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Rating:Midsize Firms' Market Share Falls 55 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 16, 2021

Midsize Firms' Market Share Falls 55 Percent

Reported by Neil Anderson, Managing Editor

Midsize fund firms' market share of industry inflows has fallen 55 percent in the past year.

Michael Scott Spangler
Nationwide Financial / Nationwide Funds
Senior Vice President, Head of the Investment Management Group / President
This article draws from Morningstar Direct data on November 2021 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 75 firms (down from 79 in October 2021) with between $10 billion and $100 billion each in long-term fund AUM.

Midsize firms had $2.784 trillion in combined long-term fund AUM as of November 30, 2021, and they accounted for 10.2 percent of overall industry long-term fund AUM. That compares with $2.969 trillion and 10.68 percent on October 31, 2021, and $2.598 trillion and 11.41 percent on November 30, 2020). 36 midsize firms brought in net long-term inflows in November 2021, up from 35 in October 2021 but down from 41 in November 2020.

Nationwide took the lead among midsize firms last month, thanks to an estimated $3.502 billion in net November 2021 inflows, up month-over-month from $16 million in October 2021 and up year-over-year from $174 million in November 2020 outflows. Other big November 2021 inflows winners included: Mirae (including Global X), $2.428 billion (up M/M from $1.28 billion, up Y/Y from $1.324 billion); ProShares and ProFunds, $1.034 billion (up M/M from $699 million, up Y/Y from $1.427 billion in net outflows); Calamos, $872 million (up M/M from $628 million, up Y/Y from $263 million); and KraneShares, $682 million (down M/M from $1.674 billion, up Y/Y from $727 million in net outflows).

Nationwide also took the lead proportionately last month, thanks to estimated net November 2021 inflows equivalent to 15 percent of its AUM. Other big inflows winners included: Mirae, 5.5 percent; KraneShares, 4.5 percent; Calamos, 3.2 percent; and GQG, 2.7 percent.

Mirae remains the midsize pack inflows winner year-to-date as of November 30, 2021, thanks to an estimated $20.045 billion in net inflows. Other big YTD inflows winners included: KraneShares, $11.918 billion; and Ark, $9.945 billion.

Mirae also led the midsize inflows pack for the 12-month period ending November 30, 2021, thanks to an estimated $21.798 billion in net inflows. Other big inflows winners included: Ark, $18.156 billion; and KraneShares, $11.726 billion.

On the flip side, last month was a rough one for Ark, which led the midsize outflows pack thanks to an estimated $1.478 billion in net November 2021 outflows, up M/M from $142 million in October 2021 but down Y/Y from $2.842 billion in November 2020 inflows. Other big November 2021 outflows sufferers included: Federated Hermes, $846 million (down M/M from $58 million in net inflows, down Y/y from $1.075 billion in net inflows); Allspring (fka Wells Fargo Asset Management), $745 million (up M/M from $313 million, up Y/Y from $5 million); DoubleLine, $711 million (down M/M from $1.17 billion in net inflows, up Y/y from $278 million); and Putnam, $684 million (up M/M from $270 million, up Y/y from $362 million).

Ark also led the midsize outflows pack proportionately last month, thanks to estimated net outflows equivalent to 4.2 percent of its AUM. Other big November 2021 outflows sufferers included: Matthews Asia, 1.6 percent; UBS, 1.5 percent; MassMutual, 1.5 percent; and GMO, 1.3 percent.

Harbor still leads the midsize outflows pack in 2021, thanks to an estimated $7.871 billion in net YTD outflows as of November 30. Other big YTD outflows sufferers included: Voya, $6.033 billion; and MassMutual, $5.629 billion.

The same trio led the midsize outflows pack for the 12-month period ending November 30, 2021: Harbor with $8.373 billion in net outflows, Voya with $7.436 billion, and MassMutual with $5.646 billion.

As a group, midsize firms brought in an estimated $2.415 billion in net inflows in November 2021, equivalent to about 0.09 percent of their combined AUM and accounting for 2.98 percent of overall industry long-term inflows. That compares with $4.502 billion, 0.15 percent of AUM, and 5.37 percent of industry inflows in October 2021, and $7.373 billion, 0.28 percent of AUM, and 6.58 percent of industry inflows in November 2020.

In the first 11 months of 2021, midsize firms brought in an estimated $85.376 billion in net inflows, equivalent to 3.07 percent of their combined AUM and accounting for 7.6 percent of overall industry inflows. And in the 12-month period ending November 30, 2021, midsize firms brought in $99.825 billion, equivalent to 3.59 percent of their AUM and accounting for 8.16 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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