The Investment Funds Institute of Canada is reporting that preliminary data from some of its members indicate that net sales for the month of July will be between $1.4 billion and $1.6 billion.

“Net new sales of mutual funds continue to be strong in July. Sales are expected to be approximately 25% higher than the same period last year,” said Tom Hockin, IFIC’s president and CEO. “Net sales are also up by approximately 10% from last month.”

IFIC also estimates that net assets of the industry at the end of July will be in the range of $410 to $415 billion, similar to last month’s total of $411.7 billion.

The top-selling firms in the month appear to be bank-owned firms, indicating that money market sales remain a high percentage of net sales. IFIC suggests that TD ranks first in the month with $215 million in net sales, just ahead of Scotia’s $213 million. Royal came third with $178 million.

Among the biggest losers in the month are Strategic Nova and Altamira, which recorded $30 million and $20 million in net redemptions respectively.