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Wednesday, August 16, 2023

Goldman Leads With $854MM

Reported by Neil Anderson, Managing Editor

A publicly traded investment bank's asset management arm took the inflows lead last month among large fund firms, even as the group's outflows rose, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on July 2023 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 23 firms with between $100 billion and $500 billion each in long-term fund AUM.

Large fund firms had a combined $4.895 trillion in total long-term fund AUM across 13,770 funds as of July 31, 2023, and they accounted for 19 percent of overall industry long-term fund AUM. That compares with $4.798 trillion, 14,938 funds, and 19.21 percent of industry AUM on June 30, 2023, and with $4.778 trillion and 19.77 percent of industry AUM on July 31, 2022.

12 large fund firms brought in net inflows last month. That's up month-over-month from 10 in June 2023 and up year-over-year from seven in July 2022.

Goldman Sachs took the lead last month, thanks to an estimated $854 million in net July 2023 inflows, up M/M from $284 million in June 2023 outflows and up Y/Y from $122 million in July 2022 outflows. Other big July 2023 inflows winners included: First Trust, $703 million (up M/M from $416 million, up Y/Y from $12 million in net outflows); Allianz's Pimco, $688 million (up M/M from $357 million, up Y/Y from $975 million in net outflows); American Century (including Avantis), $680 million (up M/M from $181 million, up Y/Y from $326 million); and DFA, $670 million (up M/M from $272 million, down Y/Y from $764 million).

Schwab still leads the way so far in 2023, thanks to an estimated $15.599 billion in net year-to-date inflows as of July 31. Other big YTD inflows winners included: Edward Jones' Bridge Builder, $7.256 billion; and DFA, $6.178 billion.

On the flip side, John Hancock took the outflows lead last month, thanks to an estimated $2.756 billion in net July 2023 outflows, up M/M from $62 million in June 2023 and up Y/Y from $168 million in July 2022. Other big July 2023 outflows sufferers included: Franklin Templeton (including Royce), $1.546 billion (down M/M from $1.582 billion, down Y/Y from $2.732 billion); SunLife's MFS, $1.215 billion (up M/M from $598 million, down Y/Y from $1.408 billion); Lord Abbett, $952 million (down M/M from $1.243 billion, down Y/Y from $1.481 billion); and Jackson, $815 million (up M/M from $786 million, down Y/Y from $852 million).

Franklin still leads the 2023 outflows pack so far, thanks to an estimated $12.789 billion in net YTD outflows as of July 31. Other big YTD outflows sufferers included: Lord Abbett, $7.984 billion; and Ameriprise's Columbia Threadneedle, $6.149 billion.

As a group, large fund firms suffered $3.994 billion in net July 2023 outflows, equivalent to 0.08 percent of their combined AUM. That compares with $3.302 billion and 0.07 percent of AUM in June 2023, and with $8.793 billion and 0.18 percent of AUM in July 2022.

As of July 31, large fund firms have suffered $17.583 billion in net YTD outflows. That's equivalent to 0.36 percent of their combined AUM.

Across the entire industry, the 779 firms tracked by the M* team brought in $32.39 billion in net July 2023 inflows, equivalent to 0.13 percent of its $25.75 trillion in AUM across 42,167 funds. That compares with $36.029 billion in net inflows, 0.14 percent, $24.973 trillion in AUM, and 42,054 funds in June 2023, and with $12.991 billion in net outflows, 0.05 percent, and $24.166 trillion in AUM.

Active funds suffered an estimated $24.413 billion in net July 2023 outflows, down M/M from $31.238 billion in June 2023 and down Y/Y from $58.766 billion in July 2022. On the flip side, passive funds brought in $56.803 billion in net July 2023 inflows, down M/M from $67.267 billion but up Y/Y from $45.732 billion.

As of July 31, the industry has brought in $70.566 billion in net 2023 inflows. That's equivalent to 0.27 percent of its combined AUM. 

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