The future of the mutual fund industry may lie in Asia.

Fernando Luque Morningstar Senior Financial Analyst

Net inflows into open-end mutual funds and ETFs plunged worldwide last year, except in Asia, according to Morningstar's just-released "2015 Global Asset Flows Report." The mutual fund ratings giant estimates that net flows into mutual funds in Asia more than doubled last year to $202 billion, behind only U.S. and cross-border inflows.

Inflows everywhere else in the world fell noticeably. For instance, flows in the U.S. dropped 55 percent to $263 billion in 2015, M* estimates.

The 32-page report digs into flows across the globe, by region. The findings support common narratives about the U.S. business, including the rise of target-date funds and passive funds as well as the dominance of highly-rated funds.

The report was authored by: Peter Gee, research survey manager, Australia fund analysis; Alina Lamy, senior analyst, markets research; Fernando Luque, senior financial analyst, editorial EMEA; Matias Mottola, senior analyst, EMEA fund research; and Timothy Strauts, marketing research manager, markets research. 

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