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Tuesday, November 15, 2022

Large Firms Dominate October Outflows

Reported by Neil Anderson, Managing Editor

Large fund firms more than accounted for all industry outflows last month, even as large firms' outflows fell by more than $8 billion.

David A. Hunt
PGIM
President, CEO
This article draws from Morningstar Direct data for October 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 25 in October 2021) with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $4.327 trillion in long-term fund AUM as of October 31, 2022, and they accounted for 19.19 percent of overall industry long-term fund AUM. That compares with $4.55 trillion and 21.14 percent on September 30, 2022, and with $5.318 trillion and 19.13 percent on October 31, 2021.

Five large fund firms brought in net long-term inflows last month, up from two in September 2022 but down from 11 in October 2021.

Prudential's PGIM (including Advanced Series Trust) took the inflows lead last month, thanks to an estimated $4.065 billion in net October 2022 inflows, up month-over-month from $481 million in September 2022 and up year-over-year from negligible inflows in October 2021. The only other October 2022 inflows winners were: Schwab, $2.97 billion (down M/M from $3.014 billion, down Y/Y from $4.544 billion); Edward Jones' Bridge Builder, $938 million (up M/M from $89 million in net outflows, up Y/Y from $866 million in net inflows); First Trust, $757 million (up M/M from negligible outflows, down Y/Y from $2.354 billion in net inflows); and American Century (including Avantis), $509 million (up M/M from $159 million, up Y/Y from $66 million in net outflows).

Schwab still leads the 2022 large fund firm inflows pack so far, thanks to an estimated $31.488 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Bridge Builder, $8.793 billion; and First Trust, $8.111 billion.

On the flip side, Allianz's Pimco kept the outflows lead last month, thanks to an estimated $5.953 billion in net October 2022 outflows, up M/M from $5.899 billion in September 2022 and down Y/Y from $672 million in net inflows in October 2021. Other big October 2022 outflows sufferers included: Franklin Templeton, $4.186 billion (down M/M from $4.514 billion, up Y/Y from $1.078 billion); Lord Abbett, $4.01 billion (up M/M from $3.483 billion, up Y/Y from $1.162 billion); Natixis (including Loomis Sayles, Harris' Oakmark, and Vaughan Nelson), $2.391 billion (up M/M from $2.1 billion, up Y/Y from $14 million).

Pimco still leads the 2022 large fund firm outflows pack YTD, thanks to an estimated $43.147 billion in net 2022 outflows as of October 31. Other big outflows sufferers included: Franklin, $38.976 billion; and Lord Abbett, $25.083 billion.

As a group, large fund firms suffered $23.112 billion in net October 2022 outflows, equivalent to 0.53 percent of their combined AUM and accounting for 105.48 percent of overall industry long-term outflows. That compares with $31.463 billion, 0.69 percent of AUM, and 40.98 percent of industry outflows in September 2022, and with $4.437 billion in net inflows, 0.08 percent of AUM, and 5.29 percent of industry inflows in October 2021.

Over the first ten months of 2022, large fund firms suffered an estimated $179.253 billion in net outflows. That's equivalent to 4.14 percent of their combined AUM and accounted for 77.58 percent of overall industry long-term outflows.

Across the entire industry, the 787 firms tracked by the M* team (up M/M and Y/Y from 781) suffered an estimated $21.911 billion in net October 2022 outflows, equivalent to 0.1 percent of their combined $22.554 trillion in AUM. That's down M/M from $76.784 billion and 0.36 percent, and down Y/Y from $83.864 billion in net inflows and 0.3 percent of AUM.

Active funds suffered an estimated $101.864 billion in net October 2022 outflows, up M/M from $97.398 billion but down Y/Y from $5.324 billion in net inflows. Passive funds brought in $79.909 billion in net October 2022 inflows, up M/M from $20.732 billion and up Y/Y from $78.71 billion.

As of October 31, long-term funds and ETFs have suffered $231.047 billion in net 2022 outflows. That's equivalent to 1.02 percent of their combined AUM. 

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