Two publicly traded bank's asset management arms led the way last month, one with active inflows and one with passve inflows.

Mary Callahan Erdoes J.P. Morgan CEO of Asset and Wealth Management

This article draws from Morningstar Direct data on May 2023 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. The data also excludes other asset management products, like CITs and SMAs.

J.P. Morgan (including Six Circles) took the lead last month among active fund families, thanks to an estimated $5.508 billion in net May 2023 active inflows, up month-over-month from $1.083 billion in April 2023 and up year-over-year from $379 million in outflows in May 2022. Other big May 2023 active inflows winners included: Edward Jones' Bridge Builder, $2.142 billion (up M/M from $697 million, up Y/Y from $69 million in net outflows); Allianz's Pimco, $1.037 billion (up M/M from $107 million, up Y/y from $5.757 billion in net outflows); Baird (including Strategas), $951 million (down M/M from $1.081 billion, up Y/Y from $1.524 billion in net outflows); and Guggenheim (including Rydex), $473 million (down M/M from $598 million, up Y/Y from $1.029 billion in net outflows).

SSGA took the lead on the passive side last month, thanks to an estimated $16.237 billion in net May 2023 passive inflows, up M/M from $4.721 billion in April 2023 and up Y/Y from $8.095 billion in May 2022. Other big May 2023 passive inflows winners included: Fidelity, $5.21 billion (down M/M from $5.265 billion, down Y/Y from $7.104 billion); Schwab, $1.175 billion (up M/M from $829 million, down Y/y from $2.388 billion); WisdomTree, $1.001 billion (up M/M from $313 million, down Y/Y from $1.586 billion); and Mirae's Global X, $684 million (up M/M from $181 million, up Y/Y from $119 million).

On the flip side, last month was a rough one for Vanguard, which took the active outflows lead thanks to an estimated $8.574 billion in net May 2023 active outflows, up M/M from $5.131 billion in April 2023 but down Y/Y from $12.228 billion in May 2022. Other big May 2023 active outflows sufferers included: Capital Group (home of American Funds), $5.419 billion (up M/M from $5.186 billion, down Y/Y from $7.158 billion); Fidelity, $5.354 billion (down M/M from $1.401 billion in net inflows, down Y/Y from $8.388 billion in net outflows); T. Rowe Price, $5.133 billion (up M/M from $4.103 billion, up Y/Y from $4.097 billion; and BlackRock (including iShares), $4.118 billion (up M/M from $1.01 billion, down Y/Y from $4.902 billion).

Vanguard also took the passive outflows lead last month, thanks to an estimated $1.964 billion in net May 2023 outflows, down M/M from $14.383 billion in net April 2023 inflows and down Y/Y from $16.439 billion in net May 2022 inflows. Other big May 2023 passive outflows sufferers included: First Trust, $907 million (up M/M from $555 million, up Y/Y from $164 million); ProShares and ProFunds, $853 million (down M/M from $711 million in net inflows, down Y/Y from $1.715 billion in net inflows); BNY Mellon, $705 million (up M/M from $9 million, up Y/Y from $95 million); and BlackRock, $513 million (down M/M from $8.652 billion in net inflows, down Y/Y from $34.14 billion in net inflows).

Overall, the 717 active fund firms tracked by the M* team (down M/M from 719 and down Y/Y from 724) suffered an estimated $44.016 billion in net active outflows in May 2023, up M/M from $30.68 billion but down Y/Y from $109.837 billion. 236 of those firms (32.9 percent) brought in net active inflows last month, down M/M from 266 (37 percent) and down Y/Y from 266 (36.7 percent).

The 147 passive firms tracked by the M* team (down Y/Y from 161) brought in an estimated $21.046 billion in net May 2023 inflows, down M/M from $37.244 billion and down Y/Y from $70.729 billion. 59 of those firms (40.1 percent) gained net passive inflows last month, down M/M from 62 (42.2 percent) and down Y/Y from 72 (44.7 percent). 

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