Large fund firms suffered nearly $205 billion in net outflows over the first 11 months of 2022, accounting for nearly three quarters of overall industry long-term outflows.

This article draws from Morningstar Direct data for November 2022 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 22 firms (down from 25 in November 2021) with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $4.555 trillion in long-term fund AUM as of November 30, 2022, and they accounted for 19.1 percent of overall industry long-term fund AUM. That compares with $4.327 trillion and 19.19 percent on October 31, 2022, and with $5.235 trillion and 19.18 percent on November 30, 2021.

Four large fund firms brought in net long-term inflows last month, down from month-over-month from five in October 2022 and down year-over-year from 14 in November 2021.

Schwab regained the inflows lead last month, thanks to an estimated $2.954 billion in net November 2022 inflows, down M/M from $2.97 billion in October 2022 and down Y/Y from $3.339 billion from November 2021. The only other November 2022 inflows winners were: American Century (including Avantis), $1.288 billion (up M/M from $509 million, up Y/Y from $443 million in net outflows); First Trust, $1.257 billion (up M/M from $757 million, down Y/Y from $2.024 billion); and Edward Jones' Bridge Builder, $362 million (down M/M from $938 million, down Y/Y from $815 million).

Schwab still leads the 2022 large fund firm inflows pack so far, thanks to an estimated $34.442 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: First Trust, $9.358 billion; and Bridge Builder, $9.155 billion.

On the flip side, Franklin Templeton took the outflows lead last month, thanks to an estimated $3.974 billion in net November 2022 outflows, down M/M from $4.186 billion in October 2022 but up Y/Y from $811 million in November 2021. Other big November 2022 outflows sufferers included: TIAA's Nuveen, $3.525 billion (up M/M from $505 million, down Y/Y from $1.42 billion in net inflows); Goldman Sachs, $2.582 billion (up M/M from $1.681 billion, down Y/Y from $240 million in net inflows); Allianz's Pimco, $2.484 billion (down M/M from $5.953 billion, down Y/Y from $678 million in net inflows); and Morgan Stanley (including Calvert and Eaton Vance), $2.476 billion (up M/M from $2.172 billion, up Y/Y from $842 million).

Pimco still leads the 2022 large fund firm outflows pack YTD, thanks to an estimated $45.631 billion in net 2022 outflows as of November 30. Other big outflows sufferers included: Franklin, $44.194 billion; and Lord Abbett, $26.967 billion.

As a group, large fund firms suffered $26.992 billion in net November 2022 outflows, equivalent to 0.59 percent of their combined AUM and accounting for 51.19 percent of overall industry long-term outflows. That compares with $23.112 billion, 0.53 percent of AUM, and 105.48 percent of industry outflows in October 2022, and with $8.852 billion in net inflows, 0.17 percent of AUM, and 10.93 percent of industry inflows in November 2021.

Large fund firms have suffered an estimated $204.788 billion in net YTD outflows as of November 30. That's equivalent to 4.5 percent of their combined AUM and accounted for 72.5 percent of overall industry long-term outflows.

Across the entire industry, the 788 firms tracked by the M* team (up M/M from 787, up Y/Y from 781) suffered an estimated $52.733 billion in net November 2022 outflows, equivalent to 0.22 percent of their combined $23.842 trillion in AUM. That's up M/M from $21.911 billion and 0.1 percent, and down Y/Y from $80.955 billion in net inflows and 0.3 percent.

Active funds suffered an estimated $95.552 billion in net November 2022 outflows, down M/M from $101.864 billion and up Y/Y from $2.051 billion. Passive funds brought in $42.638 billion in net November 2022 inflows, down M/M from $79.909 billion and down Y/Y from $83.006 billion.

As of November 30, long-term funds and ETFs have suffered $282.45 billion in net 2022 outflows. That's equivalent to 1.18 percent of their combined AUM. 

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