A B-D's subadvised fund family kept the lead last quarter among midsized fund firms, even as the group's net flows swung back into negative territory, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on June 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like CITs and separate accounts, are also not included.) More specifically, this article focuses on the 212 firms (up by one quarter-over-quarter from Q1 2025 and up by two year-over-year from Q2 2024) with between 10 and 99 long-term mutaul funds or ETFs each.

Edward Jones' Bridge Builder led the inflows pack for a second quarter in a row, thanks to an estimated $3.303 billion in net inflows in the second quarter of 2025, down by $746 million Q/Q from Q1 2025 but up by $3.401 billion Y/Y from Q2 2024. Other big Q2 2025 inflows winners incldued:

First Eagle, $2.277 billion (up by $746 million Q/Q, up by $2.316 billion Y/Y);

Baird (including Strategas), $2.014 billion (down by $395 million Q/Q, down by $2.301 billion Y/Y);

BMO, $1.244 billion (up by $1.151 billion Q/Q, up by $1.156 billion Y/Y); and

BondBloxx, $888 million (down by $165 million Q/Q, up by $517 million Y/Y).

Yet Baird took the lead last month, thanks to an estimated $1.262 billion in net June 2025 inflows. Other big inflows winners included: Bridge Builder, $1.042 billion; and First Eagle, $810 million.

On the flip side, Pacer took the outflows lead last quarter thanks to an estimated $3.281 billion in Q2 2025 outflows, up by $1.801 billion Q/Q from Q1 2025 and a $6.03-billion net flows drop Y/Y from Q2 2024. Other big Q2 2025 outflows sufferers included:

GraniteShares, $2.518 billion (a $3.437-billion net flows drop Q/Q, a $4.104-billion net flows drop Y/Y);

KraneShares, $1.581 billion (a $3.109-billion net flows drop Q/Q, up by $1.243 billion Y/Y);

Mercer, $1.382 billion (up by $556 million Q/Q, up by $1.259 billion Y/Y); and

Bessemer's Old Westbury, $1.37 billion (up by $1.215 billion Q/Q, up by $424 million Y/Y).

Yet GraniteShares led the outflows pack for a second consecutive month, thanks to an estimated $1.123 billion in June 2025 outflows. Other big outflows sufferers included: Mercer, $1.114 billion; and Pacer, $914 million.

As a group, mid-size fund firms suffered $1.207 billion in net June 2025 outflows.

Mid-size firms suffered $10.194 billion in Q2 2025 inflows, a $20.04-billion net flows drop Q/Q and a $15.376-billion net flows drop Y/Y. As of June 30, 2025 (the end of Q2), mid-size firms accounted for 27.6 percent of all fund firms and held $1.819 trillion in AUM (5.6 percent of industry AUM) across 6,056 funds (14 percent of industry funds).

Across the whole industry, the 768 fund firms tracked by the M* team (up by 10 M/M) brought in $49.936 billion in net June 2025 inflows.

The industry brought in $65.9865 billion in Q2 2025 inflows, down by $75.417 billion Q/Q and down by $25.39 billion Y/Y. As of June 30, 2025, the industry had $32.736 trillion in AUM (up by $2.577 trillion Q/Q, up by $4.008 trillion Y/Y) across 43,230 long-term funds and ETFs (down by 241 Q/Q, up by 416 Y/Y). 

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