Two Niche ETF Shops Lead the Small Firm Pack
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Thursday, March 29, 2018

Two Niche ETF Shops Lead the Small Firm Pack

A pair of niche ETF shops led the small fund firm pack last month.

The fund flows information within this article draws from Morningstar Direct data on mutual fund and ETF flows in February 2018.

Global X (which is being acquired by Mirae Asset) and New York Life's IndexIQ were by far ahead of the inflows pack last month among fund firms with between $1 billion and $10 billion in AUM. Global X led with $462 million in estimated net inflows in February, down from $1.206 billion in January, and IndexIQ brought in $454 million in February. Other top inflow winners last month included: Clark Capital Management's Navigator Funds, $209 million; Ark, $166 million; and Pacer, $151 million.

On a relative basis, IndexIQ led the small fund firms in February with estimated net inflows equivalent to 18.62 percent of its AUM. Other big winners proportionately included: Ark, 12.45 percent; Pacer, 8.00 percent; Navigator, 6.93 percent; and Chiron, 6.43 percent.

On the flip side, February was a rough month for Barclays Funds, which suffered estimated net outflows of $510 million, more than any other fund firm in the $1 billion to $10 billion range. Other big sufferers last month included: Manning & Napier, $199 million; RiverPark, $126 million; Salient, $106 million; and Jensen, $105 million.

Barclays also suffered the most last month proportionately, among small fund firms, with estimated net outflows equivalent to 7.03 percent of its AUM. Other big sufferers in February included: RiverPark, 6.62 percent; Salient, 3.91 percent; Water Island Capital's Arbitrage Fund, 3.55 percent; and James Advantage, 3.33 percent.

Fund families with between $1 billion and $10 billion in AUM each, as a group, brought in $1.543 billion in net inflows in February, equivalent to 0.32 percent of their combined AUM. That's down from $5.698 billion in net inflows in January.

M* recently released a report about industrywide flows in February, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, long-term active mutual funds suffered an estimated $12.943 billion in net outflows in February, down from $24.048 billion in net inflows in January. Money funds swung positive in February, to $42.812 billion in net inflows, and passive funds brought in $5.253 billion. Within long-term active mutual funds, international equity funds, taxable bond funds, and commodities funds each had net category inflows in February, while U.S. equity funds, allocation funds, sector equity funds, muni bond funds, and liquid alts all suffered net outflows.

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