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Rating:Large Firms' Marketshare Jumps to 31 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, October 15, 2021

Large Firms' Marketshare Jumps to 31 Percent

Reported by Neil Anderson, Managing Editor

While the very biggest firms saw their marketshare slip last month, their slightly less large peers saw their marketshare nearly double.

This article draws from Morningstar Direct data for September 2021 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.) More specifically, this article focuses on the 25 firms (up from 24 in August) with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $5.156 trillion in long-term fund AUM as of September 30, 2021, and they accounted for 19.36 percent of overall industry long-term AUM. That's up from $5.048 trillion and 18.58 percent in August.

17 large fund firms brought in net long-term fund inflows in September, up from 13 in August.

Allianz's Pimco kept the lead last month, bringing in an estimated $6.192 billion in net September 2021 inflows, up month-over-month from $4.229 billion in August 2021 and up year-over-year from $23 million in net outflows in September 2020. Other big September 2021 inflows winners included: Charles Schwab, $5.058 billion (up M/M from $3.035 billion, up Y/Y from $1.474 billion); Goldman Sachs, $1.689 billion (down M/M from $2.727 billion, up Y/Y from $1.637 billion); Lord Abbett. $1.538 billion (down M/M from $1.775 billion, up M/M from $872 million); and Baird, $1.422 billion (down M/M from $1.736 billion, down Y/Y from $2.622 billion).

Schwab led the large fund firm inflows pack last quarter, thanks to an estimated $11.679 billion in net third quarter inflows. Other big Q3 2021 inflows winners included: Pimco, $11.437 billion; and TIAA's Nuveen, $8.78 billion.

As of September 30, 2021, Schwab also led the year-to-date large fund firm inflows pack, thanks to an estimated $38.03 billion in net YTD inflows. Other big inflows winners included: Pimco, $23.489 billion; and First Trust, $18.068 billion.

For the 12-month period ending September 30, 2021, Schwab also led the pack, thanks to an estimated $47.349 billion in net inflows. Other big inflows winners included: Pimco, $27.365 billion; and First Trust, $22.932 billion.

On the flip side, last month was a rough one for TCW (including MetWest), which led the large fund firm outflows pack thanks to an estimated $2.555 billion in net September 2021 outflows, down M/M from $398 million in net inflows and down Y/Y from $1.545 billion in net inflows. Other big September 2021 outflows sufferers included: Macquarie's Delaware, $980 million (down M/M from $1.027 billion, up Y/Y from $145 million); Morgan Stanley (including Calvert and Eaton Vance), $849 million (down M/M from $109 million in net inflows, down Y/Y from $259 million in net inflows); Jackson, $838 million (up M/M from $614 million, down Y/Y from $913 million); and Janus Henderson, $501 million (up M/M from $211 million, up Y/Y from $488 million).

Macquarie led the Q3 outflows pack, thanks to an estimated $2.706 billion in net outflows. Other big Q3 outflows sufferers included: SEI, $2.185 billion; and TCW, $2.089 billion.

DFA led the YTD outflows pack as of September 30, 2021, thanks to an estimated $9.894 billion in net outflows. Other big YTD outflows sufferers included: SEI, $6.413 billion; and Delaware, $5.934 billion.

And DFA also led the outflows pack in the 12-month period ending September 30, 2021, thanks to an estimated $19.532 billion in net outflows. Other big outflows sufferers included: SEI, $7.975 billion; and Delaware, $7.922 billion.

As a group, the 25 large fund firms brought in an estimated $17.416 billion in net inflows in September 2021, equivalent to 0.34 percent of their combined AUM and accounting for 30.52 percent of overall industry long-term inflows. That's up from $16.944 billion, 0.34 percent of AUM, and 17.39 percent of industry inflows in August 2021.

In Q3 2021, large fund firms brought in an estimated $55.288 billion in net inflows, equivalent to 1.07 percent of their combined AUM and accounting for 23.79 percent of industry inflows. In the first nine months of 2021, large fund firms brought in an estimated $157.612 billion in in net inflows, equivalent to 3.06 percent of AUM and accounting for 16.39 percent of industry inflows. And in the 12-month period ending September 30, 2021, large fund firms brought in $196.874 billion in net inflows, equivalent to 3.82 percent of their AUM and accounting for 16.54 percent of industry inflows.

Across the entire industry, the 777 firms (up from 776 in August 2021 and 751 in September 2020) tracked by the M* team brought in a combined $57.068 billion in net long-term inflows in September 2021, equivalent to 0.22 percent of industry long-term AUM of $26.634 trillion. That compares with $97.458 billion in inflows and $27.175 trillion in AUM in August 2021 and $10.736 billion in inflows and $21.117 trillion in AUM in September 2020.

Active funds brought in an estimated $9.916 billion in September 2021 inflows, down M/M from $19.829 billion but up Y/Y from $12.348 billion in net outflows. Passive funds brought in $47.828 billion in September 2021 inflows, down M/M from $77.739 billion but up Y/Y from $23.887 billion.

In Q3 2021, long-term funds brought in $232.392 billion in net inflows, equivalent to 0.87 percent of long-term fund AUM. In the first nine months of 2021, long-term funds brought in $961.633 billion, equivalent to 3.61 percent of AUM. And in the 12 months ending September 30, 2021, long-term funds brought in $1.190631 trillion, equivalent to 4.47 percent of AUM. 

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