A B-D's subadvised fund family took the lead last quarter among midsized 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 March 2025 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 211 firms (up by one month-over-month from February 2025, down by four quarter-over-quarter from December 2024, and up by two year-over-year from March 2024) with between 10 and 99 long-term mutual funds and ETFs each.

Edward Jones' Bridge Builder took the lead last quarter, thanks to an estimated $4.049 billion in net inflows in the first quarter of 2025, down by $12 million Q/Q from Q4 2024 but up by $2.015 billion Y/Y from Q1 2024. Other big Q1 2025 inflows winners included:

Baird (including Strategas), $2.409 billion (down by $4.033 billion Q/Q, down by $2.509 billion Y/Y);

Causeway, $1.617 billion (up by $1.713 billion Q/Q, up by $1.2 billion Y/Y);

First Eagle, $1.531 billion (up by $461 million Q/Q, up by $2.078 billion Y/Y); and

KraneShares, $1.528 billion (up by $2.561 billion Q/Q, up by $1.561 billion Y/Y).

Bridge Builder also took the lead last month, thanks to an estimated $2.002 billion in March 2025 inflows. Other inflows winners included: First Eagle, $617 million; and Graniteshares, $611 million.

On the flip side, Jensen took the outflows lead last quarter, thanks to an estimated $1.946 billion in Q1 2025 outflows, up by $1.434 billion Q/Q from Q4 2024 and up by $1.453 billion Y/Y from Q1 2024. Other big Q1 2025 outflows sufferers included:

Pacer, $1.48 billion (a $1.688-billion net flows drop Q/Q, a $6.669-billion net flows drop Y/Y);

Grayscale, $1.275 billion (down by $561 million Q/Q, down by $13.487 billion Y/Y);

Baron, $863 million (up by $249 million Q/Q, down by $604 million Y/Y); and

Mercer, $826 million (up by $474 million Q/Q, up by $299 million Y/Y).

Jensen also took the lead last month, thanks to an estimated $1.554 billion in March 2025 outflows. Other big outflows sufferers included: Pacer, $925 million; and DoubleLine $682 million.

As a group, midsize fund firms suffered $2.692 billion in net March 2025 outflows. (That's a $7.979-billion drop M/M and up by $1.735 billion Y/Y.) As of March 31, 2025, midsize firms accounted for 27.8 percent of all industry fund firms and held $1.677 trillion in AUM (5.6 percent of total industry AUM) across 5,924 funds (13.6 percent of total industry funds).

In Q1 2025, midsize firms brought in $9.846 billion in net inflows (down by $11.4 billion Q/Q but up by $10.185 billion Y/Y). They accounted for 7 percent of total industry inflows.

Across the whole industry, the 758 firms (down by 15 M/M* and down by 24 Y/Y) tracked by the M* team brought in $23.903 billion in net March 2025 inflows. (That's down by $53.732 billion M/M and down by $65.646 billion Y/Y.) As of March 31, 2025, the industry had $30.159 trillion in AUM (down by $1.113 trillion M/M, down by $388 billion Q/Q, but up by $1.731 trillion Y/Y) across 43,471 funds (up by 104 M/M, up by 129 Q/Q, up by 885 Y/Y).

In Q1 2025, the industry brought in $141.402 billion in net inflows. That's down by $152.288 billion Q/Q and down by $47.618 billion Y/Y.

**This recent fund firm count change is largely one of classification, as the MFWire team is making an effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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