MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, October 10, 2014 LA's Quiet Mutual Fund Titan Stems the Bleeding and Speaks Up A quiet mutual fund titan that has been bleeding for six years may be on the mend. In an interview with Ross Kerber of Reuters, Capital Group [profile] management committee chair Tim Armour reveals that the Los Angeles-based giant's American Funds are on track to breaking even in fund flows this year for the first time since the financial crisis. "Year-to-date our flows are about even, and if trends continue we expect to end the year about even," Armour tells the wire service, pointing to improving performance as driving the shift. Reuters cites Lipper data that, year-to-date through August, American Funds suffered $16.1 billion in net customer withdrawals and $5.1 billion in net customer deposits, compared to its $1.2 trillion in mutual fund assets under management and $1.4 trillion in total AUM. And as Armour tells Reuters that his team is "trying to get a more balanced view out there in the market about active versus passive," making the case with advisors. Printed from: MFWire.com/story.asp?s=49882 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |