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Monday, January 22, 2024

The $443.748B Comeback

Reported by Neil Anderson, Managing Editor

Industry inflows rebounded by $443.748 billion last year, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data for December 2023 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 eight firms with at least 1,000 long-term mutual funds and ETFs each.

BlackRock led the way last year, thanks to an estimated $79.374 billion in net 2023 inflows, down year-over-year from $135.62 billion in 2022. Other big 2023 inflows winners included: J.P. Morgan (including Six Circles), $53.069 billion (up Y/Y from $5.252 billion); and Fidelity, $44.268 billion (up Y/Y from $11.298 billion in net outflows).

BlackRock also led the way last quarter, thanks to an estimated $57.818 billion in net Q4 2023 inflows. Other big winners included: Fidelity, $11.32 billion; and Invesco, $9.574 billion.

And BlackRock also led the pack for a third consecutive month, thanks to an estimated $23.332 billion in December 2023 inflows. Other big inflows winenrs included: Fidelity, $11.344 billion; and Invesco, $5.595 billion.

On the flip side, 2023 was a rough year for Franklin Templeton, which (including Royce) led the outflows pack with an estimated $30.456 billion in 2023 outflows, down Y/Y from $50.102 billion in 2022. Other big 2023 outflows sufferers included: TIAA's Nuveen, $11.534 billion (down Y/Y from $14.395 billion); and Ameriprise's Columbia Threadneedle, $10.486 billion (down Y/Y from $19.551 billion).

Franklin also led the outflwos pack last quarter, thanks to an estimated $12.098 billion in Q4 2023 outflows. Other big outflows sufferers included: Nuveen, $4.638 billion; and Morgan Stanley (including Eaton Vance and Calvert), $3.58 billion.

And Franklin also led the outflows pack for a third consecutive month, thanks to an estimated $4.049 billion in December 2023 outflows. Other big outflows sufferers included: Nuveen, $1.499 billion; and Morgan Stanley, $1.49 billion.

As a group, the eight largest fund firms brought in $129.596 billion in 2023 inflows, ending the year with $7.952 trillion in AUM across 11,704 funds, with four of those firms netting inflows. Mega firms in 2023 accounted for 30 percent of industry long-term fund AUM, 27.6 percent of funds, and 157.1 percent of industry inflows.

In Q4 2023, the largest fund firms brought in $61.834 billion in net inflows. Four of the firms brought in net inflows.

In December 2023, the largest fund firms brought in $35.058 billion in net inflows. Four of the firms brought in net inflows.

Across the industry, the 782 firms tracked by the M* team (down Y/Y from 788) brought in an estimated $82.506 billion in 2023 inflows, ending the year with $26.527 trillion in AUM across 42,423 funds. That compares with $361.242 billion in net 2022 outflows and $22.731 trillion in AUM across 42,192 funds.

In Q4 2023, the industry brought in $41.325 billion in net inflows. 293 firms brought in net Q4 inflows.

And in December 2023, the industry brought in $57.098 billion in net inflows. 294 firms brought in net December 2023 inflows.

***This caveat is particularly important for the largest fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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