The OG ETF shop took the lead last month among large fund firms, as the group's inflows more than doubled, according to the latest data from the folks at a publicly traded investment research firm.

Yie-Hsin Hung State Street Global Advisors President, CEO

This article draws from Morningstar Direct data on February 2025 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 74 firms (up by one month-over-month from January 2025) with at least 100 long-term mutual funds and ETFs each.

State Street's SSGA pulled ahead last month, thanks to an estimated $20.602 billion in net February 2025 inflows, up by $31.722 billion M/M from January 2025 and up by $26.075 billion year-over-year from February 2024. Other big February 2025 inflows winners included:

Vanguard, $17.392 billion (down by $6.326 billion M/M, down by $1.423 billion Y/Y);

BlackRock (including iShares), $15.904 billion (up by $2.683 billion M/M, up by $8.113 billion Y/Y);

J.P. Morgan (including Six Circles), $7.969 billion (up by $830 million M/M, down by $1.437 billion Y/Y); and

Invesco, $6.788 billion (up by $1.348 billion M/M, up by $5.221 billion Y/Y).

Yet BlackRock leads the large firm pack for the trailing twelve months ending February 28, 2025, thanks to an estimated $296.197 billion in net inflows. Other big TTM inflows winners included: Vanguard, $217.84 billion; and SSGA, $112.603 billion.

On the flip side, Capital Group (home of American Funds) took the outflows lead last month, thanks to an esetimated $3.77 billion in net February 2025 outflows, down by $2.721 billion M/M from January 2025 and down by $502 million Y/Y from February 2024. Other big February 2025 outflows sufferers included:

T. Rowe Price, $3.166 billion (down by $1.949 billion M/M, up by $1.55 billion Y/Y);

Jackson, $1.968 billion (up by $37 million M/M, up by $427 million Y/Y);

Franklin Templeton (including Putnam and Royce), $1.901 billion (down by $564 million M/M, down by $180 million Y/Y); and

VanEck, $1.868 billion (up by $892 million, and a $3.112 billion net flows drop Y/Y).

Cap Group leads the large firm outflows pack for the 12 months ending February 28, 2025, thanks to an estimated $57.281 billion in net outflows. Other big TTM outflows sufferers included: Franklin, $49.142 billion; and T. Rowe, $47.256 billion.

As a group, large fund firms brought in $71.929 billion in February 2025 inflows, accounting for 92.7 percent of overall industry inflows and up by $41.369 billion M/M. As of February 28, 2025, large firms (9.6 percent of all fund firms) had $29.127 trillion in AUM (93.1 percent of industry AUM) across 36,015 funds (83 percent of industry funds).

Large firms brought in $695.309 billion in TTM inflows as of February 28, 2025.

Across the whole industry, the 773 firms (down by 27 M/M** and down by 5 Y/Y) tracked by the M* team brought in $77.635 billion in net February 2025 inflows. (That's up by $37.715 billion M/M and up by $14.505 billion Y/Y). As of February 28, 2025, the industry had $31.272 trillion in AUM (down by $163 billion M/M but up by $3.654 trillion Y/Y) across 43,367 funds (up by 88 M/M, up by 816 Y/Y).

For the 12 months ending February 28, 2025, the industry brought in $754.029 billion in net inflows.

*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.

**This M/M drop in the fund firm count is largely one of classification, as MFWire now labels all ETF families advised by Tidal Investments as one entry together. See Tidal's profile for a list of firms that the ETF-in-a-box shop works with. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE