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Friday, November 15, 2019

One Titan's Passive Inflows Double

Reported by Neil Anderson, Managing Editor

A mutual fund titan's passive inflows doubled last month, even as other big passive players' inflows slipped.

This article draws from Morningstar Direct data on October 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

On the active side of the business, Nationwide took the lead last month, with estimated net October active inflows of $2.195 billion, up from $62 million in net September outflows. Other big October winners on the active side included: PGIM, $2.012 billion (up from $1.583 billion); Lord Abbett, $1.909 billion (down from $1.991 billion); Edward Jones' Bridge Builder, $1.596 billion (up from $317 million); and MFS, $1.363 billion (up from $1.349 billion).

On the passive side of the business, BlackRock kept the lead last month, with estimated net October passive inflows of $13.687 billion, down from $16.987 billion in September. Other big October winners on the passive side included: Fidelity, $11.135 billion (up from $5.655 billion); Vanguard, $10.082 billion (down from $14.064 billion); Schwab, $1.162 billion (down from $1.394 billion); and TIAA's Nuveen, $965 million (up from $626 million).

On the flip side, October was a rough month for Invesco, whose active funds suffered an estimated $3.531 billion in net outflows, more than any other active fund firm and up from $2.976 billion in September. Other big October sufferers on the active side included: Fidelity, $3.457 billion (down from $292 million in net inflows); Franklin Templeton, $1.617 billion (down from $2.082 billion); J.P. Morgan, $1.573 billion (down from $131 million in net inflows); and Harbor, $1.459 billion (up from $461 million).

SSgA suffered an estimated $950 million in net passive outflows in October, more than any other passive fund family and down from $11.185 billion in net September passive inflows. Other big October sufferers on the passive side included: Rafferty's Direxion, $401 million (down from $90 million in net inflows); Principal, $222 million (down from $22 million in net inflows); Ameriprise's Columbia Threadneedle, $191 million (up from $182 million); and Voya, $150 million (up from $45 million).

Industrywide, 709 active fund families (one fewer than in September) suffered an estimated $9.446 billion in combined net outflows in October, down from $12.66 billion in September. 306 of those 709 fund families gained net active inflows in October.

146 passive fund families (the same as in September) brought in an estimated $38.42 billion in combined net October passive inflows, down from $52.576 billion in September. 65 of those 146 families gained net passive inflows in October. 

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