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Monday, March 23, 2020

JPMAM and Vanguard Lead

Reported by Neil Anderson, Managing Editor

A money center bank's asset management arm took the active fund flows lead last month, while a familiar titan led on the passive side yet again.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
This article draws from Morningstar Direct data on February 2020 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 February active inflows of $6.153 billion, up from $3.463 billion in January. Other big February active inflows winners included: Pimco, $3.806 billion (up from $2.426 billion); PGIM, $2.411 billion (up from $2.101 billion); Lord Abbett, $2.246 billion (down from $2.88 billion); and BlackRock, $1.971 billion (down from $3.259 billion).

On the passive side of the business, Vanguard kept the lead last month, with estimated net February passive inflows of $20.163 billion, down from $38.698 billion in January. Other big February passive inflows winners included: BlackRock, $10.85 billion (down from $14.209 billion); Fidelity, $7.524 billion (down from $7.687 billion); Charles Schwab, $2.303 billion (down from $2.684 billion); and Rafferty's Direxion, $753 million (up from $383 million).

On the flip side, February was a rough month for Capital Group's American Funds, whose active funds suffered an estimated $2.484 billion in net outflows, more than any other active fund firm and up from $1.508 billion in January. Other big February active outflows sufferers included: T. Rowe Price, $1.98 billion (up from $1.56 billion); Invesco, $1.942 billion (down from $2.234 billion); Franklin Templeton, $1.879 billion (up from $1.799 billion); and Harris' Oakmark, $1.025 billion (down from $1.612 billion).

SSGA suffered an estimated $26.721 billion in net passive outflows in February, more than any other passive fund firm and up from $68 million in January. Other big February passive outflows sufferers included: DWS, $851 million (up from $407 million); Milleis, $699 million (down from $200 million in net inflows); J.P. Morgan, $508 million (down from $46 million in net inflows); and Credit Suisse, $349 million (down from $201 million in net inflows).

Industrywide, 717 active fund families (three more than in January) brought in an estimated $11.675 billion in combined net active inflows in February, accounting for 46 percent of net industry inflows and down from $17.315 billion in January. 324 of those families gained net active inflows in February.

146 passive fund families brought in an estimated $13.784 billion in net February passive inflows, accounting for 54 percent of net industry inflows and down from $65.959 billion in January. 71 of those fund families gained net passive inflows in February. 

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