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Friday, July 6, 2018

Bridge Builder Takes the Lead

Reported by Neil Anderson, Managing Editor

A broker-dealer's in-house, subadvised mutual fund shop took the lead in the midsize fund firm pack in May.

The fund flows information within this article draws from Morningstar Direct data. This article digs into mutual fund and ETF flows for May 2018, specifically for midsize fund firms (those with between $10 billion and $100 billion in fund and ETF AUM).

Edward Jones' Bridge Builder brought in an estimated $1.558 billion in net inflows in May, more than any other midsize firm and up from $891 million in April. Other top inflows shops in May included: First Trust, $1.371 billion (up from $1.076 billion in April); AB, $1.095 billion (up from $270 million); Eaton Vance, $843 million (up from $379 million); and Morgan Stanley, $837 million (up from $546 million).

Edgewood led the midsize fund firms on a relative basis, with estimated net inflows in May equivalent to 3.56 percent of its AUM, up from 1.81 percent in April. Other big inflows winners proportionately in May included: Bridge Builder, 2.79 percent (up from 1.66 percent in April); Calamos, 2.26 percent (up from 1.74 percent); Morgan Stanley, 2.24 percent (up from 1.52 percent); and First Trust, 2.2 percent (up from 1.81 percent).

On the flip side, May was a rough month for Harbor, which led the midsize pack with $1.117 billion in estimated net outflows, up from $671 million in April. Other big sufferers in May included: AMG, $1.047 billion (up from $176 million); Van Eck, $912 million (up from $86 million); TCW, $874 million (up from $686 million); and GMO, $777 million (up from $455 million).

Proportionately, BBH was again the biggest sufferer among midsize firms, with estimated net outflows in May equivalent to 4.09 percent of its AUM, up from 3.34 percent in April. Other big sufferers in May, proportionately, included: AMG, 3.01 percent (up from 0.5 percent); Touchstone, 2.72 percent (up from 0.24 percent); AIG, 2.46 percent (up from 1.25 percent); and TCW, 2.41 percent (up from 0.97 percent).

As a group, fund families with between $10 billion and $100 billion in AUM suffered $3.509 billion in net outflows in May, equivalent to about 0.11 percent of their combined AUM. That's down from $4.39 billion in net outflows in April.

M* recently released a report about industrywide flows, and MFWire highlighted the biggest winners and losers among the largest fund firms. Across the whole industry, passive funds brought in $41.3 billion in net inflows in May, while active funds suffered $900 million in net outflows. 

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