A B-D's subadvised mutual fund family led the way last year among midsize fund firms, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on December 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 214 firms (up month-over-month from 207 in November 2023) with between 10 and 99 long-term mutual funds and ETFs each.

Edward Jones' Bridge Builder led the pack last year, thanks to an estimated $12.373 bilion in net 2023 inflows, up year-over-year from $9.085 billion in 2022. Other big 2023 inflows winners included: Baird (including Strategas), $12.038 billion (up Y/Y from $3.904 billion in net outflows); Pacer, $11.983 billion (up Y/Y from $11.16 billion); GQG, $3.796 billion (down Y/Y from $4.615 billion); and F/m (including North Slope), $3.651 billion (up Y/Y from $409 million).

Pacer won the race last quarter, thanks to an estimated $5.258 billion in net inflows in the fourth quarter of 2023. Other big Q4 2023 inflows winners included: Bridge Builder, $4.205 billion; and Baird, $2.919 billion.

And Pacer also led the way for a second month in a row, thanks to an estimated $2.103 billion in net December 2023 inflows. Other big inflows winners included: Baird, $1.487 billion; and Bridge Builder, $497 million.

On the flip side, DoubleLine led the midsize outflows pack last year, thanks to an estimated $4.392 billion in net 2023 outflows, up Y/Y from $2.481 billion in 2022. Other big 2023 outflows sufferers included: Harding Loevner, $3.697 billion (down M/M from $5.785 billion); Parnassus, $3.544 billion (up Y/Y from $3.357 billion); Matthews Asia, $3.144 billion (down Y/Y from $4.912 billion); and Cohen & Steers, $2.694 billion (down Y/Y from $3.222 billion).

DoubleLine also led the outflows pack last quarter, thanks to an estimated $2.786 billion in net Q4 2023 outflows. Other big outflows sufferers included: Matthews, $1.695 billion; and Parnassus, $1.413 billion.

And DoubleLine also led the outflows pack for a second month running, thanks to an estimated $1.414 billion in net December 2023 outflows. Other big outflows sufferers included: Matthews, $735 million; ahd Harding Loevner, $440 million.

As a group, midsize firms brought in $9.972 billion in net 2023 inflows, and they ended the year with $1.551 trillion across 5,839 funds. Midsize firms accounted for 5.8 percent of industry long-term fund AUM, 13.8 percent of industry long-term funds, and 12.1 percent of industry inflows. 78 midsize firms netted inflows last year.

In Q4 2023, midsize firms suffered $4.857 billion in net outflows. 63 of those firms brought in net inflows.

In December 2023, midsize firms suffered $2.565 billion in net outflows. 75 of those firms suffered net outflows.

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. 

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