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Rating:A Wirehouse's Sibling Wins In November Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 18, 2018

A Wirehouse's Sibling Wins In November

Reported by Neil Anderson, Managing Editor

Even as the vast majority of midsize fund firms suffered again last month, a publicly traded wirehouse and investment bank's asset management sibling made a strong showing.

Daniel Simkowitz
Morgan Stanley
Head of Investment Management
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 November 2018, specifically for midsize fund firms (those with fund AUM of $10 billion and $100 billion each).

Morgan Stanley Investment Management reached the lead among midsize fund firms last month, with estimated net November inflows of $882 million, up from $513 million in October. Other big November winners included: Amundi Pioneer, $449 million (up from $185 million in net outflows); Putnam, $364 million (down from $446 million); First Trust, $277 million (up from $1.547 billion in net outflows); and Edward Jones' Bridge Builder, $254 million (down from $900 million).

Morgan Stanley also won the midsize fund firm pack proportionately, with estimated November net inflows equivalent to 2.17 percent of its AUM, up from 1.3 percent in October. Other big November winners, proportionately, included: Calamos, 1.2 percent (down from 1.23 percent); Amundi Pioneer, 1.07 percent (up from 0.44 percent in net outflows); Raymond James' Carillon Tower, 0.82 percent (up from 0.51 percent); and Putnam, 0.5 percent (down from 0.62 percent).

On the flip side, November was a tough month for Harris' Oakmark, which suffered an estimated $2.607 billion in net outflows — more than any other midsize firm and up from $1.437 billion in October. Other big November outflows sufferers included: Harbor, $1.737 billion (down from $2.125 billion); AQR, $1.516 billion (up from $855 million); TCW (including MetWest), $1.402 billion (down from $1.733 billion); and BNY Mellon (including Dreyfus), $1.371 billion, up from $480 million.

Nationwide led the midsize pack's suffering proportionately, with estimated net November outflows equivalent to 8.04 percent of its AUM, up from 0.65 percent in October. Other big November sufferers included: Aberdeen Standard, 6.53 percent (up from 3.26 percent); AQR, 5.1 percent (up from 2.7 percent); Harbor, 3.5 percent (down from 4.16 percent); and Oakmark, 3.22 percent (up from 1.72 percent).

Of the 82 midsize fund firms (with a combined $2.966 trillion in AUM), 67 suffered net outflows last month and 15 gained net inflows. As a group, midsize fund firms suffered an estimated $29.886 billion in combined net outflows in November, equivalent to 1.01 percent of their combined AUM. That's up from $21.347 billion in October.

Industrywide, long-term, open-end mutual funds and ETFs suffered a combined $1.443 billion in net outflows in November, equivalent to about 0.01 percent of their combined AUM (and thanks to net outflows at 501 of 783 fund firms). That's down from $29.184 billion in October. 

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