MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, December 23, 2021 An Insurer Leads the Active Pack With $3.5B An insurer's fund business took the lead among active fund firms last month, while a familiar leviathan led on the passive side. Passive inflows rose overall, while active overall fell into outflows territory for the first time in 13 months.
Nationwide took the lead last month on the active side, thanks to an estimated $3.494 billion in net November 2021 active inflows, up month-over-month from $13 million in October 2021 and up from $100 million in net active outflows in November 2020. Other big November 2021 active inflows winners included: BlackRock (including iShares), $2.809 billion (up M/M from $2.557 billion, up Y/Y from $2.34 billion); TIAA's Nuveen, $2.635 billion (up M/M from $1.922 billion, up Y/Y from $565 million in net outflows); MFS, $2.103 billion (up M/M from $200 million, up Y/Y from $1.967 billion); and Capital Group's American Funds, $1.202 billion (up M/M from $1.095 billion, up Y/Y from $1.288 billion in net outflows). Vanguard kept the lead yet again on the passive side last month, thanks to an estimated $31.093 billion in net November 2021 passive inflows, up M/M from $20.011 billion in October 2021 and up Y/y from $15.355 billion in November 2020. Other big November 2021 passive inflows winners included: BlackRock, $27.881 billion (up M/M from $20.003 billion, down Y/Y from $30.698 billion); Fidelity, $5.407 billion (down M/M from $7.536 billion, down Y/Y from $11.043 billion); SSGA, $5.378 billion (down M/M from $11.55 billion, down Y/Y from $22.819 billion); and Invesco, $4.124 billion (down M/M from $8.081 billion, down Y/Y from $5.913 billion). On the flip side, last month was a rough one for Fidelity's active mutual funds, which led the active outflows pack thanks to an estimated $4.048 billion in net November 2021 outflows, up M/M from $1.902 billion in October 2021 but down Y/Y from $1.317 billion in November 2020 inflows. Other big November 2021 active outflows sufferers included: T. Rowe Price, $3.883 billion (up M/M from $2.996 billion, up Y/Y from $1.476 billion); Vanguard, $1.805 billion (up M/M from $327 million, down Y/Y from $4.13 billion in net inflows); Macquarie's Delaware, $1.476 billion (down M/M from $1.536 billion, up Y/Y from $95 million); and Ark, $1.419 billion (up M/M from $125 million, down Y/Y from $2.829 billion in net inflows). Nuveen again led the outflows pack on the passive side last month, thanks to an estimated $1.215 billion in net November 2021 passive outflows, down M/M from $1.234 billion in October 2021 and down Y/Y from $1.907 billion in November 2020 passive inflows. Other big November 2021 passive outflows sufferers included: Principal, $412 million (up M/M from $120 million, down Y/Y from $506 million); J.P. Morgan, $353 million (down M/M from $440 million, down Y/Y from $63 million in net inflows); DWS (including Xtrackers), $228 million (down M/M from $200 million in net inflows, down Y/Y from $148 million in net inflows); and Voya, $190 million (down M/M from $2.77 billion in net inflows, up Y/Y from $88 million). Overall, the 718 active fund firms tracked by the M* team (down M/M from 721)suffered an estimated $2.051 billion in net active outflows in November 2021. That compares with $5.324 billion in net inflows in October 2021 and $16.857 billion in net inflows in November 2021. 372 firms gained net active inflows in November 2021, up M/M from 371 and up Y/Y from 327. The 152 passive fund firms tracked by the M* team (down M/M from 153 but up Y/Y from 138) brought in an estimated $83.006 billion in net passive inflows in November 2021, accounting for 103 percent of overall industry long-term inflows. That compares with $78.71 billion and 94 percent in October 2021, and with $95.171 billion in November 2020. 89 firms gained net passive inflows in November 2021, up from 86 in October 2021 and up from 73 in November 2020. *** This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe team revealed earlier this month, in November 2021 their clients transferred $1.1 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. (T. Rowe clients made $22.6 billion of such transfers in the first 11 months of 2021.) And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space. Printed from: MFWire.com/story.asp?s=63798 Copyright 2021, InvestmentWires, Inc. All Rights Reserved |
