The world's largest asset manager brought in more than $100 billion in net mutual fund and ETF inflows last quarter, accounting for 43 percent of all industry inflows, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on September 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and separate accounts, are also not included.*) More specifically, this article focuses on the 74 firms (up by one quarter-over-quarter from June 2025) with at least 100 long-term mutual funds or ETFs each.

BlackRock (including iShares) led the inflows pack for a sixth quarter in a row, thanks to an estimated $101.608 billion in net inflows in the third quarter of 2025, up by $49.791 billion Q/Q from Q2 2025 and up by $38.69 billion year-over-year from Q3 2024. Other big Q3 2025 inflows winners included:

Vanguard, $37.68 billion (down by $5.303 billion Q/Q, down by $11.233 billion Y/Y);

State Street Investment Management (SSIM, fka SSGA), $30.943 billion (up by $19.657 billion Q/Q, up by $1.691 billion Y/Y);

Fidelity, $27.455 billion (up by $17.633 billion Q/Q, up by $14.905 billion Y/Y); and

J.P. Morgan (including Six Circles), $17.574 billion (up by $5.084 billion Q/Q, down by $295 million Y/Y).

BlackRock also led the inflows pack for a fifth consecutive month, thanks to an estimated $49.759 billion in net September 2025 inflows. Other big inflows winners included: Vanguard, $10.845 billion; and Fidelity, $9.679 billion.

On the flip side, T. Rowe Price took the outflows lead last quarter, thanks to an estimated $15.075 billion in net Q3 2025 outflows, down by $1.164 billion Q/Q but up by $1.982 billion Y/Y. Other big Q3 2025 outflows sufferers included:

Rafferty's Direxion, $11.348 billion (a $12.752-billion net flows drop Q/Q, a $15.974-billion net flows drop Y/Y);

Capital Group (home of American Funds), $10.162 billion (down by $10.303 billion Q/Q, up by $3.67 billion Y/Y);

Voya, $7.83 billion (up by $6.861 billion Q/Q, down by $3.118 billion Y/Y); and

Jackson, $6.259 billion (up by $1.76 billion Q/Q, down by $303 million Y/Y).

Voya took the outflows lead last month, thanks to an estimated $7.004 billion in net September 2025 outflows. Other big outflows sufferers included: T. Rowe Price, $5.801 billion; and Direxion, $5.122 billion.

As a group, large fund firms brought in $214.271 billion in Q3 2025 inflows. That's up by $139.632 billion Q/Q and accounts for 90.8 percent of total industry Q3 inflows.

As of September 30, 2025, large fund firms held $32.349 trillion in AUM, accounting for 93.2 percent of overall industry AUM and up by $1.739 trillion Q/Q. Those firms had 36,177 mutual funds and ETFs, accounting for 77.6 percent of overall industry funds and up by 428 Q/Q.

In September 2025, large firms brought in $78.935 billion in net inflows. They accounted for 90.9 percent of industry inflows.

Across the whole industry, the 770 fund firms tracked by the M* team (up by 2 Q/Q) brought in $235.926 billion in net Q3 2025 inflows. That's up by $169.941 billion Q/Q and up by $72.268 billion Y/Y.

The industry ended Q3 2025 with $34.692 trillion in AUM, up by $1.956 trillion Q/Q and up by $4.133 trillion Y/Y. The industry had 46,628 ETFs and mutual funds at the end of Q3 2025, up by 3,398 Q/Q and up by 3,505 Y/Y.

In September 2025, the industry overall brought in $86.827 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 institutional separate accounts are commonly used alternatives to traditional mutual funds.

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