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Tuesday, August 14, 2018

Bridge Builder Keeps Dominating

Reported by Neil Anderson, Managing Editor

A broker-dealer's proprietary, subadvised mutual fund shop continues to dominate inflows 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 (excluding money market funds and funds of funds) for July 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 $2.826 billion in net inflows in July, leading the midsize pack for the third month in a row but down from $3.058 billion in June. Other top inflows shops in July included: First Trust, $1.661 billion (up from $1.207 billion); Brinker Capital's Destination Funds, $1.161 billion (up from $40 million); Morgan Stanley, $1.06 billion (up from $444 million); and Goldman Sachs, $890 million (up from $6.336 billion in net outflows).

Destination led the midsize pack on a relative basis, with estimated net inflows in July equivalent to 11.2 percent of its AUM, up from 0.45 percent in June. Other big inflow winners in July proportionately included: Bridge Builder, 4.52 percent (down from 5.2 percent); Morgan Stanley, 2.7 percent (up from 1.17 percent); UBS, 2.56 percent (up from 0.01 percent); and First Trust, 2.53 percent (up from 1.91 percent).

On the flip side, July was a rough month for AQR, which led the midsize pack with $939 million in estimated net outflows, down from $1.239 billion in June. Other big outflows sufferers in July included: Harbor, $935 million (down from $1.584 billion); TCW, $690 million (down from $2.519 billion); Harris' Oakmark, $673 million (up from $78 million); and Wells Fargo, $671 million (down from $895 million).

Proportionately, ALPS was the biggest sufferer among midsize firms, with estimated net outflows in July equivalent to 3.71 percent of its AUM (down from 2.11 percent in net inflows in June). Other big sufferers in July included: AQR, 2.65 percent (down from 3.42 percent); Aberdeen Standard, 2.18 percent (down from 3.77 percent); Nationwide, 2.16 percent (down from roughly flat flows); and BBH, 1.75 percent (down from 1.99 percent).

As a group, fund families with between $10 billion and $100 billion in AUM each suffered a combined $1.647 billion in net outflows in July, equivalent to about 0.05 percent of their combined AUM. That's down from $15.542 billion in net outflows in June.

Across the whole industry, mutual funds and ETFs brought in $31.915 billion in estimated net inflows in July, equivalent to about 0.17 percent of industry AUM (which reached $18.794 trillion as of the end of July). That's up from $23.037 billion in net industry outflows in June. 

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