The world's largest asset manager saw its inflows lead expand dramatically 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 BlackRock Chairman, CEO

This article draws from Morningstar Direct data for November 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.

BlackRock led the way for a second month in a row, thanks to an estimated $29.98 billion in net November 2023 inflows, up month-over-month from $4.33 billion in October 2023 and up year-over-year from $14.885 billion in November 2022. Other big November 2023 inflows winners included: Invesco, $3.023 billion (up M/M from $956 million, down Y/Y from $3.608 billion); and Fidelity, $2.939 billion (up M/M from $2.964 billion in net outflows, up Y/Y from $10.775 billion in net outflows).

BlackRock also now leads the way so far in 2023, thanks to an estimated $56.042 billion in net year-to-date inflows as of November 30, 2023. Other big YTD inflows winners included: J.P. Morgan (including Six Circles), $51.105 billion; and Fidelity, $32.927 billion.

On the flip side, last month was tough on Franklin Templeton (including Royce), which led the outflows pack for a second consecutive month thanks to an estimated $4.044 billion in net November 2023 outflows, up M/M from $4.001 billion in October 2023 and up Y/Y from $3.974 billion in November 2022. Other big November 2023 outflows sufferers included: TIAA's Nuveen, $1.236 billion (down M/M form $1.904 billion, down Y/Y from $3.525 billion); and Morgan Stanley (including Eaton Vance and Calvert), $1.065 billion (up M/M from $1.026 billion, down Y/Y from $2.476 billion).

Franklin still leads the 2023 outflows pack so far among jumbo firms, thanks to an estimated $26.407 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Ameriprise's Columbia Threadneedle, $10.345 billion; and Nuveen, $10.036 billion.

As a group, the eight largest fund firms brought in $30.233 billion in net November 2023 inflows, ending the month with $7.589 trillion in AUM across 11,699 funds, with four of those firms netting inflows. (That compares with $3.633 billion in net outflows, $7.018 trillion in AUM, and 11,691 funds in October 2023.) Mega firms in November 2023 accounted for 30 percent of industry long-term fund AUM, 27.7 percent of funds, and 91.4 percent of industry inflows.

Over the first 11 months of 2023, jumbo fund firms brought in $94.542 billion in net inflows. Four of those firms have brought in net 2023 inflows so far.

Across the industry, the 778 firms tracked by the M* team (down M/M from 779, down Y/Y from 788) brought in an estimated $33.087 billion in net November 2023 inflows, ending the month with $25.329 trillion in AUM across 42,307 funds. That compares with $49.2445 billion in net outflows across $23.571 trillion in AUM and 42,413 funds in October 2023, and with $52.733 billion in net outflows across $23.842 trillion in AUM and 42,249 funds in November 2022.

Over the first 11 months of 2023, the industry brought in $25.258 billion in net YTD inflows.

***This caveat is particularly important for the largest 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. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE