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Thursday, January 23, 2020

JPMAM Keeps Its Lead

Reported by Neil Anderson, Managing Editor

For the second month in a row, a certain publicly traded, multinational bank's asset management arm is leading the active fund firm pack, even as the big three ETF shops keep dominating the passive side.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
This article draws from Morningstar Direct data on December 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds.

On the active side of the business, J.P. Morgan kept the lead last month, with estimated net December inflows of $6.158 billion, up from $2.901 billion in November. Other big December inflows winners on the active side included: PGIM, $3.227 billion (up from $1.233 billion); BlackRock, $2.66 billion (up from $2.045 billion); MFS, $1.767 billion (down from $2.342 billion); and TIAA's Nuveen, $1.455 billion (up from $617 million).

On the passive side of the business, Vanguard regained the lead again last month, with estimated net December passive inflows of $20.864 billion, up from $13.99 billion in November. Other big December inflows winners on the passive side included: BlackRock, $19.539 billion (up from $17.553 billion); SSgA, $14.925 billion (up from $7.882 billion); Fidelity, $9.567 billion; and Schwab, $3.331 billion (up from $1.767 billion).

On the flip side, December was a rough month for Invesco, whose active funds suffered an estimated $4.565 billion in outflows, more than any other active fund firm and up from $2.932 billion in November. Other big December outflows sufferers on the active side included: Capital Group, $4.383 billion (up from $3.581 billion); Franklin Templeton, $3.141 billion (up from $2.82 billion); Voya, $1.848 billion (up from $271 million); and T. Rowe Price, $1.765 billion (down from $1.469 billion in net inflows).

T. Rowe also suffered an estimated $886 million in net passive outflows in December, more than any other passive fund family and up from $65 million in November. Other big December outflows sufferers on the passive side included: Rafferty's Direxion, $452 million (up from $36 million); DWS, $352 million (up from $36 million); Guggenheim (including Rydex), $297 million (up from $3 million); and BNY Mellon, $220 million (up from $209 million).

Industrywide, 716 active fund families (four more than in November) suffered an estimated $5.01 billion in combined net active outflows in December, down from $105 million in net inflows in November. 313 of those 716 fund families gained net active inflows in December.

149 passive fund families (four more than in November) brought in an estimated $72.573 billion in combined net December passive inflows, accounting for 107.2 percent of net industry inflows. That's up from $55.119 billion and 99.8 percent in November. 83 of those 149 fund families gained net passive inflows in December. 

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