The asset management sibling of an investment bank and broker-dealer took the lead last month among mid-size fund firms.
| Daniel Simkowitz|
Head of Investment Management
This article draws from Morningstar Direct
data on July 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 74 firms with between $10 billion and $100 billion each in fund AUM. 30 of those firms gained net inflows in July, up from 24 in June
took the lead last month among mid-size fund firms, with estimated net July inflows of $1.451 billion, up from $1.113 billion in June. Other big July winners included: Baird
, $1.439 billion (up from $906 million); DoubleLine
, $1.17 billion (up from $971 million); First Trust
, $878 million (down from $1.561 billion); and Edward Jones' Bridge Builder
, $598 million (up from $303 million).
(including Global X
) led the mid-size pack again, with estimated net July inflows equivalent to 3.65 percent of its AUM, up from 3.06 percent in June. Other big July winners included: Morgan Stanley, 2.79 percent (up from 2.2 percent); Baird, 2.39 percent (up from 1.55 percent); Brown Advisory
, 1.87 percent (down from 2.72 percent); and Brinker Capital's Destinations
, 1.69 percent (up from 0.35 percent).
On the flip side, July was another rough month for Harris' Oakmark
, which suffered an estimated $1.206 billion in net outflows, again more than any other mid-size fund firm but down from $1.448 billion in June. Other big July sufferers included: Waddell & Reed's Ivy
, $835 million (up from $579 million); GMO
, $695 million (up from $691 million); BNY Mellon
, $692 million (up from $572 million); and Rafferty's Direxion
, $566 million (down from $1.06 billion).
Proportionately, Direxion led the mid-size outflows pack again last month, suffering estimated net July outflows equivalent to 4.28 percent of its AUM, down from 7.72 percent in June. Other big July sufferers included: UBS
, 2.7 percent (down from 0.53 percent in inflows); AIG
, 2.57 percent (up from 2.43 percent); Matthews Asia
, 2.3 percent (up from 1.63 percent); and AQR
, $566 million (down from 1.04 percent in inflows).
As a group, the 74 mid-size fund firms (three fewer than in June) suffered an estimated $2.342 billion in combined net July outflows, equivalent to about 0.09 percent of their combined AUM. That's down from $10.069 billion in net June outflows.
Across the whole industry (M* tracks flows from 771 firms), long-term mutual funds and ETFs brought in a combined $26.698 billion in estimated net inflows in July, equivalent to about 0.14 percent of industry AUM. That's down from $46.25 billion in net June inflows. Passive funds brought in $26.540 billion in net July inflows, while active funds brought in $158 million in net inflows.
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