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Thursday, July 15, 2021

Schwab and First Trust Dominate

Reported by Neil Anderson, Managing Editor

Two ETF firms led the large fund firm pack last month.

Jonathan Christian de St. Paer
Charles Schwab Investment Management, Inc.
President, CEO
This article draws from Morningstar Direct data for June 2021 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.) More specifically, this article focuses on the 24 firms with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had $5.042 trillion in long-term fund AUM as of June 30, 2021, and they accounted for 19 percent of industry long-term AUM. 18 large fund firms brought in net long-term fund inflows in June 2021,

Charles Schwab led the large fund pack last month, bringing in an estimated $3.978 billion in net June 2021 inflows, down month-over-month from $4.358 billion in May 2021 but up year-over-year from $264 million in net June 2020 outflows. Other big June 2021 inflows winners included: First Trust, $2.558 billion (up M/M from $2.091 billion, up Y/Y from $1.759 billion); TIAA's Nuveen, $2.021 billion (up M/M from $586 million, up Y/Y from $1.411 billion in net outflows); Lord Abbett, $1.847 billion (up M/M from $336 million, down Y/Y from $2.008 billion); and Ameriprise's Columbia Threadneedle, $1.293 billion (up M/M from $587 million, up Y/Y from $1.204 billion).

Schwab also led the large fund firm pack in the second quarter of 2021, thanks to an estimated $13.746 billion in net inflows. Other big Q2 2021 inflows winners included: First Trust, $7.187 billion; and AllianzGI's Pimco, $5.265 billion.

Schwab also led the pack in the first half of 2021, thanks to an estimated $26.351 billion in net inflows. Other big inflows winners in the first half of 2021 included: First Trust, $13.95 billion; and Pimco, $12.05 billion.

And Schwab also led the pack in the 12 months ending June 30, 20210, thanks to an estimated $38.87 billion in net inflows. Other big inflows winners in the last 12 months included: First Trust, $22.412 billion; and Pimco, $20.076 billion.

On the flip side, last month was a rough one for DFA, which led the large fund firm outflows pack thanks to an estimated $1.934 billion in June 2021 outflows, up M/M from $649 million and down Y/Y from $2.637 billion. Other big June 2021 outflows sufferers included: SEI, $1.568 billion (up M/M from $608 million, up Y/Y from $667 million), Janus Henderson, $649 million (down M/M from $929 million, down Y/Y from $3.298 billion; Macquarie's Delaware and Ivy, $635 million (up M/M from $593 million, down Y/Y from $8 million); and Jackson, $509 million (down M/M from $551 million, down Y/Y from $4.348 billion).

DFA also led the outflows pack in Q2 2021, thanks to an estimated $3.248 billion in net outflows. Other big Q2 2021 outflows sufferers included: SEI, $2.943 billion; and Delaware, $1.715 billion.

DFA also led the outflows pack in the first half of 2021, thanks to an estimated $10.421 billion in net outflows. Other big outflows sufferers included; SEI, $4.229 billion; and Janus, $3.293 billion.

And DFA also led the outflows pack in the 12 months ending June 30, 2021, thanks to an estimated $30.279 billion in net outflows. Other big outflows sufferers included: Delaware, $7.707 billion; and Dodge & Cox, $7.246 billion.

As a group, the 24 large fund firms brought in an estimated $12.807 billion in net inflows in June 2021, equivalent to 0.25 percent of their combined AUM and accounting fo 12.14 percent of overall industry long-term inflows. In Q2 2021, large fund firms brought in $46.766 billion in net inflows, equivalent to 0.93 percent of their AUM and accounting for 14.7 percent of industry inflows.

In the first half of 2021, large fund firms brought in an estimated $93.494 billion in net inflows, equivalent to 1.85 percent of their AUM and accountign for 12.94 percent of industry inflows. And for the 12 months ending June 30, 2021, large fund firms brought in $158.814 billion in net inflows, equivalent to 3.15 percent of their AUM and accounting for 15 percent of industry inflows.

Across the entire industry, the 768 fund firms (up from 760 in May 2021 and 758 in June 2020) tracked by the M* team brought in a combined $105.503 billion in estimated net long-term fund inflows in June 2021, equivalent to about 0.4 percent of long-term fund AUM of $26.534 trillion. That's up from $82.763 billion and $26.156 trillion in May 2021 and $69.822 billion and $19.904 trillion in June 2020.

Active funds brought in an estimated $24.578 billion in net June 2021 inflows, up M/M from $11.451 billion but down Y/Y from $28.617 billion. Passive funds brought in $80.917 billion in June 2021, up M/M from $71.312 billion and up Y/Y from $41.295 billion.

In Q2 2021, long-term funds brought in an estimated $318.154 billion in net inflows, equivalent to 1.2 percent of long-term fund AUM. In the first half of 2021, long-term funds brought in $722.557 billion in net inflows, equivalent to 2.72 percent of their AUM. And in the 12 months ending June 30, 2021, long-term funds brought in $1.058807 trillion in net inflows, equivalent to 3.99 percent of their AUM. 

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