The Investment Funds Institute of Canada reported that preliminary data from some of its members indicates that net sales for the month of November are estimated to be between $3.2 billion and $3.5 billion.

“Mutual fund sales continue to be strong in November. Sales are expected to be approximately 75% higher than the same month last year,” said Tom Hockin, IFIC’s president and CEO. “Year-to-date sales are also expected to be approximately 20% higher than the same period last year.”

The banks continue to dominate the sales flow, with Royal leading the way, accounting for $661 million in monthly net sales. It was followed by CIBC at $522 million, Scotia with $367 million, BMO produced $312 million and TD which managed $290 million. Together the Big Five account for about $2.2 billion of the total, as investors continue to seek refuge in money market funds.

The top independents include AIM, AGF, AIC, Clarington and Fidelity.tthey are the only non-banks reporting more than $100 million in net sales for the month. Firms with negative net sales include Franklin Templeton, StrategicNova, Merrill and Talvest.

IFIC also estimates that net assets of the industry at the end of November will be in the range of $414 to $419 billion, up approximately 4.5% from last month’s total of $396.3 billion.