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Rating:Fido's Inflows Rise By $15B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 19, 2024

Fido's Inflows Rise By $15B

Reported by Neil Anderson, Managing Editor

The Boston Behemoth more than doubled its inflows last, leading the largest fund firm pack again, according to the latest data from the folks at a publicly traded investment research firm.

Abigail Pierrepont "Abby" Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct data for February 2024 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.

Fidelity led the group for the second month in a row, thanks to an estimated $28.116 billion in net February 2024 inflows, up month-over-month from $13.09 billion in January 2024 and up year-over-year from $1.086 billion in February 2023. Other big February 2024 inflows winners included: J.P. Morgan (including Six Circles), $9.406 billion (up M/M from $7.36 billion, up Y/Y from $9.308 billion); and BlackRock (including iShares), $7.791 billion (down M/M from $8.548 billion, up Y/Y from $18.667 billion in net outflows).

So far in 2024, Fidelity leads the inflows pack, thanks to an estimated $42.402 billion in net year-to-date inflows as of February 29, 2024. Other big YTD inflows winners included: J.P. Morgan, $16.766 billion; and BlackRock, $16.339 billion.

On the flip side, Franklin Templeton (including Putnam) led the outflows pack for a fifth consecutive month, thanks to an estimated $2.081 billion in February 2024 outflows, up M/M from $2.058 billion in January 2024 and up Y/Y from $1.202 billion in February 2023. Other big February 2024 outflows sufferers included: Ameriprise's Columbia Threadneedle, $392 million (up M/M from $312 million, down Y/Y from $420 million); and Morgan Stanley (including Eaton Vance and Calvert), $382 million (up M/M from $63 million, down Y/Y from $84 million in net inflows).

After the first two months of 2024, Franklin Templeton leads the outflows pack, thanks to an estimated $4.139 billion in outflows as of February 29, 2024. Other big YTD outflows sufferers included: Columbia Threadneedle, $704 million; and Morgan Stanley, $445 million.

As a group, the eight largest fund firms brought in $44.181 billion in February 2024 inflows, ending the month with $8.447 trillion in AUM across 12,309 funds, with five of those firms netting inflows. (That compares with $35.865 billion in net inflows, $8.102 trillion in AUM, and 12,305 funds in January 2024.) Mega firms on February 29, 2024 accounted for 30.6 percent of industry long-term fund AUM, 28.9 percent of funds, and 70 percent of industry inflows.

Jumbo fund firms brought in $81.54 billion in YTD inflows as of February 29, 2024. That accounts of 83.8 percent of industry inflows.

Across the industry, the 778 firms tracked by the M* team (up M/M from 773, down Y/Y from 782) brought in an estimated $63.13 billion in net February 2024 inflows, ending the month with $27.618 trillion in AUM across 42,551 funds. That compares with $35.941 billion in net inflows, $26.623 trillion in AUM, and 42,446 funds in January 2024, and with $3.245 billion in net outflows, $23.493 trillion in AUM, and 42,324 funds in February 2023.

The industry brought in $97.334 billion in net inflows over the first two months of 2024.

***This caveat is particularly important for large 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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