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Monday, September 17, 2018

Bridge Builder's Lead Widens

Reported by Neil Anderson, Managing Editor

A subadvised mutual fund shop widened its lead last month among midsize fund firms.

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

Edward Jones' Bridge Builder stayed on top among midsize fund firms, with estimated net inflows in August of $3.048 billion, up from $2.826 billion in July. Other big August winners included: Morgan Stanley, $1.367 billion (up from $1.06 billion); First Trust, $1.297 billion (down from $1.661 billion); BNY Mellon, $622 million (up from $49 million in net outflows); and Guggenheim, $604 million (up from $140 million in net outflows).

Bridge Builder also led the midsize pack proportionately in August, with estimated net inflows equivalent to 4.6 percent of its AUM, up from 4.52 percent in July. Other big August winners included: Morgan Stanley, 3.31 percent (up from 2.7 percent); First Trust, 1.88 percent (down from 2.53 percent); UBS, 1.87 percent (down from 2.56 percent); and Guggenheim, 1.82 percent (up from 0.44 percent in net outflows).

On the flip side, August was a rough month for Harbor, which suffered an estimated $2.864 billion in net outflows, more than any other midsize firm and up from $935 million in July. Other big August sufferers included: First Eagle, $1.417 billion (up from $613 million); GMO, $1.414 billion (up from $628 million); ProFunds, $884 million (down from $631 million in net inflows); and Voya, $737 million (up from $301 million).

Proportionately, Harbor also led the outflows pack, with estimated net August outflows equivalent to 4.6 percent of its AUM, up from 1.45 percent in July. Other big August sufferers included: GMO, 3.57 percent (up from 1.52 percent); ProShares, 2.57 percent (up from 1.88 percent); FMI, 2.06 percent (up from 0.13 percent); and Lazard, 2.03 percent (up from 0.03 percent).

As a group, midsize fund firms suffered an estimated in $6.887 billion in combined net outflows in August, equivalent to 0.23 percent of their combined AUM. That's up from $1.647 billion in net outflows in July.

Across the whole industry, long-term open-end mutual funds and ETFs brought in a combined $22.219 billion in estimated net inflows in August, equivalent to 0.12 percent of their combined AUM. That's down from $31.915 billion in July. 

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