The world's largest asset manager took the inflows lead last month among the largest fund firms, according to the latest data from the folks at a publicly traded investment research firm.
| Laurence D. "Larry" Fink|
This article draws from Morningstar Direct
data for October 2023 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 eight firms with at least 1,000 long-term mutual funds and ETFs each.
took the lead last month, thanks to an estimated $4.33 billion in net October 2023 inflows, up month-over-month from $3.148 billion in September 2023
but down year-over-year from $26.08 billion in October 2022
. The only other October 2023 inflows winners included: J.P. Morgan
(including Six Circles), $2.147 billion (down M/M from $3.975 billion, up Y/Y from $267 million); and Invesco
, $956 million (down M/M from $1.969 billion, up Y/Y from $3.852 billion in net outflows).
J.P. Morgan still leads the way so far in 2023, thanks to an estimated $49.461 billion in net year-to-date inflows as of October 31, 2023. Other big YTD inflows winners included: Fidelity
, $29.984 billion; and BlackRock, $25.885 billion.
On the flip side, last month was tough on Franklin Templeton
(including Royce), which took the outflows lead thanks to an estimated $4.001 billion in net October 2023 outflows, up M/M from $2.461 billion, down Y/Y from $4.186 billion). Other big October 2023 outflows sufferers included: Fidelity, $2.964 billion (down M/M from $4.81 billion in net inflows, down Y/Y from $8.26 billion in net outflows); and TIAA's Nuveen
, $1.904 billion (up M/M from $1.63 billion, up Y/Y from $505 million).
Franklin still leads the 2023 outflows pack so far among mega firms, thanks to an estimated $22.395 billion in net YTD outflows as of October 31. Other big YTD outflows sufferers included: Ameriprise's Columbia Threadneedle
, $9.34 billion; and Nuveen, $8.8 billion.
As a group, the eight largest fund firms suffered $3.633 billion in net October 2023 outflows, ending the month with $7.018 trillion in AUM across 11,691 funds, with three of those firms netting inflows. (That compares with $1.843 billion in net inflows, $7.203 trillion in AUM, and 11,681 funds in September 2023.) Mega firms in October 2023 accounted for 29.8 percent of industry long-term fund AUM, 27.6 percent of funds, and 7.4 percent of industry outflows.
Over the first ten months of 2023, jumbo fund firms brought in $64.129 billion in net inflows. Four of those firms have brought in net 2023 inflows so far.
Across the industry, the 779 firms tracked by the M* team (down M/M from 780 and down Y/Y from 787) suffered an estimated $49.2445 billion in net October 2023 outflows, ending the month with $23.571 trillion in AUM across 42,413 funds. That compares with 12.246 billion in net outflows across $24.155 trillion in AUM and 42,226 funds in September 2023, and with $21.911 billion in net outflows across $22.554 trillion in AUM in October 2022.
***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds.
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