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Rating:As First Trust Takes the Lead, Bridge Builder Slows Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 11, 2018

As First Trust Takes the Lead, Bridge Builder Slows

Reported by Neil Anderson, Managing Editor

For the first time five months, there's a new leader in the midsize fund firm pack.

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 September 2018, specifically for midsize fund firms (those with between $10 billion and $100 billion in fund AUM each).

First Trust jumped into first place among midsize fund firms, with estimated net inflows in September of $1.688 billion, up from $1.297 billion in August. Other big September winners included: AllianceBernstein, $436 million (up from $117 million); Edward Jones' Bridge Builder, $374 million (down from $3.048 billion); Morgan Stanley, $349 million (down from $1.367 billion); and Putnam, $347 million (down from $568 million).

First Trust also led the midsize pack proportionately in September, with estimated net inflows equivalent to 2.42 percent of its AUM, up from 1.88 percent in August. Other big September winners included: Carillon Tower Advisers, 1.2 percent (up from 1.86 percent in net outflows); UBS, 1.14 percent (down from 1.87 percent); Credit Suisse, 1.13 percent (up from 0.26 percent); and Harding Loevner, 0.92 percent (down from 1.1 percent).

On the flip side, September was another rough month for Harbor, which suffered $3.519 billion in estimated net outflows, up from $2.864 billion in August. Other big September sufferers included: AQR, $1.058 billion (up from $650 million); First Eagle, $894 million (down from $1.417 billion); Harris' Oakmark, $818 million (up from $560 million); and AMG, $799 million (up from $511 million).

Proportionately, Harbor also led the outflows pack, with estimated September net outflows equivalent to 6 percent of its AUM, up from 4.6 percent in August. Other big September sufferers included: AQR, 3.1 percent (up from 1.85 percent); State Farm, 2.96 percent (up from 1.19 percent); AMG, 2.33 percent (up from 1.45 percent); and BBH, 1.91 percent (up from 0.69 percent).

As a group, midsize fund firms suffered an estimated $11.467 billion in combined net outflows in September, equivalent to 0.38 percent of their combined AUM. That's up from $6.887 billion in net outflows in August.

Across the whole industry, long-term open-end mutual funds and ETFs brought in a combined $28.269 billion in estimated net inflows in September, equivalent to 0.15 percent of their combined AUM. That's up from $22.219 billion in August. 

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