The Investment Funds Institute of Canada is estimating higher mutual fund sales in May. Based on a sample of preliminary data from some of its members, net sales for the month of May are estimated to be between $1.8 and $2.1 billion.

“May sales are up 45% over the prior month,” says Tom Hockin, IFIC’s president and CEO. Hockin adds, “These are likely the strongest May sales since 1998. This is a positive indication investors consider mutual funds a core component of their savings program.”

IFIC also estimates that net assets of the industry at the end of May will be in the range of $420 to $425 billion, up by about 2% from the previous month.