BlackRock Catapults Back to the Lead
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Monday, December 17, 2018

BlackRock Catapults Back to the Lead

For a second month in a row, less than one-third of the biggest fund firms had positive net inflows.

The information within this article draws from Morningstar Direct data on November 2018 open-end mutual fund and ETF flows (excluding money market funds and funds of funds), and focuses specifically on the 27 firms with more than $100 billion each in mutual fund and ETF AUM. Eight of those firms gained net inflows last month, while 19 suffered net outflows.

BlackRock gained a big flows lead, increasing its monthly net inflows by more than 28 times to an estimated $30.349 billion in November (up from $1.064 billion in October). Other big November winners included: Vanguard, $10.683 billion (up from $9.025 billion); SSgA, $4.898 billion (up from $7.485 billion in net outflows); Fidelity, $3.78 billion (down from $6.929 billion); and Schwab, $2.555 billion (up from $1.831 billion).

BlackRock also took the lead proportionately among the biggest fund firms, with estimated November net inflows equivalent to 1.82 percent of its AUM, up from 0.07 percent in October. Other big winners in November included: Schwab, 1.25 percent (up from 0.92 percent); Lord Abbett, 1.14 percent (up from 0.74 percent); SSgA, 0.76 percent (up from 1.19 percent in net outflows); and Fidelity, 0.26 percent (down from 0.46 percent).

On the flip side, Franklin Templeton led the big fund firm pack in outflows last month, suffering an estimated $2.889 billion in net November outflows, up from $2.572 billion in October. Other big November sufferers included: Pimco, $2.772 billion (up from $2.626 billion); OppenheimerFunds, $2.354 billion (up from $1.233 billion); Invesco, $1.859 billion (down from $4.339 billion); and John Hancock, $1.72 billion (down from $34 million in net inflows).

Proportionately, among the biggest fund firms, John Hancock led the outflows pack last month with estimated net November outflows equivalent to 1.29 percent of its AUM, down from 0.03 percent in net October inflows. Other big November sufferers included: Principal, 1.26 percent (up from 0.51 percent); OpFunds, 1.25 percent (up from 0.65 percent); Legg Mason, 0.96 percent (up from 0.13 percent); and Franklin Templeton, 0.82 percent (up from 0.73 percent).

As a group, fund families with more than $100 billion in AUM each brought in a combined $31.095 billion in net inflows, equivalent to 0.21 percent of their combined AUM. That's up from $5.885 billion in net outflows in October.

Across the whole industry, long-term open-end mutual funds and ETFs suffered a combined $1.443 billion in net outflows in November, equivalent to about 0.01 percent of industry AUM. That's down from $29.184 billion in October.

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