The Investment Funds Institute of Canada reported that, based on a sample of preliminary data from some of its members, net sales for the month of February are estimated to be between $3.8 billion and $4.2 billion.

“Net new sales for February are expected to be approximately 60% higher than last month,” states Tom Hockin, IFIC’s president and CEO. “Although sales have increased sharply this month, they are still somewhat disappointing compared to February sales in previous years.”

After months of bank domination, AIM was the top fund company in February with $507 million in net sales for the month. AIM’s closest rival on the independent side was AGF, with $350 million in net sales. Fidelity, Investors, AIC, Clarington and PH&N all had good months, too.

The banks were close behind with Royal Bank, CIBC and TD, generating $398 million, $370 million and $341 million respectively.

Altarmira, CM (the former Merrill Lynch) and StrategicNova were all weaker in the month.

IFIC also estimates that net assets of the industry at the end of February will be in the range of $430 to $435 billion, up approximately 1% from last month’s total of $427 billion.