with net sales of $342 million. But only two other firms exceeded $100 million in net sales, PH&N and Clarington with net sales of $132 million and $131 million, respectively.

IFIC also estimates that net assets of the industry at the end of April will be in the range of $433 to $438 billion, down approximately 2% from last month’s total of $445.3 billion.