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Vanguard marches on, GSAM bleeds

Index fund giant Vanguard raked in $192.9bn (€169.3bn) in net inflows globally during the first five months of the year, according to Morningstar data extracted by Expert Investor. Blackrock/iShares followed at respectable distance with net inflows of $141.3bn. More than three-quarters of global (and US) flows went into ETFs, which contrasts with the picture in Europe.

Pimco Europe push

Pimco doesn’t have a large passive offering, but still claimed the third spot, thanks to enthusiastic European bond investors who bought their active funds in greater numbers than anywhere else. Of Pimco’s total net inflows of $37.6bn year-to-date, more than half came from European investors.

Amundi, which claimed the inflows top spot in Europe for the first time, completes the global top-four, seeing net inflows of $32.3bn year-to-date.

Outflows for Goldman Sachs

At the bottom-end of the flows table, we find a quartet of American asset managers. Morgan Stanley, Franklin Templeton, Fidelity and GSAM all suffered double-digit billion net outflows year-to-date.

GSAM was by far the worst performer, seeing net redemptions of $26.7bn from its fund range. Most of its outflows can be attributed to money-market funds, but its (US) Mid Cap Value Fund (-$1.9bn) and its Strategic Income (bond) Fund (-$1bn) also saw sizeable redemptions. GSAM is on track to mark its worst year in terms of flows since it was founded in 2007. Just five months into the year, GSAM is just $4.4bn shy of its current annual outflows record of $31.3bn, which was set in 2010.