State Street pulled $69B into ETFs in Q3, but net inflows across investment management were $7B.
Other commingled funds lost $65B; separately managed accounts added $3B.
That isn't $69B of new money across the franchise, nor proof the same investors switched funds.
The shareholder opportunity is retaining assets that earn attractive fees. Management fees already rose 20% year over year, helped by markets and long-term inflows.
I'd compare fee growth with retention and costs. ETF wins can be valuable without translating dollar-for-dollar into revenue or profit.
Other commingled funds lost $65B; separately managed accounts added $3B.
That isn't $69B of new money across the franchise, nor proof the same investors switched funds.
The shareholder opportunity is retaining assets that earn attractive fees. Management fees already rose 20% year over year, helped by markets and long-term inflows.
I'd compare fee growth with retention and costs. ETF wins can be valuable without translating dollar-for-dollar into revenue or profit.