A publicly traded brokerage giant's asset manager took the lead last month among large fund firms, 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 October 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.

Schwab took the lead last month, thanks to an estimated $1.71 billion in net October 2023 inflows, down month-over-month from $2.107 billion in September 2023 and down year-over-year from $2.97 billion in October 2022. Other big October 2023 inflows winners included: SSGA, $1.053 billion (down M/M from $7.172 billion, down Y/Y from $27.598 billion); Rafferty's Direxion, $794 million (up M/M from $499 million, up Y/Y from $655 million); Innovator, $754 million (up M/M from $357 million, down Y/Y from $809 million); and American Century (including Avantis), $681 million (up M/M from $260 million, up Y/Y from $509 million).

Vanguard still leads the pack so far in 2023, thanks to an estimated $54.771 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Schwab, $21.414 billion; and SSGA, $15.194 billion.

On the flip side, Vanguard took the outflows lead last month, thanks to an estimated $7.846 billion in net October 2023 outflows, down M/M from $2.255 billion in net inflows in September 2023 and down Y/Y from $47 million in net inflows in October 2022. Other big October 2023 outflows sufferers included: Capital Group (home of American Funds), $6.916 billion, up M/M from $6.01 billion, down Y/Y from $8.326 billion; TCW (including MetWest), $4.285 billion (up M/M from $832 million, up Y/Y from $1.398 billion); ProShares and ProFunds, $2.762 billion (up from $1.292 billion, up Y/Y from $730 million); and SunLife's MFS, $2.387 billion (up M/M from $277 million, up Y/Y from $2.008 billion).

T. Rowe Price leads the 2023 outflows pack so far, thanks to an estimated $40.16 billion in net YTD outflows as of October 31. Other big outflows sufferers included: Cap Group, $38.178 billion; and Lord Abbett, $11.649 billion.

As a group, large firms suffered $42.975 billion in net October 2023 outflows, ending the month with $14.878 trillion in AUM across 23,550 funds. (That compares with $11.682 billion in net outflows, $15.293 trillion in AUM, and 23,508 funds.) Large firms in October 2023 accounted for 63.12 percent of industry long-term fund AUM, 55.53 percent of funds, and 87.27 percent of industry outflows.

Over the first ten months of 2023, large fund firms suffered $79.957 billion in net outflows. 19 of those firms have brought in net inflows in 2023.

Across the industry, the 779 firms tracked by the M* team (down M/M from 780 and down Y/Y from 787) suffered an estimated $49.245 billion in net October 2023 outflows, ending the month with $23.571 trillion in AUM across 42,413 funds. That compares with $12.246 billion in net outflows, $24.155 trillion in AUM, and 42,226 funds in September 2023, and with $21.911 billion in net outflows and $22.554 trillion in AUM in October 2023.

Over the first ten months of 2023, fund firms suffered $8.191 billion in net outflows. 

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