Institutional investors pulled a net $59.4 billion from traditional long-only asset managers over the course of the fourth quarter, and $210.7 billion during all of 2019, a report from eVestment said.
In eVestment's "Q4 2019 Traditional Asset Flows" report, the firm revealed that active equity strategies saw $158.8 billion in outflows in the fourth quarter, with U.S. active equity strategies seeing $91.7 billion in outflows.
Institutional investors also withdrew $10.2 billion from passive U.S. equity strategies and $18.4 billion from passive non-U.S. equity strategies in the final quarter of 2019.
Meanwhile, fixed income won big in the fourth quarter, with fixed-income managers reporting net institutional inflows of $39.2 billion for the quarter ended Dec. 31. U.S. fixed-income strategies saw the largest allocations led by active core, core-plus and long-duration fixed-income strategies at $11 billion each in the fourth quarter.
Across non-U.S. fixed income, passive global bonds, buy-and-maintain credit and multiasset credit strategies saw the greatest investor support in the fourth quarter, with managers seeing net inflows of $11.9 billion, $4.8 billion and $3.6 billion in those strategies, respectively.
Traditional long-only asset managers reported $26.9 trillion in institutional assets under management as of Dec. 31.