The Investment Funds Institute of Canada is estimating that fund sales reached between $1.1 billion and $1.4 billion in June.

According to the early estimates, Scotia Securities will be one of the month’s big winners, with $225 million in monthly net sales. Scotia is closely followed by AGF Management Ltd. at $210 million. Third place goes to tiny Clarington Funds, with $134 million in net sales.

Of the bigger firms, Investors Group is reporting $95 million in net sales. Its merger partner, Mackenzie Financial, is checking in with $110 million. AIM Funds is reporting $53 million, and Fidelity Investments sees $72 million.

The big loser is Templeton. The company is expected to report $60 million in net redemptions.

Talvest is reporting net redemption of $102,000. IFIC had erroneously reported Talvest’s net redemptions to be $102 million.

“June 2001 sales are expected to approximately double sales of June 2000. Sales for the first six months of 2001 are also expected to be higher than that of the previous two years,” states Tom Hockin, IFIC’s president and CEO. “Despite market volatility in the first half of 2001, sales of mutual funds have remained solid indicating that investors believe that the last six months have been an opportune time to invest in mutual funds.”

IFIC also estimates that net assets of the industry at the end of June will be in the range of $410 to $415 billion, down by about 2.5% from the previous month. IFIC estimates these numbers based on a sample of preliminary data from some of its members.