A publicly traded brokerage's asset management arm regained the inflows lead last month among large fund firms, even as the group's outflows slipped slightly, according to the latest data from the folks at a publicly traded investment research firm.
| Omar Aguilar|
Schwab Asset Management
CEO, Chief Investment Officer
This article draws from Morningstar Direct
data on August 2023 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 23 firms with between $100 billion and $500 billion each in long-term fund AUM.
Large fund firms had a combined $4.825 trillion in total long-term fund AUM across 14,966 funds as of August 31, 2023, and they accounted for 19.14 percent of overall industry long-term fund AUM. That compares with $4.895 trillion, 13,770 funds, and 19 percent of industry AUM on July 31, 2023
, and with $4.63 trillion and 19.76 percent of industry AUM on August 31, 2022
11 large fund firms brought in net inflows last month. That's down month-over-month from 12 in July 2023 but up year-over-year from 9 in August 2022.
took the lead last month, thanks to an estimated $1.998 billion in net August 2023 inflows, up M/M from $563 million in July 2023 but down Y/Y from $2.824 billion in August 2022. Other big August 2023 inflows winners included: Prudential's PGIM
, $1.864 billion (up M/M from $134 million, up Y/Y from $1.353 billion); Allianz's Pimco
, $1.601 billion (up M/M from $688 million, up Y/Y from $1.32 billion); Edward Jones' Bridge Builder
, $597 million (up M/M from $595 million, up Y/Y from $408 million); and Dodge & Cox
, $542 million (up M/M from $162 million, up Y/Y from $353 million).
Schwab still leads the way so far in 2023, thanks to an estimated $17.597 billion in net year-to-date inflows as of August 31. Other big YTD inflows winners included: Bridge Builder, $7.853 billion; and DFA
, $6.426 billion.
On the flip side, Franklin Templeton
(including Royce) took the outflows lead last month, thanks to an estimated $3.116 billion in net August 2023 outflows, up M/M from $1.546 billion in July 2023 but down Y/Y from $3.602 billion in August 2022. Other big August 2023 outflows sufferers included: Sun Life's MFS
, $1.348 billion (up M/M from $1.215 billion, up Y/Y from $604 million); TIAA's Nuveen
, $1.175 billion (up M/M from $547 million, up Y/Y from $264 million); Jackson
, $1.063 billion (up M/M from $815 million, up Y/Y from $230 million); and Ameriprise's Columbia Threadneedle
, $1.033 billion (down M/M from $33 million in net inflows, up Y/Y from $903 million in net outflows).
Franklin still leads the 2023 outflows pack so far, thanks to an estimated $15.906 billion in net YTD outflows as of August 31. Other big YTD outflows sufferers included: Lord Abbett
, $9.002 billion; and Jackson, $7.085 billion.
Aa a group, large fund firms suffered $3.859 billion in net August 2023 outflows, equivalent to 0.08 percent of their combined AUM. That compares with $3.994 billion and 0.08 percent in July 2023 and with $3.534 billion and 0.08 percent in August 2022.
As of August 31, large fund firms have suffered $20.471 billion in net YTD inflows in 2023. That's equivalent to 0.42 percent of their combined AUM.
Across the entire industry, the 780 firms tracked by the M* team (up M/M from 779, down Y/Y from 784) suffered $24.468 billion in net August 2023 outflows, equivalent to 0.1 percent of their combined $25.211 trillion in AUM across 42,226 funds. That compares with $32.39 billion in net inflows, 0.13 percent of AUM, $25.75 trillion in AUM, and 42,167 funds in July 2023, and with $4.816 billion in net inflows, 0.02 percent of AUM, and $23.433 trillion in AUM in August 2022.
Active funds suffered an estimated $34.337 billion in net August 2023 outflows, up M/M from $24.413 billion and up Y/Y from $33.062 billion. On the flip side, passive funds brought in $9.869 billion in net August 2023 inflows, down M/M from $56.803 billion and down Y/Y from $37.845 billion.
As of August 31, the industry has brought in $48.162 billion in net 2023 inflows. That's equivalent to 0.19 percent of its total long-term fund AUM.
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