Large fund firms saw their inflows fall again last quarter, 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 collective trusts and separate accounts, are also not included.*) More specifically, this article focuses on the 73 firms with at least 100 long-term mutual funds or ETFs each.

BlackRock (including iShares) led the inflows pack for a fifth quarter in a row, thanks to an estimated $51.817 billion in net inflows in the second quarter of 2025, down by $15.888 billion quarter-over-quarter from Q1 2025 and down by $10.476 billion year-over-year from Q2 2024. Other big Q2 2025 inflows winners included:

Vanguard, $42.983 billion (down by $13.804 billion Q/Q, up by $12.953 billion Y/Y;

Schwab, $15.602 billion (up by $6.68 billion Q/Q, up by $6.607 billion Y/Y);

J.P. Morgan (including Six Circles), $12.49 billion (down by $9.819 billion Q/Q, up by $1.956 billion Y/Y); and

State Street Investment Management (SSIM, fka SSGA), $11.286 billion (up by $16.331 billion Q/Q, up by $11.35 billion Y/Y).

BlackRock also led the inflows pack last month for a second month in a row, thanks to an estimated $38.063 billion in net June 2025 inflows. Other big inflows winners included: SSIM, $11.037 billion; and Fidelity, $8.386 billion.

On the flip side, Capital Group (home of American Funds) led the large firm outflows pack for a third consecutive quarter, thanks to an estimated $20.465 billion in net Q2 2025 outflows, up by $615 million Q/Q from Q1 2025 and up by $3.508 billion Y/Y from Q2 2024. Other big Q2 2025 outflows sufferers included:

T. Rowe Price, $16.239 billion (up by $4.25 billion Q/Q, up by $4.501 billion Y/Y);

Sun Life's MFS, $6.241 billion (up by $898 million Q/Q, up by $1.512 billion Y/Y);

TIAA's Nuveen, $5.864 billion (up by $2.549 billion Q/Q, up by $4.973 billion Y/Y); and

Franklin Templeton (including Putnam and Royce), $5.506 billion (down by $530 million Q/Q, down by $2.331 billion Y/Y).

Cap Group also led the large firm outflows pack for a second month running, thanks to an estimated $7.455 billion in June 2025 outflows. Other big outflows sufferers included: T. Rowe Price, $5.565 billion; and Franklin Templeton, $2.015 billion.

As a group, large fund firms brought in $49.867 billion in net June 2025 inflows, accounting for 99.9 percent of overall net industry inflows.

Large firms brought in $74.639 billion in Q2 2025 inflows, down by $55.009 billion Q/Q. As of June 30, 2025 (the end of Q2 2025), large firms accounted for 9.5 percent of all fund firms, held $30.61 trillion in AUM (93.5 percent of industry AUM) across 35,749 funds (82.7 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).

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

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