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Friday, August 14, 2015

SSgA Turns Its Flows Around, In a Big Way

Reported by Neil Anderson, Managing Editor

After a particularly painful second quarter, State Street Global Advisors (SSgA [profile]) really turned things around last month. The Boston-based ETF giant brought in more mutual net flows last month than any shop in the business that Jack Bogle didn't build.

Today the Morningstar folks released their monthly mutual fund flows report for July. Per the Chicago-based mutual fund ratings giant's estimates, Vanguard [profile] came out on top again last month, bringing in $15.035 billion. SSgA brought in $7.448 billion net last month, after suffering $37.978 billion in net outflows in the first half of the year, including $4.496 billion in June alone.

After Vanguard and SSgA came: number three, BlackRock [profile] (including iShares [profile]), $7.153 billion; number four, Dimensional Fund Advisors (DFA [profile]), $2.857 billion; and number five, WisdomTree [profile], $1.178 billion.

On the flip side, Fidelity [profile] suffered $9.182 billion in net outflows in July (though the bulk of that was from clients switching from Fidelity mutual funds to comparable Fidelity collective funds). The other top outflow-sufferers were: Pimco [profile], $4.56 billion; Franklin Templeton [profile], $3.173 billion; $1.681 billion, OppenheimerFunds [profile]; and $1.352 billion, T. Rowe Price [profile].

Category-wise, the big July winners were money market mutual funds, which brought in a whopping $53.135 billion in net inflows. Passive long-term funds brought in $39.204 billion net, while active long-term funds suffered $25.773 billion in net outflows. On the active side, only international equity ($3.192 billion), alternatives ($1.457 billion), and sector equity ($1.368 billion) had net inflows for the month. 

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