The world's largest asset manager took the lead last month as the largest firms' inflows more than quadrupled, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data for May 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 seven firms with at least 1,000 long-term mutual funds and ETFs each.

BlackRock (including iShares) took the lead last month, thanks to an estimated $19.863 billion in net May 2024 inflows, up by $18.988 billion month-over-month and up by $24.494 billion year-over-year. Other big May 2024 inflows winners included: Fidelity, $11.465 billion (up M/M by $3.462 billion, up by $11.61 billion Y/Y); and Invesco, $7.305 billion (up by $4.692 billion M/M, up by $9.18 bilion Y/Y).

BlackRock also leads the inflows pack for the trailing twelve months ending May 31, 2024, thanks to an estimated $146.679 billion in net inflows. Other big TTM inflows winners included: Fidelity, $82.853 billion; and J.P. Morgan (including Six Circles), $49.187 billion.

On the flip side, Franklin Templeton (including Putnam and Royce) led the outflows pack for an eight consecutive month, thanks to an estimated $2.307 billion in May 2024 outflows, down by $660 million M/M and down by $381 million Y/Y. The only other May 2024 outflows sufferer was Morgan Stanley (including Eaton Vance and Calvert), with $493 million (down by $1.533 billion M/M, down by $108 million Y/Y).

Franklin also leads the outflows pack for the TTM ending May 31, 2024, thanks to an estimated $32.95 billion in net outflows. Other big TTM outflows sufferers included: Morgan Stanley, $8.639 billion; and Ameriprise's Columbia Threadneedle, $7.505 billion.

As a group, the seven largest fund firms brought in $38.727 billion in May 2024 inflows, ending the month wih $8.264 trillion in AUM across 11,363 funds, witht five of those firms netting inflows. Mega firms on May 31, 2024 accounted for 29.2 percent of industry long-term fund AUM, 26.6 percent of funds, and 66.3 percent of industry inflows.

Jumbo firms brougth in $277.913 billion in TTM inflows as of May 31, 2024, accounting for 95.4 percent of industry net flows.

Across the whole industry, the 791 firms (up by two M/M and up by 11 Y/Y) tracked by the M* team brought in $58.35 billion in net May 2024 inflows, up by $67.359 billion M/M and up by $81.319 billion Y/Y. The industry ended May 2024 with $28.273 trillion in AUM across 42,674 funds. (That's up by $767 billion M/M and up by $4.373 trillion Y/Y).

For the TTM ending May 31, 2024, the industry brought in $291.264 billion in net inflows.

***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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