MutualFundWire.com: SSGA Wins With a $15.684B Inflows Jump

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Wednesday, December 13, 2023

SSGA Wins With a $15.684B Inflows Jump

A publicly traded custodian's asset manager took the lead last among large fund firms, according to the latest data from the folks at a publicly traded investment research firm.

Yie-Hsin Hung
State Street Global Advisors
President, CEO

This article draws from Morningstar Direct data on November 2023 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like CITs and SMAs, are also not included.) More specifically, this article focuses on the 66 firms with between 100 and 999 long-term mutual funds and ETFs each.

SSGA took the lead last month, thanks to an estimated $16.737 billion in net November 2023 inflows, up month-over-month from $1.053 billion in October 2023 and up year-over-year from $1.499 billion in net outflows in November 2022. Other big November 2023 inflows winners included: Vanguard, $10.377 billion (up M/M from $7.846 billion in net outflows, up Y/Y from $4.118 billion in net inflows); ProShares and ProFunds, $2.706 billion (up M/M from $2.762 billion in net outflows, up Y/Y from $930 million in net inflows); Schwab, $2.588 billion (up M/M from $1.71 billion, down Y/Y from $2.954 billion); and VanEck, $1.736 billion (up M/M from $400 million, up Y/Y from $528 million).

Vanguard still leads the pack so far in 2023, thanks to an estimated $65.119 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: SSGA, $31.931 billion; and Schwab, $24.002 billion.

On the flip side, Capital Group (home of American Funds) took the outflows lead last month, thanks to an estimated $5.781 billion in net November 2023 outflows, down M/M from $6.916 billion in October 2023 and down Y/Y from $7.839 billion in November 2022. Other big November 2023 outflows sufferers included: T. Rowe Price, $3.272 billion (up M/M from $2.146 billion, down Y/Y from $4.242 billion); SunLife's MFS, $2.064 billion (down M/M from $2.387 billion, up Y/Y from $1.712 billion); Macquarie (home of Delaware Funds), $1.602 billion (up M/M from $872 million, down Y/Y from $1.999 billion); and TCW (including MetWest and Engine No. 1), $1.477 billion (down M/M from $4.285 billion, up Y/Y from $451 million).

Cap Group also now leads the 2023 outflows pack so far, thanks to an estimated $43.959 billion in net YTD outflows as of November 30. Other big outflows sufferers included: T. Rowe, $43.883 billion; and Lord Abbett, $12.667 billion.

As a group, large firms brought in an estimated $5.376 billion in net November 2023 inflows, ending the month with $16.012 trillion in AUM across 23,489 funds. (That compares with $42.975 billion in net outflows, $14.878 trillion in AUM, and 23,550 funds in October 2023.) Large firms in November 2023 accounted for 63.2 percent of industry long-term fund AUM, 55.5 percent of funds, and 16.2 percent of industry inflows.

Over the first 11 months of 2023, large fund firms suffered $74.497 billion in net outflows. 21 of those firms have brought in net inflows YTD.

Across the industry, the 778 firms tracked by the M* team (down M/M from 779, down Y/Y from 788) brought in an estimated $33.087 billion in net November 2023 inflows, ending the month with $25.329 trillion in AUM across 42,307 funds. That compares with $49.2445 billion in net outflows across $23.571 trillion in AUM and 42,413 funds in October 2023, and with $52.733 billion in net outflows across $23.842 trillion in AUM and 42,249 funds in November 2022.

Over the first 11 months of 2023, the industry brought in $25.258 billion in net YTD inflows.

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