Industry inflows, even to large fund firms, fell by more than half last quarter, according to the latest data from the folks at a publicly traded investment research firm.

Laurence D. "Larry" Fink BlackRock Chairman, CEO

This article draws from Morningstar Direct data on March 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 73 firms (down by one month-over-month from February 2025) with at least 100 long-term mutual funds and ETFs each.

BlackRock (including iShares) led the inflows pack for a fourth quarter in a row, thanks to an estimated $67.705 billion in net inflows in the first quarter of 2025, down by $49.22 billion quarter-over-quarter from Q4 2024 but up by $25.434 billion year-over-year from Q1 2024. Other big Q1 2025 inflows winners included:

Vanguard, $56.787 billion (down by $16.022 billion Q/Q, down by $13.403 billion Y/Y);

J.P. Morgan (including Six Circles), $22.309 billion (up by $1.46 billion Q/Q, down by $950 million Y/Y);

Fidelity, $11.615 billion (down by $8.721 billion Q/Q, down by $43.5 billion Y/Y); and

Invesco, $9.42 billion (down by $18.259 billion Q/Q, down by $8.405 billion Y/Y).

BlackRock also took the inflows lead last month, thanks to an estimated $38.626 billion in net March 2025 inflows. Other big inflows winners included: Vanguard, $15.676 billion; and J.P. Morgan, $6.342 billion.

On the flip side, Capital Group (home of American Funds) led the large firm outflows pack for a second quarter running, thanks to an estimated $19.85 billion in net Q1 2025 outflows, down by $736 million Q/Q from Q4 2024 but up by $8.227 billion Y/Y from Q1 2024. Other big Q1 2025 outflows sufferers included:

T. Rowe Price, $11.989 billion (up by $279 million Q/Q, up by $3.03 billion Y/Y);

MassMutual, $6.245 billion (up by $5.294 billion Q/Q, up by $5.544 billion Y/Y);

Jackson, $6.124 billion (down by $223 million Q/Q, up by $1.328 billion Y/Y); and

Franklin Templeton (including Putnam and Royce), $6.036 billion (down by $9.754 billion Q/Q, down by $339 million Y/Y).

State Street's SSGA took the outflows lead last month, thanks to an estimated $14.3 billion in net March 2025 outflows. Other big outflows sufferers included: Cap Group, $9.59 billion; and T. Rowe, $3.978 billion.

As a group, large fund firms brought in $26.275 billion in March 2025 inflows (down by $45.654 billion M/M), accounting for more than 100 percent of net industry inflows. As of March 31, 2025, large firms (9.6 percent of all fund firms) had $28.199 trillion in AUM (93.5 percent of industry AUM) across 36,146 funds (83.1 percent of industry funds).

Large firms brought in $129.648 billion in Q1 2025 inflows. That's down by $146.166 billion Q/Q.

Across the whole industry, the 758 firms (down by 15 M/M** and down by 24 Y/Y) tracked by the M* team brought in $23.903 billion in net March 2025 inflows. (That's down by $53.732 billion M/M and down by $65.646 billion Y/Y.) As of March 31, 2025, the industry had $30.159 trillion in AUM (down by $1.113 trillion M/M, down by $388 billion Q/Q, but up by $1.731 trillion Y/Y) across 43,471 funds (up by 104 M/M, up by 129 Q/Q, up by 885 Y/Y).

In Q1 2025, the industry brought in $141.402 billion in net inflows. That's down by $152.288 billion Q/Q and down by $47.618 billion Y/Y.

*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 recent fund firm count change is largely one of classification, as the MFWire team is making an effort to properly label flows for multi-boutique asset managers and ETF-in-a-box shops. 

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