The long-term U.S. mutual fund and ETF industry surpassed $30 trillion in AUM and 43,000 funds 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 September 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 inflows pack for a 2nd quarter in a row, thanks to an estimated $62.918 billion in net inflows in the third quarter of 2024, up by $625 million quarter-over-quarter from Q2 2024 and up by $55.652 billion year-over-year from Q3 2023. Other Q3 2024 inflows winners included: J.P. Morgan (including Six Circles), $17.869 billion (up by $7.335 billion Q/Q, up by $10.891 billion Y/Y); Fidelity, $12.55 billion (down by $12.703 billion Q/Q, down by $10.085 billion Y/Y); and Invesco, $8.395 billion (down by $6.078 billion Q/Q, up by $3.204 billion Y/Y).

BlackRock also led the way for a fifth consecutive month, thanks to an estimated $12.214 billion in net September 2024 inflwos. Other inflows winners included: J.P. Morgan, $6.997 billion; Invesco, $1.26 billion; Fidelity, $1.211 billion; and Morgan Stanley (including Calvert and Eaton Vance), $57 million.

On the flip side, Franklin Templeton (inculding Putnam and Royce)) led the outflows pack again last quarter, thanks to an estimated $18.949 billion in Q3 2024 outflows, up by $11.112 billion Q/Q and up by $11.825 billion Y/Y. Other Q3 2024 outflows sufferers included: Ameriprise's Columbia Threadneedle, $2.871 billion (up by $1.476 billion Q/Q, up by $55 million Y/Y); and Morgan Stanley, $65 million (down by $3.372 billion Q/Q, down by $1.421 billion Y/Y).

Franklin also led the outflow last month for a 12th month in a row, thanks to an estimated $11.851 billion in net September 2024 outflows. The only other mega firm to suffer September 2024 outflows was Columbia Threadneedle, $722 million.

As a group, the seven largest fund firms brought in $$9.166 billion in September 2024 inflows, ending the month with $8.967 trillion in AUM across 11,479 funds Mega firms on September 30, 2024 accounted for 29.3 percent of industry long-term fund AU, 26.6 percent of funds, and 16.7 percent of industry inflows.

Jumbo firms brought in $79.848 billion in net Q3 2024 inflows, accounting for 48.8 percent of industry inflows. That's down by $20.035 billion Q/Q but up by $52.557 billion Y/Y.

Across the whole industry, the 793 firms (up by two M/M and by 13 Y/Y) tracked by the M* team brought in about $54.963 billion in net September 2024 inflows. (That's up by $28.864 billion M/M and up by $67.209 billion Y/Y.) The industry ended September 2024 with $30.559 trillion in AUM across 43,123 funds. (That's up by $566 billion and 232 funds M/M, up by $1.831 trillion and 309 funds Q/Q, and up by $6.404 trillion and 854 funds Y/Y.)

In Q3 2024, the industry brought in $163.658 billion in net inflows. (That's up by $70.283 billion Q/Q and up by $159.82 billion Y/Y.)

***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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