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Rating:Nine Percent of Large Firms Net Inflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 18, 2022

Nine Percent of Large Firms Net Inflows

Reported by Neil Anderson, Managing Editor

Only two out of 22 large fund firms brought in net inflows last month as outflows for the group rose nearly nine fold.

Omar Aguilar
Schwab Asset Management
CEO, Chief Investment Officer
This article draws from Morningstar Direct data for September 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 22 firms (down from 23 in August 2022 and from 25 in September 2021) with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $4.55 trillion in long-term fund AUM as of September 30, 2022, and they accounted for 21.14 percent of overall industry long-term fund AUM. That compares with $4.63 trillion and 19.76 percent on August 31, 2022, and with $5.156 trillion and 19.36 percent on September 30, 2021.

Two large fund firms brought in net long-term inflows last month, down from nine in August 2022 and 17 in September 2021.

Charles Schwab kept the inflows lead last month for a sixth month in a row, thanks to an estimated $3.014 billion in net September 2022 inflows, up month-over-month from $2.824 billion in August 2022 but down year-over-year from $5.058 billion in September 2021. The only other September 2022 inflows winner was: American Century (including Avantis), $159 million (down M/M from $846 million, up Y/Y from $148 million).

Schwab also led the large fund firm inflows pack for the third quarter of 2022, thanks to an estimated $10.443 billion in net inflows. Other big Q3 2022 inflows winners included: First Trust, $1.689 billion; and American Century, $1.33 billion.

And Schwab still leads the 2022 large fund firm inflows pack so far, thanks to an estimated $28.518 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: Edward Jones' Bridge Builder, $7.856 billion; and First Trust, $7.354 billion.

On the flip side, Allianz's Pimco took the outflows lead last month, thanks to an estimated $5.899 billion in net September 2022 outflows, up M/M from $1.32 billion in August 2022 but down Y/Y from $6.192 billion in September 2021 inflows. Other big September 2022 outflows sufferers included: Franklin Templeton, $4.514 billion (up M/M from $3.602 billion, up Y/Y from $1.054 billion); Lord Abbett, $3.483 billion (up M/M from $1.2 billion, down Y/Y from $1.538 billion in net inflows); TIAA's Nuveen, $2.423 billion (up M/M from $264 million, down Y/Y from $1.027 billion in net inflows); and Goldman Sachs, $2.123 billion (down M/M from $650 million in net inflows, down Y/Y from $1.689 billion in net inflows).

Franklin led the Q3 2022 large fund firm outflows pack, thanks to an estimated $10.847 billion in net outflows. Other big outflows sufferers included: Pimco, $8.194 billion; and Lord Abbett, $6.197 billion.

Pimco still leads the 2022 large fund firm outflows pack YTD, thanks to an estimated $37.194 billion in net 2022 outflows as of September 30. Other big outflows sufferers included: Franklin, $34.79 billion; and Lord Abbett, $21.073 billion.

As a group, large fund firms suffered $31.463 billion in net September 2022 outflows, equivalent to 0.69 percent of their combined AUM and accounting for 40.98 percent of overall industry long-term outflows. That compares with $3.534 billion and 0.08 percent of AUM in August 2022, and with $17.416 billion in net inflows, 0.34 percent of AUM, and 30.52 percent of industry inflows in September 2021.

Large fund firms suffered an estimated $43.634 billion in net Q3 2022 outflows. That's equivalent to 0.96 percent of their combined AUM and accounts for 51.13 percent of overall industry long-term outflows.

In the first nine months of 2022, large fund firms suffered an estimated $152.862 billion in net outflows. That's equivalent to 3.36 percent of their combined AUM and accounts for 77.37 percent of overall industry long-term outflows.

Across the entire industry, the 781 firms tracked by the M* team (down M/M from 784 but up Y/Y from 777) suffered an estimated $76.784 billion in net September 2022 outflows, equivalent to 0.36 percent of their combined $21.521 trillion in AUM. That's down M/M from $4.816 billion in net inflows and 0.02 percent AUM, and down Y/Y from $57.068 billion in net inflows and 0.22 percent of AUM.

Active funds suffered an estimated $97.389 billion in net September 2022 outflows, up M/M from $33.062 billion but down Y/Y from $9.916 billion in net inflows. Passive funds brought in $20.732 billion in net September 2022 inflows, down M/M from $37.485 billion and down Y/Y from $47.828 billion.

In Q3 2022, long-term funds and ETFs suffered an estimated $85.333 billion in net outflows. That's equivalent to 0.4 percent of their combined AUM.

And as of September 30, long-term funds and ETFs have suffered $197.566 billion in net 2022 outflows. That's equivalent to 0.92 percent of their combined AUM. 

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