The Investment Funds Institute of Canada reports that January net sales are estimated to be between $2.2 billion and $2.5 billion.

“Sales continue to gain strength in January. Net new sales for January are expected to be approximately 5%-10% higher than last month,” states Tom Hockin, IFIC’s president and CEO. “Net new sales are also expected to be 5%-10% higher than January of last year.”

IFIC also estimates that net assets of the industry at the end of January will be in the range of $425 billion to $430 billion, flat with last month’s total of $426.4 billion. Its estimates are based on a sample of preliminary data from some of its members.

The choppy equity markets apparently keep pushing investors into the money market funds, which are primarily offered by bank-owned firms. Royal Bank was the top firm again in the month, with net sales of $443 million. RBC was followed by CIBC at $315 million and Scotia with $275 million. TD and BMO are lagging those three, with just $85 million and $96 million in net sales respectively.

The top independent by a wide margin was AIM, with $229 million in net sales. It was followed by Clarington, AGF, PH&N and Fidelity as the only firms with more than $100 million in net sales. Investors Group clocked in at exactly $100 million. The weakest players in the month were Mackenzie, StrategicNova and Franklin Templeton.