Aggregate assets under management of 13 money managers increased 1.7% in the fourth quarter to $9.94 trillion, said a new report from Moody’s Investors Service.
Among managers with increasing AUM, Janus Capital Group stood out, with 5% growth in the quarter. Its fixed-income categories increased 9.2%, in part because of William H. Gross joining at the end of the third quarter. Core/growth equity increased 6.1%.
The largest manager, BlackRock, saw its AUM increase 2.8%.
Affiliated Managers Group’s overall increase of 3.5% was largely driven by its investment in Veritas Asset Management, which closed in the fourth quarter, adding about $17 billion of global and Asian equities. Organic growth contributed 0.4% to its AUM increase.
Money market fund growth of 5.4% supported Federated Investors’ 3% AUM increase for the quarter.
At the lower end of the range, Franklin Resources’ AUM declined 2%, of which 30 basis points was attributable to a seasonally high distribution rate and 1.3% to depreciation, including foreign exchange.
Net inflows of $106 billion during the fourth quarter of 2014 were dominated by BlackRock’s inflows of $104.7 billion. The remainder, net inflows of $1.3 billion, was largely composed of Federated’s money market fund inflows of $13.2 billion and an aggregate outflow of $11.9 billion from all the other managers.
Net long-term flows, exclusive of money market funds, were $86.6 billion, nearly double the third quarter of 2014’s net inflows of $44.4 billion, marking the strongest quarter since the first quarter of 2013, when net inflows were $92.9 billion.
However, BlackRock’s net inflows of $87.8 billion — including net inflows of $44.2 billion to its iShares exchange-traded funds — exceeded the total for the remainder of the group, which together experienced outflows of $1.2 billion.