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Rating:Blackstone's MF Inflows Nearly Quintuple Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 22, 2021

Blackstone's MF Inflows Nearly Quintuple

Reported by Neil Anderson, Managing Editor

An alts giant's mutual fund business led the small fund firm pack last month, though small firms' inflows overall fell 45 percent.

Joseph "Joe" Lohrer
Blackstone
Senior Managing Managing Director and National Sales Manager, Private Wealth Management Group
This article draws from Morningstar Direct data on September 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 168 firms (down from 169 in August 2021 but up from 156 in September 2020) with between $1 billion and $10 billion each in long-term fund AUM.

Small firms had $548 billion in total long-term fund AUM as of September 30, 2021, accounting for 2.42 percent of overall industry long-term fund AUM. That compares with $548 billion and 2.02 percent on August 31, 2021, and $505 billion and 2.39 percent on September 30, 2020.

99 of those small fund firms brought in net inflows last month, down from 100 in August 2021 but up from 156 in September 2020.

Blackstone took the lead last month, thanks to an estimated $231 million in net September 2021 inflows, up month-over-month from $50 million in net outflows in August 2021 and up from $84 million in net outflows in September 2020. Other big September 2021 inflows winners included: U.S. Global Investors, $221 million (down M/M from $470 million, up Y/Y from $161 million); Exchange Traded Concepts, $217 million (up M/M from $50 million, up Y/Y from $13 million); Pacer, $206 million (down M/M from $299 million, up Y/Y from $109 million in net outflows); and Clark's Navigator Funds, $201 million (up M/M from $166 million, up Y/Y from $100 million).

Strategy Shares kept the lead proportionately last month, bringing in estimated net inflows equivalent to 15.8 percent of its long-term mutual fund AUM. Other big September 2021 inflows winners included: Microsectors, 13.2 percent; Exchange Traded Concepts, 10.9 percent; Aptus Capital Advisors, 7.7 percent; and PFM Multi-Manager Series Trust, 6.5 percent.

Pacer led the small fund firm pack last quarter, thanks to an estimated $1.011 billion in net third quarter inflows. Other big Q3 2021 inflows winners included: Navigator, $526 million; and PT Asset Management, $521 million.

Pacer also led the small fund firm pack year-to-date, thanks to an estimated $2.008 billion in net YTD inflows. Other big YTD inflows winners included: PT, $1.771 billion; and Callahan Financial Services' Trust for Credit Unions, $1.727 billion.

The same three firms also led the small fund firm pack for the 12-month period ending September 30, 2021. PT had $2.289 billion in net inflows, Trust for Credit Unions had $2.202 billion, and Pacer had $2.081 billion.

On the flip side, last month was a rough one for Angel Oak, which suffered an estimated $333 million in net September 2021 outflows, more than any other small fund firm; that's down M/M from $301 million in net inflows and down Y/Y from $103 million in net inflows. Other big September 2021 outflows sufferers included: BMO, $310 million (up M/M from $84 million, up Y/Y from $36 million); USCF, $295 million (down M/M from $2.577 billion, up Y/Y from $169 million); Jackson Square, $292 million (up M/M from $288 million, down Y/Y from $18 million in net inflows); and Milleis Investissements Funds, $138 million (down M/M from $366 million in net inflows, down Y/Y from $16 million in net inflows).

USCF led the small firm outflows pack proportionately last month, thanks to estimated net September 2021 outflows equivalent to 7.2 percent of its AUM. Other big September 2021 outflows sufferers included: Jackson Square, 6.6 percent; Milleis, 4.2 percent; Angel Oak, 3.9 percent; and BMO, 3.4 percent.

USCF also led the small firm outflows pack last quarter, thanks to an estimated $837 million in net Q3 2021 outflows. Other big outflows sufferers included: Jackson Square; and FMI, $402 million.

USCF also also led the outflows pack YTD as of September 30, 2021, thanks to an estimated $2.872 billion in net outflows. Other big YTD outflows sufferers included: Glenmede, $1.124 billion; and Meridian, $933 million.

And USCF also led the outflows pack for the 12-month period ending September 30, 2021, thanks to an estimated $3.8 billion in net outflows. Other big outflows sufferers included: FMI, $1.762 billion; and Glenmede, $1.381 billion.

As a group, small fund firms brought in an estimated $1.636 billion in net September 2021 inflows, equivalent to 0.3 percent of their combined AUM and accounting for 2.87 percent of overall industry inflows. That compares with $2.978 billion and 3.06 percent of AUM in August 2021 and that compares with $616 million in net outflows and 0.12 percent of AUM in September 2020.

In Q3 2021, small fund firms brought in an estimated $7.502 billion in net inflows. That's equivalent to 1.37 percent of their combined AUM and accounts for 3.23 percent of overall industry inflows. After the first nine months of 2021, small firms had $32.281 billion in net inflows, equivalent to 5.89 percent of their AUM and accounting for 3.36 percent of inflows. And for the 12-month period ending September 30, 2021, small firms brought in an estimated $33.633 billion in net inflows, equivalent to 6.13 percent of their AUM and accounting for 2.82 percent of overall industry inflows.

Across the entire industry, the 777 firms (up from 776 in August 2021 and 751 in September 2020) tracked by the M* team brought in a combined $57.068 billion in net long-term inflows in September 2021, equivalent to 0.22 percent of industry long-term AUM of $26.634 trillion. That compares with $97.458 billion in inflows and $27.175 trillion in AUM in August 2021 and $10.736 billion in inflows and $21.117 trillion in AUM in September 2020.

Active funds brought in an estimated $9.916 billion in September 2021 inflows, down M/M from $19.829 billion but up Y/Y from $12.348 billion in net outflows. Passive funds brought in $47.828 billion in September 2021 inflows, down M/M from $77.739 billion but up Y/Y from $23.887 billion.

In Q3 2021, long-term funds brought in $232.392 billion in net inflows, equivalent to 0.87 percent of long-term fund AUM. In the first nine months of 2021, long-term funds brought in $961.633 billion, equivalent to 3.61 percent of AUM. And in the 12 months ending September 30, 2021, long-term funds brought in $1.190631 trillion, equivalent to 4.47 percent of AUM. 

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