MutualFundWire.com: With $5.2B, Schwab Threepeats

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Thursday, February 16, 2023

With $5.2B, Schwab Threepeats

A publicly traded brokerage's asset management kept the lead last month among large fund firms when it comes to inflows.

Omar Aguilar
Schwab Asset Management
CEO, Chief Investment Officer

This article draws from Morningstar Direct data on January 2023 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 23 firms (up month-over-month from 22 in December 2022 but down year-over-year from 25 in January 2022) with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $4.72 trillion in total long-term fund AUM across 14,907 funds as of January 31, 2023, and they accounted for 19.53 percent of overall industry long-term fund AUM. That compares with $4.346 trillion and 19.2 percent on December 31, 2022, and with $5.137 trillion and 19.23 percent on January 31, 2022.

11 large fund firms brought in net inflows last month, up M/M from three but down Y/Y from 12.

Schwab led the inflows pack last month for a third month in a row, thanks to an estimated $5.204 billion in net January 2023 inflows, up M/M from $3.892 billion in December 2022 and up Y/Y from $4.581 billion in January 2022. Other big January 2023 inflows winners included: Allianz's Pimco, $2.406 billion (up M/M from $7.384 billion in net outflows, up Y/Y from $971 million in net outflows); DFA, $2.102 billion (up M/M from $1.9.34 billion in net outflows, up Y/Y from $1.937 billion in net inflows); TIAA's Nuveen, $1.209 billion (up M/M from $1.887 billion in net outflows, up Y/Y from $298 million in net inflows); and First Trust, $1.135 billion (up M/M from $176 million, up Y/Y from $710 million).

On the flip side, Jackson took the outflows lead last month, thanks to an estimated $835 million in net January 2023 outflows, down M/M from $872 million in December 2022, and up Y/Y from $486 million in January 2022. Other big January 2023 outflows sufferers included: Franklin Templeton, $755 million (down M/M from $5.908 billion, down Y/Y from $2.322 billion); Ameriprise's Columbia Threadneedle, $748 million (down M/M from $1.655 billion, down Y/Y from $2.076 billion); Prudential's PGIM, $632 million (down M/M from $686 million in December 2022, down Y/Y from $807 million in net inflows); and Manulife's John Hancock, $579 million (up M/M from $277 million, up Y/Y from $372 million).

As a group, large fund firms brought in $10.012 billion in net January 2023 inflows, equivalent to 0.21 percent of their combined AUM and accounting for 23.46 percent of overall industry inflows. That compares with $90.687 billion in net inflows, 2.08 percent of AUM, and 55.02 percent of industry outflows in December 2022, and with $1.819 billion in net inflows, 0.04 percent of AUM, and 20.35 percent of industry inflows in January 2022.

Across the entire industry, the 783 firms tracked by the M* team (down M/M from 788, down Y/Y from 797) brought in an estimated $42.682 billion in net January 2023 inflows, equivalent to 0.18 percent of overall long-term fund AUM of $24.165 trillion, across 42,338 funds. That's up M/M from $85.82 billion in net outflows and 0.38 percent of AUM in December 2022, and up Y/Y from $8.936 billion in net inflows and 0.03 percent of AUM in January 2022.

Passive funds brought in $47.436 billion in net long-term fund inflows in January 2023, up M/M from $35.056 billion in December 2022 and up Y/Y from $22.087 billion in January 2022. Yet active funds suffered $4.367 billion in net January 2023 outflows, down M/M from $121.317 billion and down Y/Y from $13.138 billion.

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