A quiet mutual fund titan that has been bleeding for six years may be on the mend.
In an interview with Ross Kerber of Reuters
, Capital Group
] management committee chair Tim Armour
reveals that the Los Angeles-based giant's American Funds
are on track to breaking even in fund flows this year for the first time since the financial crisis.
"Year-to-date our flows are about even, and if trends continue we expect to end the year about even," Armour tells the wire service, pointing to improving performance as driving the shift.
data that, year-to-date through August, American Funds suffered $16.1 billion in net customer withdrawals and $5.1 billion in net customer deposits, compared to its $1.2 trillion in mutual fund assets under management and $1.4 trillion in total AUM. And as Armour tells Reuters
that his team is "trying to get a more balanced view out there in the market about active versus passive," making the case with advisors.
Correction: A prior version of this story mistakenly listed Capital Group's Tim Armour as previously working with Janus.
Neil Anderson, Managing Editor
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