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Tuesday, November 12, 2019

Passive Inflows and Active Outflows Both Fall

Reported by Neil Anderson, Managing Editor

Passive inflows and active outflows both fell last month, while an ETF giant kept the lead.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on October 2019 mutual fund and ETF flows, excluding money market funds and funds of funds. More specifically, this article focuses on the 29 firms with more than $100 billion each in fund AUM. 16 of those firms gained net October inflows.

BlackRock kept the lead last month with an estimated $13.78 billion in net October inflows, down from $17.789 billion in September. Other big October winners included: Vanguard, $9.883 billion (down from $14.383 billion); Fidelity, $7.678 billion (up from $5.948 billion); Prudential's PGIM, $1.996 billion (up from $1.576 billion); and Lord Abbett, $1.909 billion (down from $1.991 billion).

Proportionately, PGIM took the lead among the biggest fund firms, thanks to estimated net October inflows equivalent to 1.65 percent of its AUM, up from 1.33 percent in September. Other big October winners included: Lord Abbett, 1.23 percent (down from 1.31 percent); Legg Mason, 0.79 percent (up from 0.49 percent in net outflows); BlackRock, 0.72 percent (down from 0.95 percent); and Goldman Sachs, 0.7 percent (down from 0.86 percent).

On the flip side, October was a rough month for Invesco, which suffered an estimated $2.862 billion in net outflows, more than any other big fund firm and up from $1.315 billion in September. Other big October sufferers included: Franklin Templeton, $1.675 billion (down from $2.161 billion); J.P. Morgan Asset Management, $1.624 billion (down from $328 million in net inflows); SSgA, $1.163 billion (down from $11.405 billion in net inflows); and SEI, $1.051 billion (up from $448 million).

SEI led the large fund firm outflows pack proportionately last month, with estimated net October outflows equivalent to 1.05 percent of its AUM, up from 0.45 percent in September. Other big October sufferers included: Invesco, 0.53 percent (up from 0.25 percent); Franklin, 0.48 percent (down from 0.62 percent); JPMAM, 0.48 percent (down from 0.1 percent in net inflows); and American Century, 0.34 percent (down from 0.09 percent in net inflows).

As a group, the 29 firms with more than $100 billion each in fund assets brought in an estimated $32.797 billion in net October inflows, equivalent to 0.2 percent of their combined AUM and down from $44.99 billion in September. Large fund firms accounted for 113.19 percent of net industry inflows in October, up from 112.71 percent in September.

Across the whole industry (M* tracks flows from 765 firms, down from 767 in September), long-term mutual funds and ETFs brought in $28.974 billion in net inflows in October, equivalent to 0.15 percent of industry AUM. That's down from $39.916 billion in net September inflows. Passive funds brought in $38.42 billion in net October inflows (down from $52.576 billion), while active funds suffered $9.446 billion in net outflows (down from $12.66 billion). 

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