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Rating:Only Two Firms Added More Than $10B In 2018 Not Rated 4.0 Email Routing List Email & Route  Print Print
Thursday, January 17, 2019

Only Two Firms Added More Than $10B In 2018

Reported by Neil Anderson, Managing Editor

Thanks to rough markets and continued active management outflows, and despite net industry inflows, only 15 fund firms increased their AUM by more than $1 billion each in 2018 ... and only two increased it by more than $10 billion each.

Marie. A Chandoha
Charles Schwab Investment Management
CEO
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from 2018.

Charles Schwab added an estimated $14.438 billion in AUM (ended with $190 billion) last year, more than any other fund firm. Other big 2018 AUM winners included: Edward Jones' Bridge Builder, up $13.117 billion (to $64 billion); Morgan Stanley, up $5.067 billion (to $39 billion); Lord Abbett, up $4.97 billion (to $130 billion); First Trust, up $4.62 billion (to $59 billion); Baird, up $4.184 billion (to $47 billion); Clark Capital Management Group's Navigator Funds, up $2.729 billion (to $4 billion); MassMutual, up $1.864 billion (to $28 billion); Ivy, up $1.739 billion (to $53 billion); Pacer, up $1.659 billion (to $3 billion); Blackstone, up $1.545 billion (to $7 billion); Calamos, up $1.493 billion (to $13 billion); Guggenheim (including Rydex), up $1.383 billion (to $32 billion); PrimeCap, up $1.101 billion (to $31 billion); and Ark, up $1.097 billion (to $2 billion).

Yet the picture is very different when you look at market share (by percentage of total industry AUM). The world's largest mutual fund company, low-cost leviathan Vanguard, saw its market share increase 0.99 percent in 2018 (to 24.82 percent). Other big market share winners included: BlackRock, up 0.6 percent (to 9.41 percent); Fidelity, up 0.27 percent (to 8.37 percent); Schwab, up 0.15 percent (to 1.12 percent); and Pimco, up 0.11 percent (to 2.05 percent).

On the flip side, Vanguard suffered the biggest mutual fund AUM drop in the industry in 2018, $113.851 billion (to $4.208 trillion). Other big AUM sufferers included: Capital Group, down $85.806 billion (to $1.445 trillion); SSgA, down $53.601 billion (to $592 billion); and Fidelity, down $50.690 billion (to $1.419 trillion).

When it comes to market share by AUM, the biggest 2018 sufferers were: Franklin, down 0.17 percent (to 1.94 percent); Harbor, down 0.13 percent (to 0.25 percent); Harris' Oakmark, down 0.11 percent (to 0.41 percent); Invesco, down 0.1 percent (to 1.8 percent); and OppenheimerFunds, down 0.09 percent (to 1.03 percent).

Across the entire industry, long-term mutual funds and ETFs suffered an estimated $1.108 trillion drop in AUM last year, to $16.953 trillion on December 31. Yet funds brought in an estimated $162.401 billion in net inflows for the year.

Editor's Note: A prior version of this story gave the wrong year in the headline. The figures in this story refer specifically to calendar year 2018, and the headline has been corrected accordingly. 

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