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Thursday, December 19, 2019

A Bank's Active Funds Lead

Reported by Neil Anderson, Managing Editor

A money center bank's active funds took the lead last month, while the big three ETF shops all boosted their inflows.

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.

On the active side of the business, J.P. Morgan took the lead last month, with estimated net November active inflows of $2.901 billion, up from $1.573 billion in net October outflows. Other big November inflows winners on the active side included: MFS, $2.342 billion (up from $1.363 billion); BlackRock, $2.045 billion (up from $93 million); Lord Abbett, $1.885 billion (down from $1.909 billion); and Pimco, $1.759 billion (up from $857 million).

On the passive side of the business, BlackRock kept the lead again last month, with estimated net November passive inflows of $17.553 billion, up from $13.687 billion in October. Other big November inflows winners on the passive side included: Vanguard, $13.99 billion (up from $10.082 billion); Fidelity, $7.9 billion (down from $11.135 billion); SSgA, $7.822 billion (up from $950 million in net outflows); and Invesco, $2.905 billion (up from $669 million).

On the flip side, November was a rough month for Capital Group, whose active funds suffered an estimated $3.581 billion in net outflows, more than any other active fund firm and down from $381 million in net inflows. Other big November outflows sufferers on the active side included: Invesco, $2.932 billion (down from $3.531 billion); Franklin Templeton, $2.82 billion (up from $1.617 billion); DFA, $2.152 billion (up from $287 million); and Fidelity, $1.368 billion (down from $3.457 billion).

BNY Mellon suffered an estimated $209 million in net passive outflows in November, more than any other passive fund family and up from $124 million in October. Other big November sufferers on the passive side included: Ameriprise's Columbia Threadneedle, $191 million (negligible change); New York Life's MainStay, $183 million (down from $32 million in net inflows); Voya, $128 million (down from $150 million); and Valic, $100 million (down from $9 million in net inflows).

Industrywide, 712 active fund families (three more than in October) brought in an estimated $105 million in combined net active inflows in November, up from $9.446 billion in net outflows in October. 290 of those 712 fund families gained net active inflows in November.

145 passive fund families (one fewer than in October) brought in an estimated $55.119 billion in combined net November passive inflows, up from $38.42 billion in October. 69 of those 146 families gained net passive inflows in November. 

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