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Tuesday, November 16, 2021

This Group's Inflows Fall Fourfold

Reported by Neil Anderson, Managing Editor

The second-largest group of fund firms saw their inflows plunge fourfold last month.

Jonathan Christian de St. Paer
Charles Schwab Investment Management, Inc.
President, CEO
This article draws from Morningstar Direct data for October 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 focused on the 25 firms with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $5.318 trillion in long-term fund AUM as of October 31, 2021, and they accounted for 19.13 percent of overall industry long-term AUM. That compares with $5.156 trillion and 19.36 percent in September 2021.

11 large fund firms brought in net long-term fund inflows in October, down from 17 in September.

Charles Schwab took the lead last month, bringing in an estimated $4.544 billion in net October 2021 inflows, down month-over-month from $5.058 billion in September 2021 but up year-over-year from $1.424 billion in October 2020. Other big October 2021 inflows winners included: First Trust, $2.354 billion (up M/M from $1.35 billion, up Y/Y from $838 million); Goldman Sachs, $2.318 billion (up M/M from $1.689 billion, up Y/Y from $1.152 billion); Lord Abbett, $1.162 billion (down M/M from $1.538 billion, up Y/Y from $1.063 billion); and Edward Jones' Bridge Builder, $866 million (up M/M from $624 million, down Y/Y from $3.699 billion).

As of October 31, 2021, Schwab still led the year-to-date large fund firm inflows pack, thanks to an estimated $42.574 billion in net inflows. Other big YTD inflows winners included: Allianz's Pimco, $24.051 billion; and First Trust, $20.422 billion.

The same three firms also led for the 12-month period ending October 31, 2021: Schwab with $50.469 billion in net inflows, Pimco with $27.245 billion, and First Trust with $24.445 billion.

On the flip side, last month was another rough one for TCW (including MetWest), which kept the outflows lead among large fund firms thanks to an estimated $3.083 billion in net October 2021 outflows, up M/M from $2.555 billion in September 2021 but down Y/Y from $218 million in net October 2020 inflows. Other big October 2021 outflows sufferers included: Macquarie's Delaware, $1.592 billion (up M/M from $980 million, up Y.Y from $622 million); Victory, $1.482 billion (up M/M from $57 million, up Y/Y from $522 million); Morgan Stanley (including Eaton Vance and Calvert), $842 million (down M/M from $849 million, down Y/y from $2.476 billion in net inflows); and Jackson, $489 million (down M/M from $838 million, down Y/Y from $1.372 billion).

DFA led the YTD outflows pack as of October 31, 2021, thanks to an estimated $14.405 billion in net outflows. Other big YTD outflows sufferers included: Delaware, $7.526 billion; and SEI, $6.772 billion.

The same three firms led the outflows pack for the 12-month period ending October 31, 2021: DFA with $20.49 billion in net outflows, Delaware with $8.312 billion, and SEI with $8.01 billion.

As a group, the 25 large fund firms brought in an estimated $4.437 billion in net inflows in October 2021, equivalent to 0.08 percent of their combined AUM and accounting for 5.29 percent of overall industry long-term inflows. That's down from $17.416 billion, 0.34 percent of AUM, and 30.52 percent of industry inflows in September 2021.

After the first ten months of 2021, large fund firms had $157.798 billion in net YTD inflows, equivalent to about 2.97 percent of their combined AUM and accounting for 15.14 percent of overall industry inflows. And in the 12-month period ending October 31, 2021, large fund firms brought in $191.007 billion in net billions, equivalent to 3.59 percent of their AUM and accounting for 15.21 percent of industry inflows.

Across the entire industry, the 781 firms (up from 777 in September 2021 and 756 in October 2020) tracked by the M* team brought in a combined $83.864 billion in net long-term inflows in October 2021, equivalent to 0.3 percent of industry long-term AUM of $27.795 trillion. That's up from $57.068 billion in inflows and $26.634 trillion in September 2021 and with $13.432 billion in inflows and $20.853 trillion in AUM in October 2021.

Active funds brought in an estimated $5.324 billion in October 2021 inflows, down M/M from $9.916 billion but up Y/Y from $6.934 billion in net outflows. Passive funds brought in $78.71 billion in October inflows, up M/M from $47.828 billion and up Y/UY from $20.374 billion.

In the first ten months of 2021, long-term funds brought in $1.041921 trillion in net inflows, equivalent to 3.75 percent of their combined AUM. And in the 12 months ending October 31, 2021, long-term funds brought in $1.255539 trillion in net inflows, equivalent to 4.52 percent of their AUM. 

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