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Rating:Down $2.737T In a Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 19, 2022

Down $2.737T In a Year

Reported by Neil Anderson, Managing Editor

The largest fund firms have maintained net inflows so far in 2022, their combined AUM has fallen by $2.737 trillion in the last 12 months.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data for June 2022 mutual fund and ETF flows, excluding money-market funds and funds of funds. (Other asset management products, like collective trusts and SMAs, are also not included.***) More specifically, this article focuses on the eight firms with more than $500 billion each in long-term fund and ETF AUM (the same as in May 2022 but down from nine in June 2021).

Jumbo fund firms had $15.247 trillion in long-term fund AUM as of June 30, 2022, and they accounted for 66.85 percent of overall industry long-term AUM. That compares with $16.414 trillion and 66.91 percent on May 31, 2022, and with $17.984 trillion and 67.78 percent on June 30, 2021.

Two of those jumbo firms brought in net inflows in June 2022, down from three in May 2022 and eight in June 20212.

BlackRock leads the 2022 jumbo fund firm inflows pack so far, thanks to an estimated $63.409 billion in net year-to-date inflows as of June 30. The only other YTD winners so far were: Vanguard, $51.961 billion; and Fidelity, $16.592 billion.

BlackRock also led the jumbo fund firm inflows pack last quarters, thanks to an estimated $29.4 billion in net inflows in the second quarter of 2022. The only other Q2 2022 jumbo inflows winner was Vangaurd, with $403 million.

The same two firms were the only inflows winners last month. BlackRock brought in an estimated $12.269 billion in net June 2022 inflows, down month-over-month from $29.237 billion in May 2022 and down year-over-year from $20.425 billion in June 2021. And Vanguard brought in an estimated $3.774 billion in June 2022, down M/M from $4.211 billion and down Y/Y from $25.171 billion.

On the flip side, T. Rowe Price leads the jumbo outflows pack so far in 2022, thanks to an estimated $26.77 billion in net outflows YTD as of June 30. Other big outflows sufferers included: Capital Group's American Funds, $14.409 billion; and Invesco, $945 million.

Cap Group led the outflows pack last quarter, thanks to an estimated $16.606 billion in net Q2 2022 outflows. Other big outflows sufferers included: T. Rowe, $16.263 billion; and SSGA, $10.958 billion.

And SSGA took the outflows lead last month, thanks to an estimated $6.971 billion in net June 2022 outflows, down M/M from $7.298 billion in May 2022 inflows and down Y/Y from $11.508 billion in June 2021 inflows. Other big June 2022 outflows sufferers included: T. Rowe, $6.167 billion (up M/M from $5.656 billion and up Y/Y from $4.336 billion); and American Funds, $5.877 billion (down M/M from $7.158 billion, down Y/Y from $448 million in net inflows).

As a group, the eight largest fund firms have brought in an estimated $88.775 billion in net YTD 2022 inflows as of June 30, equivalent to 0.58 percent of their combined AUM. Yet in Q2 2022 alone, the largest fund firms suffered an estimated $32.74 billion in net outflows, equivalent to 0.21 percent of their combined AUM and accounting for 16.72 percent of overall industry long-term outflows.

In June 2022 alone, jumbo fund firms suffered an estimated $11.526 billion in net outflows, equvivalent to 0.08 percent of their combined AUM and accounting for 18.8 percent of overall industry outflows. That's down from $24.247 billion in May 2022 inflows, equivalent to 0.15 percent of their combined AUM, and from $78.457 billion in June 2021 inflows, equivalent to 0.44 percent of their combined AUM and accounting for 74.36 percent of overall industry long-term inflows.

Across the entire industry, the 791 firms tracked by the M* team (up M/M from 787 and up Y/Y from 768) have suffered an estimated $108.602 billion in net 2022 outflows as of June 30, equivalent to 0.48 percent of their combined AUM. And in Q2 2022 alone, fund firms suffered an estimated $195.869 billion in net outflows, equivalent to 0.86 percent of their combined AUM.

In June 2022 alone, long-term funds and ETFs suffered $61.306 billion in net outflows, equivalent to 0.27 percent of their combined AUM. That's up M/M from $39.103 billion and 0.16 percent in May 2022, but down Y/Y from $105.503 billion in net inflows and 0.4 percent in June 2021.

Active funds suffered an estimated $90.45 billion in net June 2022 outflows, down M/M from $109.837 billion and down Y/Y from $24.578 billion in net inflows. Yet passive funds brought in $29.219 billion in June 2022 inflows, down M/M from $70.729 billion and down Y/Y from $80.917 billion.

***This caveat is particularly important for jumbo fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) are a commonly used alternative to traditional mutual funds. For example, as the T. Rowe team revealed last week, in June 2022 their clients transferred about $1.2 billion out of T. Rowe mutual funds and into other T. Rowe products like CITs and SMAs. And T. Rowe is a big retirement plan provider and DC I-O asset manager, especially in the target-date fund (TDF) space. 

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