The largest fund firms' quarterly inflows rose by $68.425 billion last quarter, according to the latest data from the folks at a traded investment research firm.

Abigail Pierrepont "Abby" Johnson FMR (dba Fidelity Investments) Chair, President, CEO

This article draws from Morningstar Direct data for March 2024 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 eight firms with at least 1,000 long-term mutual funds and ETFs each.

Fidelity took the lead last quarter, thanks to an estimated $55.115 billion in net inflows in the first quarter of 2024, up quarter-over-quarter from $11.32 billion in Q4 2023 and up year-over-year from $379 million in Q1 2023. Other big Q1 2024 inflows winners included: BlackRock (including iShares), $42.271 billion (down Q/Q from $57.818 billion, up Y/Y from $6.854 billion in net outflows); and J.P. Morgan (including Six Circles), $23.259 billion (up Q/Q from $5.765 billion, down Y/Y from $24.49 billion).

BlackRock took the lead last month, thanks to an estimated $24.974 billion in net March 2024 inflows. Other big inflows winners included: Fidelity, $12.364 billion; and J.P. Morgan, $6.492 billion.

On the flip side, Franklin Templeton (including Putnam) led the outflows pack last quarter, thanks to an estimated $6.402 billion in net Q1 2024 outflows, down Q/Q from $12.098 billion in Q4 2023 and up Y/Y from $4.89 billion in Q1 2023. Other big Q1 2024 outflows sufferers included: Ameriprise's Columbia Threadneedle, $1.117 billion (down Q/Q from $2.317 billion, down Y/Y fom $2.305 billion); and Morgan Stanley (including Eaton Vance and Calvert), $422 million (down Q/Q from $3.58 billion, down Y/Y from $1.743 billion).

Franklin also lead the outflows pack for a sixth consecutive month, thanks to an estimated $2.218 billion in March 2024 outflows. Other big outflows sufferers included: Columbia Threadneedle, $413 million; and TIAA's Nuveen, $222 million.

As a group, the eight largest fund firms brought in $47.343 billion in March 2024 inflows, ending the month with $8.711 trillion in AUM across 12,321 funds, with four of those firms netting inflows. Mega firms on March 31, 2024 accounted for 30.6 pecent of industry long-term fund AUM, 28.9 percent of funds, and 52.9 percent of March industry inflows.

Jumbo fund firms brought in $130.259 billion in Q1 2024 inflows (accounting for 68.9 percent of industry inflows). That's up Q/Q from $61.834 billion in Q4 2023.

For the trailing twelve months (TTM) ending March 31, 2024, mega fund firms brought in $245.913 billion in net inflows. They accounted for 98.7 percent of net industry inflows.

Across the whole industry, the 782 firms tracked by the M* team brought in an estimated $89.549 billion in net March 2024 inflows, ending the month with $28.428 trillion in AUM across 42,586 funds. That compares with $63.13 billion in net February 2024 inflows and with $25.527 billion in net March 2023 outflows. (As for industry size, that compares with: 778 firms, $27.618 trillion in AUM, and 42,551 funds on February 29, 2024; 782 firms, $26.572 trillion in AUM, and 42,423 funds on December 31, 2024; and 785 firms, $23.968 trillion in AUM, and 42,221 funds on March 31, 2023.)

In Q1 2024, the industry brought in $189.02 billion in net long-term inflows.

And for the TTM ending March 31, 2024, the industry brought in $249.233 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 separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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