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Tuesday, July 17, 2018

A Fund-of-Funds Shop's Inflows Double

Reported by Neil Anderson, Managing Editor

A fund-of-funds shop's inflows doubled last month, keeping it on top of the midsize fund firm pack.

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

Edward Jones' Bridge Builder brought in an estimated $3.058 billion in net inflows in June, leading the midsize pack for a second month in a row and up from $1.558 billion in May. Other top inflows shops in June included: First Trust, $1.207 billion (down from $1.371 billion); Baird, $910 million (up from $55 million); VanEck, $767 million (up from $912 million in net outflows); and PrimeCap, $518 million (down from $654 million).

Bridge Builder led the midsize pack last month on a relative basis, too, with estimated net inflows in June equivalent to 5.2 percent of its AUM, up from 2.79 percent in May. Other big inflow winners proportionately in June included: Alps, 2.11 percent (up from 1.79 percent); Calamos, 1.99 percent (down from 2.26 percent); Baird, 1.95 percent (up from 0.12 percent); and First Trust, 1.91 percent (down from 2.2 percent).

On the flip side, June was a rough month for Goldman Sachs Asset Management, which led the midsize pack with $6.336 billion in estimated net outflows, down from $646 million in net inflows in May. Other big outflows sufferers in June included: GMO, $3.451 billion (up from $777 million); TCW, $2.519 billion (up from $376 million); Harbor, $1.584 billion (up from $1.117 billion); and Lazard, $1.279 billion (up from $190 million).

Proportionately, GMO was the biggest sufferer among midsize firms, with estimated net outflows in June equivalent to 8.41 percent of its AUM, up from 1.71 percent in May. Other big sufferers in June included: GSAM, 7.51 percent (down from 0.71 percent net inflows); Lazard, 4.27 percent (up from 0.6 percent); Aberdeen Standard, 3.77 percent (up from 2.1 percent); and AQR, 3.42 percent (up from 0.76 percent).

As a group, fund families with between $10 billion and $100 billion each suffered a combined $15.542 billion in net outflows in June, equivalent to about 0.52 percent of their combined AUM. That's up from $3.509 billion in net outflows in May.

Across the whole industry, mutual funds and ETFs suffered $23.037 billion in estimated net outflows in June, equivalent to about 0.13 percent of industry AUM (which reached $18.33 trillion as of the end of June). 

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