A Midwestern insurer kept the lead last month among mid-size fund firms.

Michael Scott Spangler Nationwide Financial / Nationwide Funds Senior Vice President, Head of the Investment Management Group / President

This article draws from Morningstar Direct data on November 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 81 firms (three more than in October) with between $10 billion and $100 billion each in fund AUM. 35 of those firms gained net inflows in November, down from 37 in October.

Nationwide kept the lead last month among mid-size fund firms, with estimated net November inflows of $1.731 billion, down from $2.152 billion in October. Other big November inflows winners included: First Trust, $1.267 billion (up from $1.045 billion); Edward Jones' Bridge Builder, $1.03 billion (down from $1.596 billion); Morgan Stanley, $846 million (up from $551 million); and DoubleLine, $693 million (up from $691 million).

Nationwide also kept the mid-size pack lead proportionately, with estimated net November inflows equivalent to 8.6 percent of its AUM, down from 12.1 percent in October. Other big November inflows winners included: Credit Suisse, 2.9 percent (down from 6.0 percent); Mirae (including Global X), 2.8 percent (up from 1.3 percent); Wasatch, 2.5 percent (up from 0.2 percent in net outflows); and WCM, 2.3 percent (up from 1.7 percent).

On the flip side, November was a rough month for AMG, whose funds suffered an estimated $1.278 billion in net outflows, more than any other mid-size fund firm and up from $227 million in October. Other big November outflows sufferers included: Harris' Oakmark, $898 million (down from $1.077 billion); Waddell & Reed's Ivy, $874 million (up from $716 million); Thornburg, $585 million (down from $586 million); and Natixis, $511 million (down from $520 million).

AMG also led the mid-size outflows pack proportionately last month, suffering estimated net November outflows equivalent to 4.7 percent of its AUM, up from 0.8 percent in October. Other big November outflows sufferers included: AIG, 2.4 percent (up from 3.3 percent); Gamco, 1.9 percent (up from 0.9 percent); Glenmede, 1.7 percent (down from 1.8 percent); and Resolute's American Beacon, 1.7 percent (down from 2.3 percent).

As a group, the 81 mid-size fund firms brought in an estimated $362 million in combined net November inflows, equivalent to 0.01 percent of their combined AUM. (That's up from $1.672 billion in and 0.06 percent in net October outflows.) Mid-size fund firms accounted for 0.66 percent of the industry's net November inflows.

Across the whole industry (M* tracked November flows from 766 firms, up from 765 in October), long-term mutual funds and ETFs brought in an estimated $55.224 billion in net November inflows, equivalent to about 0.27 percent of industry AUM (up from 0.15 percent). Passive funds brought in $55.119 billion in net November inflows (up from $38.42 billion), while active funds brought in $105 million in net inflows (up from $9.446 billion in net outflows). 

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