A publicly traded brokerage's asset management arm dominate fund flows last year among large firms.

Jonathan Christian de St. Paer Charles Schwab Investment Management, Inc. President, CEO

This article draws from Morningstar Direct data for December 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 25 firms with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $5.345 trillion in long-term fund AUM as of December 31, 2021, and they accounted for 19.03 percent of overall industry long-term fund AUM. That compares with $5.235 trillion and 19.18 percent on November 30, 2021.

15 large fund firms brought in net long-term fund inflows last month, up from 14 in November.

Charles Schwab led the large fund firm pack last year, bringing in an estimated $49.67 billion in net 2021 long-term fund inflows, up from $18.206 billion in 2020. Other big 2021 inflows winners included: Pimco, $24.174 billion (up from $6.837 billion in net outflows); First Trust, $23.819 billion (up from $13.84 billion); TIAA's Nuveen, $18.952 billion (up from $2.916 billion in net outflows); and Lord Abbett, $16.129 billion (up from $2.601 billion).

Schwab led the flows race in the fourth quarter, too, with an estimated $11.64 billion in net Q4 2021 inflows. Other big inflows winners included: First Trust, $5.751 billion; and Nuveen, $3.812 billion.

And Schwab kept the lead last month, thanks to an estimated $3.757 billion in net December 2021 inflows, up month-over-month from $3.339 billion in November 2021 but down year-over-year from $4.895 billion in December 2020. Other big December 2021 inflows winners included: John Hancock, $2.366 billion (up M/M from $775 million, up Y/Y from $276 million in net outflows); Nuveen, $1.704 billion (up M/M from $1.42 billion, up Y/Y from $878 million); First Trust, $1.373 billion (down M/M from $2.024 billion, down Y/Y from $1.985 billion); and Edward Jones' Bridge Builder, $1.33 billion (up M/M from $815 million, up Y/Y from $746 million).

On the flip side, 2021 was a rough year for DFA, which led the large fund firm outflows pack thanks to an estimated $11.217 billion in net 2021 outflows, down from $37.007 billion in 2020. Other big 2021 outflows sufferers included: Macquarie's Delaware, $10.487 billion (up from $6.058 billion); SEI, $6.258 billion (up from $5.643 billion); Janus Henderson, $5.567 billion (up from $5.329 billion); and TCW (including MetWest), $5.232 billion (down from $6.589 billion in net inflows).

TCW led the large fund firm outflows pack last quarter, thanks to an estimated $4.608 billion in net Q4 2021 outflows. Other big outflows sufferers included: Delaware, $4.553 billion; and Morgan Stanley, (including Calvert and Eaton Vance), $3.728 billion.

Morgan Stanley led the large fund firm outflows pack last month, thanks to an estimated $2.059 billion in net outflows, up M/M from $842 million in November 2021 but down Y/Y from $812 million in net inflows in December 2020. Other big December 2021 outflows sufferers included: Delaware, $1.438 billion (down M/M from $1.523 billion, down Y/Y from $12 million in net inflows); DFA, $1.206 billion (up M/M from $32 million; PGIM, $1.182 billion (down M/M from $813 million in net inflows, down Y/y from $2.626 billion in net inflows); and TCW, $1.174 billion (up M/M from $350 million, down Y/Y from $847 million in net inflows).

As a group, the 25 large fund firms brought in an estimated $178.133 billion in net inflows in 2021, equivalent to 3.33 percent of their combined AUM and accounting for 14.68 percent of overall industry long-term fund flows.

In Q4 2021, large fund firms brought in an estimated $20.367 billion in net inflows, equivalent to 0.38 percent of their combined AUM and accounting for 8.14 percent of overall industry inflows.

In December 2021, large fund firms brought in $7.473 billion in net inflows, equivalent to 0.14 percent of their combined AUM and accounting for 8.53 percent of overall industry inflows. That's down from $8.852 billion, 0.17 percent of AUM, and 10.93 percent of flows.

 

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