The Investment Funds Institute of Canada projects that, based on a sample of preliminary data from some of its members, net sales will be between $1.3 and $1.5 billion for August.

While sales are holding up, IFIC also estimates that net assets of the industry at the end of August will be in the range of $405 to $410 billion, down about 1.2% from last month’s $411.1 billion.

Consistent with the sales so far this year, it looks like August’s sales continue to favour the bank-owned firms as investors sock money into short-term money market funds.

According to IFIC, the top seller last month was Royal Mutual Funds, with $283 million in net sales, followed by TD Asset Management at $223 million. BMO Funds, Scotia Securities and CIBC are all also reporting positive net sales.

The big winner among the independents is niche player Clarington, with $118 million in net sales, trumping all the big independents. AGF was close on its heels, with $112 million in monthly net sales. It is followed by AIC, AIM, and Talvest. Notable net redemptions are being reported by PH&N, Strategic Nova and Altamira.

“The economic downturn has had little impact on mutual fund sales,” states Tom Hockin, IFIC’s president and CEO. “Net sales are expected to be stronger than they were in August of last year and year to date sales are expected to be approximately 10% higher than they were in the same period last year.”