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Monday, September 19, 2022

These Firms' Flows Improved By $26B In Two Months

Reported by Neil Anderson, Managing Editor

Large fund firms' net flows flows improved by $26 billion in two months, as a brokerage giant kept the pole position for a fifth month in a row.

Jonathan Christian de St. Paer
Charles Schwab Investment Management, Inc.
President, CEO
This article draws from Morningstar Direct data for August 2022 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 23 firms with between $100 billion and $500 billion each in long-term fund AUM (down from 24 in August 2021).

Large fund firms had a combined $4.63 trillion in long-term fund AUM as of August 31, 2022, and they accounted for 19.76 percent of overall industry long-term fund AUM. That compares with $4.778 trillion and 19.77 percent on July 31, 2022, and with $5.048 trillion and 18.58 percent on August 31, 2021.

Nine large fund firms brought in net long-term inflows last month, up from seven in July 2022 but down from 13 in August 2021.

Charles Schwab kept the inflows lead last month, thanks to an estimated $2.824 billion in net August 2022 inflows, down month-over-month from $4.605 billion in July 2022 and down year-over-year from $3.035 billion in August 2021. Other big August 2022 inflows winners included: First Trust, $1.701 billion (up M/M from $12 million in net outflows, up Y/Y from $1.688 billion); DFA, $1.359 billion (up M/M from $764 million, up Y/Y from $80 million in net outflows); American Century (including Avantis), $846 million (up M/M from $326 million, up Y/Y from $36 million); and Goldman Sachs, $650 million (up M/M from $122 million in net outflows, down Y/Y from $2.727 billion).

Schwab also still leads the 2022 large fund firm inflows pack, thanks to an estimated $25.504 billion in net year-to-date inflows as of August 31. Other big YTD inflows winners included: Edward Jones' Bridge Builder, $7.945 billion; and First Trust, $7.354 billion.

On the flip side, Franklin Templeton kept the outflows lead last month, thanks to an estimated $3.602 billion in net August 2022 outflows, up M/M from $2.732 billion in July 2022 and up Y/Y from $644 million in August 2021. Other big August 2022 outflows sufferers included: Prudential's PGIM, $1.353 billion (down M/M from $2.672 billion, up Y/Y from $128 million); Allianz's Pimco, $1.32 billion (up M/M from $975 million, down Y/Y from $4.229 billion in net inflows); Lord Abbett, $1.2 billion (down M/M from $1.481 billion, down Y/Y from $1.736 billion in net inflows); and Ameriprise's Columbia Threadneedle, $903 million (down M/M from $1.47 billion, down Y/Y from $234 million in net inflows).

Pimco still leads the 2022 large fund firm outflows pack YTD, thanks to an estimated $31.295 billion in net 2022 outflows as of August 31. Other big outflows sufferers included: Franklin, $30.275 billion; and Lord Abbett, $17.59 billion.

As a group, large fund firms suffered $3.534 billion in net August 2022 outflows, equivalent to 0.08 percent of their combined AUM. That compares with $8.793 billion and 0.18 percent in July 2022, with $29.598 billion and 0.67 in June 2022, and with $16.944 billion in net inflows and 0.34 percent in August 2021.

Large fund firms have suffered an estimated $122.445 billion in net 2022 outflows as of August 31. That's equivalent to 2.64 percent of their combined AUM and accounts for 101.06 percent of overall industry long-term outflows.

Across the entire industry, the 784 firms tracked by the M* team (up Y/Y from $776) brought in an estimated $4.816 billion in net August 2022 inflows, equivalent to 0.02 percent of their combined $23.433 trillion in AUM. That's up M/M from $12.991 billion in net outflows and 0.05 percent of AUM, but down Y/Y from $97.458 billion in net inflows and 0.35 percent of AUM.

Active funds suffered an estimated $33.062 billion in net August 2022 outflows, down M/M from $58.766 billion and down Y/Y from $19.829 billion in net inflows. Yet passive funds brought in $37.845 billion in net August 2022 inflows, down M/M from $45.732 billion and down Y/Y from $77.739 billion.

As of August 31, long-term funds and ETFs have suffered $121.156 billion in net 2022 outflows. That's equivalent to 0.52 percent of their combined AUM. 

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