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Tuesday, April 16, 2019

Baird Leads As Mid-Size Flows Fall

Reported by Neil Anderson, Managing Editor

Mid-size fund firms stumbled last month in terms of flows.

This article draws from Morningstar Direct data on March 2019 open-end mutual fund and ETF flows (excluding money-market funds and funds of funds). This article focuses specifically on the 79 firms with between $10 billion and $100 billion (in mutual fund and ETF AUM). 37 of those firms gained net inflows in March, while 42 suffered net outflows.

Baird led the mid-size fund firm pack last month, with estimated net inflows of $3.039 billion, up from $1.323 billion in February. Other big March inflows winners included: First Trust, $1.452 billion (up from $1.058 billion); DoubleLine, $1.368 billion (down from $1.688 billion); Morgan Stanley, $959 million (down from $1.071 billion); and DWS, $950 million (up from $129 million in net outflows).

Proportionately among mid-size firms, DWS led the pack last month with estimated net March inflows equivalent to 7.12 percent of its AUM, up from 0.38 percent in net outflows in February. Other big March inflows winners included: Baird, 5.73 percent (up from 2.69 percent); First Trust, 2.12 percent (up from 1.59 percent); Morgan Stanley, 2.08 percent (down from 2.4 percent); and Mirae (including Global X), 1.85 percent (down from 2.71 percent).

On the flip side, March was a rough month for SEI, which suffered an estimated $1.656 billion in net outflows, more than any other mid-size firm and up from $75 million in February. Other big March outflows sufferers included: AMG, $1.037 billion (up from $424 million); Harris' Oakmark, $674 million (up from $317 million); Waddell & Reed's Ivy, $629 million (up from $481 million); and Harbor, $586 million (down from $661 million).

Proportionately, AMG led the mid-size outflows pack last month, suffering estimated net March outflows equivalent to 3.49 percent of its AUM, up from 1.39 percent in February. Other big March outflows sufferers included: William Blair, 2.78 percent (up from 1.44 percent); AQR, 1.72 percent (up from 1.32 percent); Aberdeen Standard, 1.68 percent (down from 3.37 percent); and SEI, 1.67 percent (up from 0.08 percent).

As a group, the 79 mid-size fund firms suffered an estimated $201 million in combined net outflows, equivalent to about 0.01 percent of their combined AUM. That's down from $2.064 billion in net mid-size inflows in February.

Across the whole industry (M* tracks flows from 779 firms), long-term mutual funds and ETFs brought in a combined $44.191 billion in estimated net inflows in March, equivalent to 0.24 percent of industry AUM. Passive funds brought in $49.46 billion in net inflows, while active funds suffered $5.269 billion in net outflows. 

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