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Rating:BlackRock Retakes the Lead, But ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 14, 2019

BlackRock Retakes the Lead, But ...

Reported by Neil Anderson, Managing Editor

While one ETF titan regained the flows lead last month, another is still more than $50 billion ahead for the year.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on September 2019 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms with more than $100 billion each in fund AUM. 16 of those firms gained net September inflows.

BlackRock regained the lead lasts month with an estimated $17.789 billion in net September inflows, up from $7.427 billion in net outflows in August. Other big September winners include: Vanguard, $14.383 billion (up from $6.14 billion); SSgA, $11.405 billion (up from $10.815 billion in net outflows); Fidelity, $5.948 billion (up from $4.299 billion); and Lord Abbett, $1.991 billion (up from $1.87 billion).

Proportionately, SSgA took the lead among the biggest fund firms, thanks to estimated net September inflows equivalent to 1.68 percent of its AUM, up from 1.63 percent in net outflows. Other big September winners included: Prudential's PGIM, 1.33 percent (down from 1.37 percent); Lord Abbett, 1.31 percent (up from 1.24 percent); BlackRock. 0.95 percent (up from 0.41 percent in net outflows); and Goldman Sachs, 0.86 percent (down from 1.97 percent).

Year-to-date for the first three quarters, the picture looks a bit different. Vanguard leads with $135.226 billion in net inflows YTD. Other big YTD winners include: BlackRock, $81.416 billion; Fidelity, $47.45 billion; Charles Schwab, $20.188 billion; and Capital Group's American Funds, $14.694 billion.

On the flip side, September was a rough month for T. Rowe Price, which suffered an estimated $5.377 billion in net outflows, more than any other big fund firm and up from $441 million in August. Other big September sufferers included: Franklin Templeton, $2.161 billion (up from $2.042 billion); Invesco, $1.315 billion (down from $3.388 billion); Dodge & Cox, $1.171 billion (up from $619 million); and Pimco, $1.072 billion (down from $795 million in net inflows).

T. Rowe also led the large fund firm outflows pack proportionately last month, with estimated net September outflows equivalent to 0.86 percent of its AUM, up from 0.07 percent in August. Other big September sufferers included: Franklin, 0.62 percent (up from 0.59 percent); Dodge & Cox, 0.57 percent (up from 0.31 percent); Legg Mason, 0.49 percent (down from 0.76 percent in net inflows); and SEI, 0.45 percent (up from 0.32 percent).

Year-to-date as of September 30, Invesco leads the large fund firm outflows pack, with estimated net outflows of $17.673 billion. Other big outflows sufferers YTD included: Franklin, $15.182 billion; T. Rowe, $13.507 billion; John Hancock, $9.027 billion; and American Century, $6.001 billion.

As a group, the 29 firms with more than $100 billion each in fund assets brought in an estimated $44.99 billion in net September inflows, equivalent to 0.28 percent of their their AUM. That's up from $3.252 billion in net outflows in August. Large fund firms accounted for 112.71 percent of net industry inflows.

Across the whole industry (M* tracks flows from 767 firms), long-term mutual funds and ETFs brought in $39.916 billion in net inflows in September, equivalent to 0.21 percent of industry AUM. That's up from $15.927 billion in net August outflows. Passive funds brought in $52.576 billion in net September inflows, while active funds suffered $12.66 billion in net outflows.

Year-to-date as of September 30, large fund firms have brought in $295.166 billion in net inflows, equivalent to 1.82 percent of their combined AUM and accounting for 111.6 percent of net industry inflows. The overall industry has brought in $264.483 billion in net inflows YTD, equivalent to 1.36 percent of industry AUM. 

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