A B-D's mutual fund arm regained the lead, breaking a rival's five-month streak.
| Ryan Timothy Robson|
Edward Jones / Olive Street Investment Advisers, LLC
Principal, Client Strategy Group / President
This article draws from Morningstar Direct
data for March 2022 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 (down from 26 in February
) with between $100 billion and $500 billion each in long-term fund AUM.
Large fund firms had a combined $5.025 trillion in long-term fund AUM as of March 31, 2022, and they accounted for 18.99 percent of overall industry long-term fund AUM. That's down from $5.174 trillion and 19.73 percent on February 28.
Six large fund firms brought in net long-term fund inflows last month, down from eight in February.
led the pack last quarter, thanks to an estimated $11.911 billion in net Q1 2022 inflows. Other big Q1 2022 inflows winners included: Edward Jones' Bridge Builder
, $5.283 billion; First Trust
, $4.516 billion; DFA
, $1.774 billion; and Victory
, $715 million.
Bridge Builder took the lead last month, thanks to an estimated $3.624 billion in net March 2022 inflows, up month-over-month from $922 million in February 2022 but down year-over-year from $4.769 billion in March 2021. Other big March 2022 inflows winners included: Schwab, $2.857 billion (down M/M from $4.508 billion, down Y/Y from $4.519 billion); and First Trust, $2.136 billion (up M/M from $1.678 billion, down Y/Y from $2.248 billion).
On the flip side, Allianz's Pimco
led the outflows pack among large fund firms in the first quarter, thanks to an estimated $11.234 billion in net Q1 2022 outflows. Other big Q1 2022 outflows sufferers included: Morgan Stanley
(including Eaton Vance and Calvert), $5.491 billion; Lord Abbett
, $4.72 billion; TCW
(including MetWest), $3.713 billion; and Ameriprise's Columbia Threadneedle
, $3.696 billion.
Pimco also kept the outflows lead last month, thanks to an estimated $8.231 billion in net March 2022 outflows, up M/M from $2.032 billion in February 2022 and up Y/Y from $26 million in March 2021. Other big March 2022 outflows sufferers included: Morgan Stanley, $3.113 billion (up M/M from $1.33 billion, down Y/Y from $1.06 billion in net inflows); and Lord Abbett, $2.427 billion (up M/M from $1.724 billion, down Y/Y from $947 million in net inflows).
As a group, large fund firms suffered an estimated $23.989 billion in net long-term fund inflows in Q1 2022. That's equivalent to 0.48 percent of their combined AUM.
Large fund firms suffered $17.629 billion in net March 2022 outflows, equivalent to 0.35 percent of their combined AUM. That's up from $6.634 billion and 0.13 percent in February 2022.
Across the entire industry, the 791 firms tracked by the M* team (down M/M from 795 but up Y/Y from 758) brought in an estimated $114.402 billion in net Q1 2022 inflows. That's equivalent to 0.43 percent of their $26.461 trillion in combined AUM (up M/M from $26.219 trillion, up Y/Y from $24.865 trillion).
Long-term funds brought in an estimated $30.653 billion in net inflows in March 2022, equivalent to 0.12 percent of their combined AUM. That's down M/M from $47.85 billion and 0.18 percent of AUM, and down Y/Y from $156.503 billion and 0.63 percent of AUM.
Passive funds brought in an estimated $101.064 billion in net long-term fund inflows in March 2022, up M/M from $80.09 billion but down Y/Y from $114.117 billion. Active funds suffered $70.411 billion in net outflows in March 2022, up M/M from $32.24 billion but down Y/Y from $42.386 billion in net inflows.
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