An insurer's new fund family took the lead last month among the smallest fund firms, according to the latest data from folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on January 2024 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 495 firms with fewer than ten long-term mutual funds and ETFs each.

Column Funds (from Northwestern Mutual's Mason Street Advisors) pulled ahead last month, thanks to an estimated $3.358 billion in net January 2024 inflows, up month-over-month from $25 million in December 2023 (the four-fund family's debut month). Other big January 2024 inflows winners included: 21Shares, $640 million (up M/M from $12 million); Bitwise, $627 million (up M/M from $6 million, up year-over-year from zero net flows in January 2023); Performance Trust Asset Management, $308 million (up M/M from $289 million, up Y/Y from $92 million); and Alpha Architect, $272 million (up M/M from $59 million, up Y/Y from $113 million).

On the flipside, Ark took the outflows lead last month, thanks to an estimated $1.022 billion in net January 2024 outflows, down M/M from $363 million in December 2023 inflows but up Y/Y from $2 million in January 2023 outflows. Other big January 2024 outflows sufferers included: Primecap, $350 million (down M/M from $572 million, up Y/Y from $99 million); Akre, $335 million (down M/M fom $350 million, up Y/Y from $8 million); Nuance, $127 million (roughly unchanged M/M, down Y/Y from $5 million in net inflows); and Edgewood, $124 million (up M/M from $41 million, down Y/Y from $119 million in net inflows).

As a group, small fund firms brought in $4.534 billion in net January 2024 inflows, with 215 of those firms netting inflows. That's up M/M from $1.752 billion in net outflows in December 2023.

As of January 31, 2024, small fund firms had a combined $274 billion in AUM across 1,487 funds. (That's up M/M from $270 billion and 1,479 funds on December 31, 2023.) Small firms accounted for 1 percent of industry AUM, 3.5 percent of industry long-term funds, and 12.6 percent of industry inflows.

Across the industry, the 773 firms tracked by the M* team (down M/M from 782, down Y/Y from 783) brought in an estimated $35.941 billion in net January 2024 inflows, ending the month with $26.623 trillion in AUM across 42,446 funds. That compares with $57.098 billion in net inflows, $26.527 trillion in AUM, and 42,423 funds in December 2023, and with $42.682 billion in net inflows, $24.165 trillion in AUM, and 42,338 funds in January 2023. 

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