The second-largest group of fund firms saw their inflows double last month.
| Jonathan Christian de St. Paer|
Charles Schwab Investment Management, Inc.
This article draws from Morningstar Direct
data for November 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 focused on the 25 firms with between $100 billion and $500 billion each in long-term fund AUM.
Large fund firms had a combined $5.235 trillion in long-term fund AUM as of November 30, 2021, and they accounted for 19.18 percent of overall industry long-term fund AUM. That compares with $5.318 trillion and 19.13 percent on October 31, 2021
14 large fund firms brought in net long-term fund inflows in November, up from 11 in October.
kept the lead last month, bringing in an estimated $3.339 billion in net November 2021 inflows, down month-over-month from $4.544 billion in October 2021 but up year-over-year from $3 billion in November 2020
. Other big November 2021 inflows winners included: MFS
, $2.103 billion (up M/M from $200 million, up Y/Y from $1.967 billion); First Trust
, $2.042 billion (down M/M from $2.354 billion, down Y/Y from $2.026 billion); TIAA's Nuveen
, $1.42 billion (up M/M from $688 million, up Y/Y from $1.342 billion); and AllianceBernstein
, $826 million (up M/M from $531 million, up Y/Y from $200 million).
As of November 30, 2021, Schwab still led the year-to-date large fund firm inflows pack, thanks to an estimated $45.913 billion in net 2021 inflows. Other big YTD inflows winners included Pimco
, $24.73 billion; and First Trust, $22.446 billion.
The same three firms also led for the 12-month period ending November 30, 2021: Schwab with $50.808 billion in net inflows; Pimco with $27.172 billion; and First Trust with $24.436 billion.
On the flip side, last month was a rough one for Macquarie's Delaware
, which took the outflows lead among large fund firms thanks to an estimated $1.523 billion in net November 2021 outflows, down M/M from $1.592 billion in October 2021 and up Y/Y from $95 million in November 2020. Other big November 2021 outflows sufferers included: Principal
, $1.175 billion (up M/M from $356 million, up Y/Y from $423 million); Morgan Stanley
(including Eaton Vance and Calvert), $842 million (level with October 2021, down Y/y from $711 million in net inflows); American Century
(including Avantis), $443 million (up M/M from $66 million, down Y/Y from $947 million in net inflows); and TCW
(including MetWest), $350 million (down M/M from $3.083 billion, down Y/Y from $656 million in net inflows).
Dimensional Fund Advisors (DFA
still led the YTD outflows pack as of November 30, 2021. Other big YTD outflows sufferers included: Delaware, $9.049 billion; and SEI
, $7.075 billion.
The same three firms led the outflows pack for the 12-month period ending November 30, 2021: DFA with $14.602 billion in net outflows; Delaware with $9.339 billion; and SEI with $7.704 billion.
As a group, the 25 large fund firms tracked by the M* team brought in an estimated $8.852 billion in net inflows in November 2021, equivalent to 0.17 percent of their combined AUM and accounting for 10.93 percent of overall industry long-term inflows. That's up from $4.437 billion, 0.08 percent of AUM, and 5.29 percent of industry inflows in October 2021.
After the first 11 months of 2021, large fund firms had $170.663 billion in net YTD inflows, equivalent to about 3.26 percent of their combined AUM and accounting fro 15.19 percent of overall industry inflows. And in the 12-month period ending November 30, 2021, large fund firms brought in $192.275 billion in net inflows, equivalent to 3.67 percent of their AUM and accounting for 15.72 percent of industry inflows.
Across the entire industry, the 781 firms (up from 747 in November 2020) tracked by the M* team brought in a combined $80.955 billion in net long-term inflows in November 2021, equivalent to 0.3 percent of industry long-term AUM of $27.288 trillion. That compares with $83.864 billion in inflows and $27.795 trillion in AUM in October 2021, and with $112.028 billion in inflows and $22.769 trillion in AUM in November 2020.
Active funds suffered an estimated $2.051 billion in November 2021 outflows, down M/M from $5.324 billion in inflows and down Y/Y from $16.857 billion in inflows. Passive funds brought in $83.006 billion in November 2021 inflows, up M/M from $78.71 billion but down Y/y from $95.171 billion.
In the first 11 months of 2021, long-term funds brought in $1.123289 trillion in net inflows, equivalent to 4.12 percent of their combined AUM. And in the 12 months ending November 30, 2021, long-term funds brought in $1.223426 trillion in net inflows, equivalent to 4.48 percent of their AUM.
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