The Investment Funds Institute of Canada is estimating that September net sales will be between $800 million and $1.05 billion.

According to the early data, banks took the lion’s share of the fund sales yet again. Royal Bank reports $253 million in net sales, about one quarter of the estimated total industry sales.

This was followed by Scotia with $167 million, TD with $165 million, CIBC with $152 million and BMO with $44 million. Combined, the Big Five look to account for between 80% and 97% of industry net sales, likely as investors plow money into short-term funds.

The top independents are Elliott & Page, Clarington and Franklin Templeton.

“The tragic events of September 11 do not appear to have dramatically impacted Canadian mutual funds sales,” states Tom Hockin, IFIC president and CEO. Although, fund sales were substantially paralyzed in the week of the 11th, as U.S. markets remained out of commission all week.

“Although mutual fund sales are expected to be down slightly from last September’s figure, we are encouraged to see that Canadians are not panicking and continue to save and place money into mutual funds despite the on-going market volatility,” said Hockin.

IFIC also estimates that net assets of the industry at the end of September will be in the range of $380 to $385 billion, down approximately 5% from last month’s total of $405.9 billion.