Midsize fund firms as a group returned to positive flows territory last year, despite a rough December.
| Luis Berruga|
Mirae's Global X Management Company LLC
This article draws from Morningstar Direct
data on December 2021 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 focused on the 79 firms (up from 75 in November 2021
and up from 76 in December 2020
) with between $10 billion and $100 billion each in long-term fund AUM.
Midsize firms had $2.921 trillion in combined long-term fund AUM as of December 31, 2021, and they accounted for 10.4% of of overall industry long-term fund AUM. That compares with $2.784 trillion and 10.2 percent on November 30, 2021, and $2.778 trillion and 11.64 percent on December 31, 2020. 44 midsize firms brought in net long-term inflows in 2021, up from 34 in 2020.
(including Global X) took the lead last year among midsize fund firms, thanks to an estimated $21.385 billion in net 2021 inflows, up from $6.914 billion in 2020. Other big 2021 inflows winners included: KraneShares
, $10.952 billion (up from $1.953 billion); ProShares
and ProFunds, $10.262 billion (up from $7.53 billion); Ark
, $8.587 billion (down from $20.629 billion); and Guggenheim
(including Rydex), $8.585 billion (up from $7.384 billion).
KraneShares won proportionately last year among midsize firms, thanks to estimated net 2021 inflows equivalent to 86.9 percent of its AUM. Other big 2021 net inflows winners included: Mirare, 47.7 percent; GQG
, 33.03 percent; Pacer
, 33.89 percent; and Ark, 28.14 percent.
Mirae also led the midsize pack in the fourth quarter, with estimated net Q4 2021 inflows of $5.048 billion. Other big Q4 inflows winners included: Northern
(including Flexshares), $3.877 billion; and Nationwide
, $3.414 billion.
Northern took the lead last month, thanks to an estimated $3.519 billion in December inflows. Other big inflows winners included: Amundi
, $1.501 billion; and Mirae, $1.34 billion.
On the flip side, 2021 was a rough year for Harbor
, which suffered an estimated $8.258 billion in net outflows, more than any other midsize fund firm and up from $6.323 billion in 2020. Other big 2021 outflows sufferers included: Voya
(including TCM), $6.395 billion (up from $5.977 billion); MassMutual
, $5.854 billion (up from $2.7 billion; Putnam
, $4.59 billion (down from $4.672 billion); and Lazard
, $3.939 billion (up from $3.203 billion).
again led the midsize outflows pack last year, sufferening estimated net 2021 outflows equivalent to 25.67 percent of its AUM. Other big 2021 outflows sufferers included: Lazard, 17.11 percent; MassMutual, 15.63 percent; Harbor, 14.75 percent; and Loomis Sayles
, 13.85 percent.
Ark led the midsize outflows pack in Q4 2021, thanks to an estimated $2.977 billion in net outflows. Other big Q4 outflows sufferers included: Matthews Asia
, $1.999 billion; and Federated Hermes
, $1.957 billion.
took the lead last month thanks to an estimated $1.489 billion in net December 2021 outflows. Other big outflows sufferers included: Ark, $1.357 billion; and Matthews Asia, $1.256 billion.
As a group, midsize fund firms brought in $86.011 billion in net inflows in 2021, equivalent to 2.94 percent of their combined AUM and accounting for 7.09 percent of overall industry long-term fund inflows. That's up from $26.834 billion in net 2020 outflows and, equivalent to 0.97 percent of AUM.
In Q4 2021, midsize firms suffered an estimated $384 million in net outflows, equivalent to 0.01 percent of their combined AUM.
In December alone, midsize firms suffered an estimated $6.909 billion in net outflows, equivalent to 0.24 percent of their combined AUM. That's down from $2.415 billion of November 2021 inflows, equivalent to 0.09 percent of AUM, and $15.322 billion of December 2020 inflows, equivalent to 0.55 percent of AUM.
Across the entire industry, the 799 fund firms tracked by the M* team (up from 781 in November 2021 and up from 751 in December 20202) brought in an estimated $1.21309 trillion in net inflows, equivalent to 4.33 percent of overall long-term fund AUM of $28.084 trillion on December 31, 2021. That's up from $220.218 billion, 0.92 percent, and $23.862 trillion in AUM in 2020.
In Q4 2021, the overall industry brought in $250.128 billion in net long-term fund inflows, equivalent to 0.89 percent overall long-term fund AUM.
In December 2021 alone, the overall industry brought in $87.633 billion in net long-term fund inflows, equivalent to 0.31 percent of long-term fund AUM. That's up from $80.955 billion and 0.3 percent in November 2021, but it's down from $96.953 billion and 0.41 percent in December 2020.
Passive funds brought in $95.932 billion in net long-term fund inflows in December 2021, up from $83.006 billion in November 2021 and up from $59.958 billion in December 2020. On the flip side, active funds suffered $8.299 billion in December 2021 outflows, up from $2.051 billion in November 2021 and down from $36.995 billion in December 2020 inflows.
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