A money center bank's asset management arm regained the flows lead last month among active fund firms, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on December 2025 open-end mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like collective trusts and separate accounts, are also excluded.*) More specifically, this article focuses on the 722 firms (down by 6 month-over-month from November 2025 and by 38 year-over-year from December 2024) that offer actively managed, long-term mutual funds or ETFs.

J.P. Morgan (including Six Circles) took the lead last month, thanks to an estimated $16.222 billion in net December 2025 active inflows, up by $12.246 billion M/M from November 2025 and up by $9.62 billion Y/Y from December 2024. Other big December 2025 active inflows winners included:

Allianz's Pimco, $5.872 billion (up by $12 million M/M, up by $4.551 billion Y/Y);

BlackRock (including iShares), $3.093 billion (up by $17 million M/M, up by $3.45 billion Y/Y);

Edward Jones' Bridge Builder, $2.394 billion (up by $1.453 billion M/M, up by $2.415 billion Y/Y); and

Russell, $1.921 billion (up by $1.968 billion M/M, up by $1.897 billion Y/Y).

On the flip side, Capital Group (home of American Funds) pulled ahead in outflows last month, thanks to an estimated $15.942 billion in net December 2025 active outflows, up by $11.191 billion M/M from November 2025 and up by $5.865 billion Y/Y from December 2024. Other big December 2025 active outflows sufferers included:

T. Rowe Price, $7.843 billion (up by $2.156 billion M/M, up by $3.575 billion Y/Y);

Vanguard, $4.783 billion (up by $3.077 billion M/M, down by $2.458 billion Y/Y);

Dodge & Cox, $3.845 billion (a $3.904-billion net flows drop M/M, a $5.321-billion net flows drop Y/Y); and

Invesco, $2.698 billion (up by $102 million M/M, up by $251 million Y/Y).

Overall, active funds suffered $26.11 billion in net outflows in December 2025, up by $8.348 billion M/M but down by $4.667 billion Y/Y). 46.3 percent (334) of the active fund families brought in net active inflows last month, up M/M from 43.1 percent and up Y/Y from 44.5 percent.

*This caveat is particularly important for large fund firms, many of which are big players in the 401(k) business, where collective investment trusts (CITs) and separately managed accounts (SMAs) are commonly used alternatives to traditional mutual funds. 

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