The asset management arm of a money center bank led the active inflows pack yet again last month, even as the industry's overall active outflows more than doubled, according to the latest data from the folks at a publicly traded investment research company.

This article draws from Morningstar Direct data on December 2024 open-end mutual fund and ETF flows, excluding money market funds and funds of funds. (The data also excludes other asset management products, like CITs and SMAs.***) More specifically, this article focuses on the 760 firms (up by five month-over-month from November 2024 and up 40 year-over-year from December 2023) that offer actively managed long-term mutual funds or ETFs.

J.P. Morgan (including Six Circles) led the way for an eighth month in a row, thanks to an estimated $6.962 billion in net December 2024 active inflows, down by $2.666 billion M/M from November 2024 but up by $6.088 billion Y/Y from December 2023. Other big December 2024 active inflows winners included: Baird (including Strategas), $2.694 billion (up by $1.533 billion M/M, up by $1.207 billion Y/Y); Tidal (including FundStrat and YieldMax), $2.194 billion (up by $1.29 billion M/M); American Century's Avantis, $1.918 billion; and Janus Henderson, $1.48 billion (up by $396 million M/M, up by $922 million Y/Y).

On the flip side, Capital Group (home of American Funds) took the active outflows lead last month, thanks to an estimated $10.059 billion in net December 2024 active outflows, up by $4.788 billion M/M from November 2024 and up by $483 million Y/Y from December 2023. Other big December 2024 active outflows sufferers included: Vanguard, $7.241 billion (up by $1.767 billion M/M, down by $3.387 billion Y/Y); Franklin Templeton (including Putnam and Royce), $4.8 billion (down by $1.703 billion M/M, up by $539 million Y/Y); Fidelity, $4.468 billion (up by $2.308 billion M/M, and a $6.349-billion net flows drop Y/Y); and T. Rowe Price, $4.268 billion (up by $698 million M/M, down by $964 million Y/Y).

Overall, active funds suffered a combined $30.779 billion in net outflows in December 2024, up by $16.355 billion M/M from November 2024 but down by $30.22 billion Y/Y from December 2023. 44.5 percent (338) of active fund families brought in net active inflows in December 2024, down M/M from 46 percent but up Y/Y from 38.1 percent.

***This caveat is particularly important for the largest 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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