The largest fund firms saw their inflows fall by more than 52 percent ($25.15 billion) last month, according to the latest data from the folks at a publicly traded investment research firm.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on August 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) led the pack for a fourth month in a row, bringing in an estimated $17.049 billion in net August 2024 inflows, down by $16.57 billion month-over-month from July 2024 but a $23.708-billion year-over-year improvement from August 2023. Other big August 2024 inflows winners included: J.P. Morgan (including Six Circles), $6.024 billion (up by $1.168 billion M/M, up by $3.669 billion Y/Y); and Fidelity, $5.737 billion (down by $512 million M/M, down by $2.36 billion Y/Y).

BlackRock also led the way for the trailing twelve months ending on August 31, 2024, thanks to an estimated $210.686 billion in net inflows. Other TTM inflows winners included: Fidelity, $85.357 billion; and J.P. Morgan, $54.393 billion.

On the flip side, Franklin Templeton (including Putnam and Royce) led the outflows pack for an 11th month in a row, thanks to an estimated $5.191 billion in net August 2024 outflows, up by $3.284 billion M/M from July 2024 and up by $2.075 billion Y/Y from August 2023. The other August 2024 mega outflows sufferers were: Ameriprise's Columbia Threadneedle, $1.277 billion (up by $405 million M/M, up by $244 million Y/Y); and Morgan Stanley (including Eaton Vance and Calvert), $245 million (a $379-million M/M net flows drop, down by $396 million Y/Y).

Franklin also led the TTM outflows pack as of August 31, thanks to an estimated $36.074 billion in net outflows. Other outflows sufferers included: Morgan Stanley, $8.143 billion; and Columbia Threadneedle, $8.078 billion.

As a group, the seven largest fund firms brought in $23.072 billion in August 2024 inflows, ending the month with $8.811 trillion in AUM across 11,394 funds. That compares with $48.222 billion in net inflows, $8.637 trillion in AUM, and 11,388 funds in July 2024.

Mega firms on August 31, 2024 accounted for 29.4 percent of industry long-term fund AUM, 26.6 percent of funds, and 88.4 percent of industry inflows.

As of August 31, jumbo firms brought in $348.666 billion in net TTM inflows, accounting for 87.6 percent of industry inflows in that period.

Across the whole industry, the 791 firms (down by four M/M but up by 11 Y/Y) tracked by the M* team brought in about $26.099 billion in net August 2024 inflows, and the industry ended the month with $29.993 trillion in AUM acoss 42,891 funds. That compares with $82.936 billion in net inflows, $29.447 trillion in AUM, and 43,102 funds in July 2024, and with $24.468 billion in net outflows, $25.211 trillion in AUM, and 42,226 funds in August 2023.

As of August 31, 2024, the industry brought in $398.051 billion in net TTM inflows into long-term funds.

***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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