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Friday, February 02, 2018

Who Gained Market Share In 2017?

Reported by Neil Anderson, Managing Editor

2017 was a fantastic year for two fund firms above all others, and not just in absolute terms.

The market share data within this article draws from Morningstar Direct data.

Vanguard, the world's biggest mutual fund company (by AUM), and BlackRock, the world's biggest asset manager and the world's biggest ETF provider (both also by AUM), each gained significant market share (also by AUM) in 2017. Vanguard saw its market share rise 1.23 percent, from 22.59 percent at the end of 2016 to 23.83 percent at the end of 2017. BlackRock's rose to 7.37 percent, from 6.46 percent.

No other fund firm saw its market share rise by more than 0.16 percent, and only three others saw it rise at least 0.10 percent: Schwab, from 0.81 percent to 0.97 percent; DFA, from 2.1 percent to 2.22 percent; and SSgA, from 3.33 percent to 3.43 percent. Like Vanguard and BlackRock, all three of these gainers have big passive fund or ETF businesses.

On the flip side, Franklin Templeton was the biggest market share sufferer, falling from 2.52 percent of the market in AUM at the end of 2016 to 2.12 percent at the end of 2017. The other biggest sufferers were: J.P. Morgan, down from 1.82 percent to 1.68 percent; Columbia Threadneedle, down from 0.96 percent to 0.86 percent; and Wells Fargo, from 0.61 percent to 0.51 percent.

Last week M* released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term, active mutual funds suffered estimated net outflows of $6.991 billion, while money funds brought in net inflows of $107.096 billion and passive funds brought in $691.589 billion. Within long-term, active mutual funds, taxable bond funds, international equity funds, muni bond funds, liquid alts, and commodities funds all had net inflows in 2017, while U.S. equity funds, allocation funds, and sector equity funds all suffered net outflows. 

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