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 December are estimated to be between $2.2 billion and $2.5 billion.

IFIC also estimates that net assets of the industry at the end of December will be in the range of $425 to $430 billion, up approximately 3% from last month’s total of $414.9 billion.

“The year 2001 ended on a positive note. Sales for December are expected to be approximately 70% higher than the same month last year,” stated Tom Hockin, IFIC’s president and CEO. “Year-to-date sales for 2001 are also expected to be approximately 25% higher than sales for 2000.”

Again in December, it appears as if the bank-owned fund companies led the way, as investors favoured the relative safety of money market funds. Royal Mutual Funds is the top seller with net sales of $411 million, followed by CIBC at $260 million, Scotia Securities with $225 million, TD saw $195 million and BMO generated $131 million.

The only other firms reporting more than $100 million in net sales were AIM Funds Management Inc. ($152 million), AIC, Mackenzie Financial, AGF and Clarington. PH&N just missed a $100 million tally, with net sales of $98 million.

The only firms reporting negative net sales are StrategicNova, and Merrill Lynch.