Only Two Firms Added More Than $10B In 2018
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Thursday, January 17, 2019

Only Two Firms Added More Than $10B In 2018

Thanks to rough markets and continued active management outflows, and despite net industry inflows, only 15 fund firms increased their AUM by more than $1 billion each in 2018 ... and only two increased it by more than $10 billion each.

Marie. A Chandoha
Charles Schwab Investment Management
This article draws from Morningstar Direct data on open-end mutual fund and ETF flows (excluding money market funds and funds of funds) from 2018.

Charles Schwab added an estimated $14.438 billion in AUM (ended with $190 billion) last year, more than any other fund firm. Other big 2018 AUM winners included: Edward Jones' Bridge Builder, up $13.117 billion (to $64 billion); Morgan Stanley, up $5.067 billion (to $39 billion); Lord Abbett, up $4.97 billion (to $130 billion); First Trust, up $4.62 billion (to $59 billion); Baird, up $4.184 billion (to $47 billion); Clark Capital Management Group's Navigator Funds, up $2.729 billion (to $4 billion); MassMutual, up $1.864 billion (to $28 billion); Ivy, up $1.739 billion (to $53 billion); Pacer, up $1.659 billion (to $3 billion); Blackstone, up $1.545 billion (to $7 billion); Calamos, up $1.493 billion (to $13 billion); Guggenheim (including Rydex), up $1.383 billion (to $32 billion); PrimeCap, up $1.101 billion (to $31 billion); and Ark, up $1.097 billion (to $2 billion).

Yet the picture is very different when you look at market share (by percentage of total industry AUM). The world's largest mutual fund company, low-cost leviathan Vanguard, saw its market share increase 0.99 percent in 2018 (to 24.82 percent). Other big market share winners included: BlackRock, up 0.6 percent (to 9.41 percent); Fidelity, up 0.27 percent (to 8.37 percent); Schwab, up 0.15 percent (to 1.12 percent); and Pimco, up 0.11 percent (to 2.05 percent).

On the flip side, Vanguard suffered the biggest mutual fund AUM drop in the industry in 2018, $113.851 billion (to $4.208 trillion). Other big AUM sufferers included: Capital Group, down $85.806 billion (to $1.445 trillion); SSgA, down $53.601 billion (to $592 billion); and Fidelity, down $50.690 billion (to $1.419 trillion).

When it comes to market share by AUM, the biggest 2018 sufferers were: Franklin, down 0.17 percent (to 1.94 percent); Harbor, down 0.13 percent (to 0.25 percent); Harris' Oakmark, down 0.11 percent (to 0.41 percent); Invesco, down 0.1 percent (to 1.8 percent); and OppenheimerFunds, down 0.09 percent (to 1.03 percent).

Across the entire industry, long-term mutual funds and ETFs suffered an estimated $1.108 trillion drop in AUM last year, to $16.953 trillion on December 31. Yet funds brought in an estimated $162.401 billion in net inflows for the year.

Editor's Note: A prior version of this story gave the wrong year in the headline. The figures in this story refer specifically to calendar year 2018, and the headline has been corrected accordingly.

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