The world's largest asset manager kept pole position last month, despite a 37.4-percent drop in its net inflows and despite a 5.9-percent overall industry inflows jump, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on October 2025 mutual fund and ETF flows, excluding money market funds and funds of funds. (Other asset management products, like collective trusts and separate accounts, are also not included.*) More specifically, this article focuses on the 74 firms (up by two year-over-year from October 2024) with at least 100 long-term mutual funds or ETFs each.

BlackRock (including iShares) led the inflows pack for a sixth month in a row, thanks to an estimated $31.158 billion in net October 2025 inflows, down by $18.601 billion month-over-month from September 2025 and down by $3.493 billion Y/Y from October 2024. Other big October 2025 inflows winners included:

Vanguard, $27.365 billion (up by $16.52 billion M/M, up by $10.088 billion Y/Y);

State Street Investment Management (SSIM, fka SSGA), $25.134 billion (up by $19.024 billion M/M, up by $12.761 billion Y/Y);

Invesco, $7.518 billion (up by $1.766 billion M/M, up by $3.553 billion Y/Y); and

Allianz's Pimco, $7.183 billion (up by $2.243 billion M/M, up by $4.677 billion Y/Y).

BlackRock also led the inflows pack over the last year, thanks to an esteimated $333.198 billion in net inflows for the trailing twelve months ending October 31, 2025. Other big TTM inflows winners included: Vanguard, $217.831 billion; and SSIM, $108.288 billion.

On the flip side, T. Rowe Price took the outflows lead last month, thanks to an estimated $5.396 billion in net October 2025 outflows, down by $405 million M/M from September 2025 but up by $1.649 billion Y/Y from October 2024. Other big October 2025 outflows sufferers included:

Capital Group (home of American Funds), $5.189 billion (up by $1.394 billion M/M, down by $68 million Y/Y);

Jackson, $2.774 billion (up by $555 million M/M, up by $284 million Y/Y);

Rafferty's Direxion, $2.574 billion (up by $2.548 billion M/M, a $4.14-billion net flows drop Y/Y); and

Sun Life's MFS, $1.558 billion (up by $677 million M/M, up by $967 million Y/Y).

Capital Group led the outflows pack over the last year, thanks to an estimated $69.457 billion in net TTM outflows as of October 31, 2025. Other big outflows sufferers included: T. Rweo, $56.539 billion; and Franklin Templeton (including Royce), $27.114 billion.

As a group, large fund firms brought in $91.718 billion in net October 2025 inflows. That's up by $12.783 billion M/M and up by $15.933 billion Y/Y, and it accounts for 99.7 percent of overall industry inflows.

As of October 31, 2025, large fund firms held $32.98 trillion in AUM, accounting for 93.5 percent of overall industry AUM and up by $631 billion M/M and up by $4.926 trillion Y/Y. Those firms ended last month with a combined 36,295 mutual funds and ETFs, accounting for 82.9 percent of overall industry funds and up by 118 M/M and up by 649 Y/Y.

Large fund firms brought in a combined $723.606 billion in net TTM inflows as of October 31, 2025. That accounts for 96.2 percent of overall industry inflows.

Across the whole industry, the 779 fund firms tracked by the M* team (up by 9 M/M, down by 18 Y/Y) brought in $91.967 billion in net October 2025 inflows. That's up by $5.14 billion M/M and up by $9.905 billion Y/Y.

The industry ended last month with $35.271 trillion in AUM, up by $579 billion M/M and up by $5.187 bilion Y/Y. The industry had 43,800 ETFs and mutual funds at the end of October 2025, up down by 2,828 M/M but up by 657 Y/Y.

As of October 31, 2025, the industry overall brought in $752.525 billion in net TTM inflows.

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

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