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Rating:SSgA Falls from FRC's Top Selling Funds List Not Rated 2.4 Email Routing List Email & Route  Print Print
Wednesday, December 05, 2007

SSgA Falls from FRC's Top Selling Funds List

Reported by Erin Kello

State Street Global Advisors has dropped off FRC's list of the best selling fund groups after two months in the top two. SSgA reported outflows of $3.29 billion for the month of October after taking in $6.75 billion in inflows for September.

SSgA has recently found itself the target of law suits over losses incurred by its bond funds in retirement plans. The complaints allege that SSgA breached its fiduciary duty by investing in high-risk and highly leveraged financial instruments tied to, among other things, mortgage backed securities in its conservative bond funds.

Another possible explanation for the drop in SSgA's sales is more mundane. Institutions trade quickly in and out of ETFs and index funds like SSgA's, which could drastically effect the inflows and outflows at a given point in time.

As for how the other fund companies fared in October: BGI retained the top spot taking in $14.39 billion; Vanguard came in at number two with $6.60 billion in inflows; American took the number three spot with $5.42 billion in inflows; Fidelity maintained top five status from last month, taking in $1.81 billion for the number 4 spot; and rounding out the top five was T. Rowe with $1.57 billion in inflows.  

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