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Monday, November 20, 2023 Schwab Pulls Ahead With $1.71B A publicly traded brokerage giant's asset manager took the lead last month among large fund firms, according to the latest data from the folks at a publicly traded investment research firm.
Schwab took the lead last month, thanks to an estimated $1.71 billion in net October 2023 inflows, down month-over-month from $2.107 billion in September 2023 and down year-over-year from $2.97 billion in October 2022. Other big October 2023 inflows winners included: SSGA, $1.053 billion (down M/M from $7.172 billion, down Y/Y from $27.598 billion); Rafferty's Direxion, $794 million (up M/M from $499 million, up Y/Y from $655 million); Innovator, $754 million (up M/M from $357 million, down Y/Y from $809 million); and American Century (including Avantis), $681 million (up M/M from $260 million, up Y/Y from $509 million). Vanguard still leads the pack so far in 2023, thanks to an estimated $54.771 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Schwab, $21.414 billion; and SSGA, $15.194 billion. On the flip side, Vanguard took the outflows lead last month, thanks to an estimated $7.846 billion in net October 2023 outflows, down M/M from $2.255 billion in net inflows in September 2023 and down Y/Y from $47 million in net inflows in October 2022. Other big October 2023 outflows sufferers included: Capital Group (home of American Funds), $6.916 billion, up M/M from $6.01 billion, down Y/Y from $8.326 billion; TCW (including MetWest), $4.285 billion (up M/M from $832 million, up Y/Y from $1.398 billion); ProShares and ProFunds, $2.762 billion (up from $1.292 billion, up Y/Y from $730 million); and SunLife's MFS, $2.387 billion (up M/M from $277 million, up Y/Y from $2.008 billion). T. Rowe Price leads the 2023 outflows pack so far, thanks to an estimated $40.16 billion in net YTD outflows as of October 31. Other big outflows sufferers included: Cap Group, $38.178 billion; and Lord Abbett, $11.649 billion. As a group, large firms suffered $42.975 billion in net October 2023 outflows, ending the month with $14.878 trillion in AUM across 23,550 funds. (That compares with $11.682 billion in net outflows, $15.293 trillion in AUM, and 23,508 funds.) Large firms in October 2023 accounted for 63.12 percent of industry long-term fund AUM, 55.53 percent of funds, and 87.27 percent of industry outflows. Over the first ten months of 2023, large fund firms suffered $79.957 billion in net outflows. 19 of those firms have brought in net inflows in 2023. Across the industry, the 779 firms tracked by the M* team (down M/M from 780 and down Y/Y from 787) suffered an estimated $49.245 billion in net October 2023 outflows, ending the month with $23.571 trillion in AUM across 42,413 funds. That compares with $12.246 billion in net outflows, $24.155 trillion in AUM, and 42,226 funds in September 2023, and with $21.911 billion in net outflows and $22.554 trillion in AUM in October 2023. Over the first ten months of 2023, fund firms suffered $8.191 billion in net outflows. Printed from: MFWire.com/story.asp?s=66716 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |