MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, December 23, 2025 The 2 Titans Add $83B, Despite Slowing Industry Inflows The world's largest mutual fund company and the world's largest asset manager brought in $24 billion more inflows last month, even as overall industry flows slipped, according to the latest data from the fokls at a publicly traded investment research firm. This article draws from Morningstar Direct data on November 2025 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 not included*.) More specifically, this article focuses on the 75 firms (up by one month-over-month from October 2025 and up by three year-over-year from November 2024) with at least 100 long-term mutual funds or ETFs each. BlackRock (including iShares) led the inflows pack for a seventh month running, thanks to an estiamted $42.727 billion in net November 2025 inflows, up by $11.569 billion M/M from October 2025 and up by $4.043 billion Y/Y from November 2024. Other big November 2025 inflows winners included: BlackRock also led the inflows pack over the last year, thanks to an estimated $336.912 billion in net inflows for the trailing twelve months ending November 30, 2025. Other big TTM inflows winners included: Vanguard, $235.094 billion; and State Street Investment Management (SSIM, fka SSGA), $80.762 biilion. On the flip side, T. Rowe Price led the outflows pack for a second consecutive month, thanks to an estimated $5.887 billion in net November 2025 outflows, up by $491 million M/M from October 2025 and up by $2.227 billion Y/Y from November 2024. Other big November 2025 outflows sufferers included: Capital Group led the outflows pack over the last year, thanks to an estimated $68.976 billion in net TTM outflows as of November 30, 2025. Other big outflows sufferers included: T. Rowe, $89.189 billion; and Jackson, $23.617 billion. As a group, large fund firms brought in $83.435 billion in net November 2025 inflows. That's down by $8.283 billion M/M and by $19.763 billion Y/Y. 42.7 percent (32) of the large fund firms brought in net inflows last month. And large fund firms accounted for 104.1 percent of overall industry inflows. As of November 30, 2025, large fund firms held $33.183 trillion in AUM, accounting for 93.6 percent of overall industry long-term AUM and up by $203 billion M/M and up by $3.911 trillion Y/Y. Those firms ended last month with a combined 36,089 long-term mutual funds and ETFs, accounting for 82.6 percent of overall industry funds and down by 206 M/M but up by 640 Y/Y. Large fund firms brought in a combined $692.754 billion in net TTM inflows as of November 30, 2025. That accounts for 97 percent of overall industry inflows. Across the whole industry, the 770 fund firms tracked by the M* team (down by 9 M/M, down by 28 Y/Y) brought in $80.125 billion in net November 2025 inflows. That's down by $11.842 billion M/M and by $34.46 billion Y/Y. The industry ended last month with $$35.469 trillion in AUM, up by $198 billion M/M and up by $4.043 billion Y/Y. The industry had 43,701 ETFs and long-term mutual funds at the end of November 2025, down by 99 M/M but up by 655 Y/Y. As of November 30, 2025, the industry overall brought in $714.312 billion in net TTM 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 institutional separate accounts are commonly used alternatives to traditional mutual funds. Printed from: MFWire.com/story.asp?s=71868 Copyright 2025, InvestmentWires, Inc. All Rights Reserved |