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Rating:Despite Slipping, an ETF Shop Keeps the Pole Position Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 31, 2018

Despite Slipping, an ETF Shop Keeps the Pole Position

Reported by Neil Anderson, Managing Editor

Despite slowed inflows in April, First Trust remained in the lead among midsize fund firms.

The fund flows information within this article draws from Morningstar Direct data. This article digs into mutual fund and ETF flows for April 2018, specifically for midsize fund firms (with between $10 billion and $100 billion in fund and ETF AUM).

First Trust brought in an estimated $1.076 billion in net inflows in April, more than any other midsize firms, but down from $1.649 billion in March. Other top inflow shops in April included: Edward Jones' Bridge Builder, $891 million (up from $859 million); Morgan Stanley, $546 million (up from $22 million); Primecap, $458 million (up from $429 million); and MassMutual, $409 million (up from $94 million).

Global X led the midsize fund firms on a relative basis, with estimated net inflows in April equivalent to 2.98 percent of its AUM, up from 0.8 percent in March. Other big inflows winners proportionately in April include: Alps, 2.14 percent (up from 0.29 percent); Edgewood, 1.84 percent (down from 1.87 percent); First Trust, 1.81 percent (down from 2.83 percent); and Calamos, 1.74 percent (down from 1.78 percent).

On the flip side, April was another rough month for Wells Fargo, which jumped to the lead in the midsize pack with $838 million in estimated net outflows, up from $714 million in March. Other big sufferers in April included: ProShares, $770 million (down from $358 million in net inflows in March); TCW, $686 million (down from $1.475 billion); Harbor, $671 million (down from $1.518 billion) and Lazard, $586 million (down from $477 million).

Proportionately, BBH was the biggest sufferer in April among midsize fund firms, with estimated net outflows equivalent to 3.34 percent of its AUM, up from 0.52 percent in March. Other big sufferers in April, proportionately, included: ProShares, 2.41 percent (up from 1.09 percent); Lazard, 1.77 percent (up from 1.41 percent); FMI, 1.66 percent (up from 1.57 percent); and Diamond Hill, 1.27 percent (up from 0.22 percent).

As a group, fund families with between $10 billion and $100 billion in AUM suffered an estimated $4.39 billion in net outflows in April, equivalent to about 0.14 percent of their combined AUM. That's down from $609 million in net inflows in March.

M* recently released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term funds brought in $30.591 billion in net inflows in April, while money funds suffered $9.029 billion in net outflows. Within long-term funds, taxable bond funds, international equity funds, U.S. equity funds, and commodities funds all had net inflows, while sector equity funds, allocation funds, muni bond funds, and liquid alts all suffered net outflows. 

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