The aggregate assets under management of 14 pure-play money managers reviewed by Moody's Investors Service totaled $8.28 trillion, up 4.1%, in the third quarter, according to Moody's quarterly update.
The AUM increase was entirely from positive market performance as domestic and international equity indexes returned 5% to 6%. All managers had increases in AUM for the quarter and past 12 months.
The managers had an aggregate net outflow of $5.1 billion in the third quarter. However, excluding a $74.2 billion fixed-income account on which BlackRock elected not to rebid, there would have been a net inflow of $69.1 billion.
For the quarter, eight of the 14 managers had net inflows. Affiliated Managers Group reported $11 billion in net inflows, its 10th consecutive quarter of strong AUM flow, according to the report. Invesco had $11.7 billion in inflows.
AMG had the largest AUM percent increase for the quarter at 8.2%, followed by Waddell & Reed, 6.4%, and Franklin Resources, 6.1%. For the past year, AMG also led with a 36% increase, followed by T. Rowe Price, with 26.7%, and Waddell & Reed, 22.4%.
However, over the past five quarters, the 14 managers had aggregate cumulative outflows of $61.3 billion.