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Rating:Fidelity, Franklin, Legg Mason and Even CapGroup Lost AUM in 2008 Not Rated 4.0 Email Routing List Email & Route  Print Print
Wednesday, January 14, 2009

Fidelity, Franklin, Legg Mason and Even CapGroup Lost AUM in 2008

News summary by MFWire's editors

Fidelity saw its biggest fund outflow ever in 2008 as investors pulled $36.9 billion from the Boston Behemoth's stock and bond funds (they added $87 billion to its money funds). As a whole, the fund industry saw $194 billion in net outflows. That is the headline factoid from Bloomberg's report on Morningstar's fund flow stats.

The news organization also highlighted bad news at Franklin Resources ($21.5 billion in outflows) and Legg Mason ($21 billion in outflows). The Legg Mason numbers include $8.6 billion in withdrawals from its brand funds, $8.3 billion from Western Asset Management and $4.9 billion from Legg Mason Partners while Royce & Associates saw inflows of $556 million.

Rounding out the list of firms with the most net redemptions were Capital Group's American Funds ($19.7 billion), Putnam Investments ($14.4 billion) and Dodge & Cox ($12.2 billion).

Firms with inflows included: Vanguard Group ($34.7 billion in money in) and Pimco ($20.7 billion of net inflows).

The redemptions and falling asset values pushed the total AUM in stock and bond funds to $5.13 trillion at the end of the year. That is a 35 percent decline from where they started the year.

The biggest outflow number was in U.S. and international stock funds for which Morningstar reported $189.2 billion in withdrawals. Balanced funds withdrawals totaled $29.7 billion.

Two asset classes saw net inflows; Fixed income funds inflows reached $20.7 billion and alternative funds gained $4.1 billion in AUM.

ETFs also gained AUM. Winners of the segments $157.9 billion in 2008 net sales were State Street Corp. ($56.7 billion), Barclays Global Investors ($45.1 billion) and Vanguard ($23.8 billion). 

Edited by: Sean Hanna, Editor in Chief


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