MutualFundWire.com: SSGA Pulls Ahead With $18B

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Tuesday, August 27, 2024

SSGA Pulls Ahead With $18B

The OG ETF shop took the inflows lead last month, according to the latest data from the folks at a publicly traded investment research firm.

Yie-Hsin Hung
State Street Global Advisors
President, CEO

This article draws from Morningstar Direct data on July 2024 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.***) More specifically, this article focuses on the 67 firms (up by two month-over-month from June 2024) with between 100 and 999 long-term mutual funds and ETFs each.

State Street's SSGA regained pole position, thanks to an estimated $17.941 billion in net July 2024 inflows, a $20.545-billion M/M increase from June 2024 and up by $15.687 billion year-over-year from July 2023. Other big July 2024 inflows winners included: Vanguard, $17.443 billion (up by $14.504 billion M/M and up by $5.461 billion Y/Y); Rafferty's Direxion, $3.69 billion (a $4.473-billion M/M increase, and up by $3.471 billion Y/Y); Schwab, $3.022 billion (down by $80 million M/M, up by $2.459 billion Y/Y); and DFA, $1.737 billion (up by $1.478 billion M/M, up by $1.067 billion Y/Y).

Yet for the trailing twelve months ending on July 31, Vanguard dominates, leading with $140.18 billion in net inflows. Other big TTM inflows winners included: SSGA, $73.67 billion; and Schwab, $31.47 billion.

On the flip side, T. Rowe Price took the outflows lead last month, thanks to an estimated $3.562 billion in July 2024 outflows, up by $289 million M/M from June 2024 but down by $1.817 billion Y/Y from July 2023. Other big July 2024 outflows sufferers included: Capital Group (home of American Funds), $2.077 billion (down by $3.355 billion M/M, down by $815 milion Y/Y); Jackson, $2.047 billion (up by $215 million M/M, up by $1.232 billion Y/Y); TCW, $1.975 billion (up by $64 million M/M, up by $1.974 billion Y/Y); and Sun Life's MFS, $1.26 billion (up by $60 million M/M, up by $45 million Y/Y).

As of July 31, 2024, Cap Group also leads the TTM outflows pack, thanks to an estimated $62.321 billion in net outflows. Other big outflows sufferers included: T. Rowe, $39.34 billion; and TCW, $21.988 billion.

As a group, large fund firms brought in $34.277 billion in net July 2024 inflows, ending the month with $18.669 trillion in AUM across 24,161 funds. That compares with $15.278 billion in net outlofws, $18.333 trillion in AUM, and 24,057 funds as of June 30, 2024.

In July 2024, large fund firms accounted for 63.4 percent of industry AUM, 56.1 percent of industry funds, and 41.3 percent of industry inflows.

As of July 31, large fund firms brought in $19.082 billion in net TTM inflows. That accounted for 5.5 percent of industry inflows.

Across the whole industry, the 795 firms (up by two M/M and up by 16 Y/Y) tracked by the M* team brought in about $82.936 billion in net July 2024 inflows. The industry ended July 2024 with $29.447 trillion in AUM across 43,102 funds. (That's up by $719 billion and by 288 funds M/M, and by $3.697 trillion and 935 funds Y/Y.)

As of July 31, the industry brought in $346.371 billion in net TTM inflows into long-term funds.

***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.

Printed from: MFWire.com/story.asp?s=67833

Copyright 2024, InvestmentWires, Inc.
All Rights Reserved