Vanguard edges American in 2007 fund flows-research
BOSTON, Jan 29 (Reuters) - Vanguard Group pulled the most money among asset managers in 2007 into U.S. stock and bond mutual funds, dethroning American Funds, which had held the top spot since 2002, data show.
On the other hand, Putnam Investments and American Century Investments saw the most outflows last year, according to data from funds flow research firm Financial Research Corp (FRC).
Vanguard, the second-biggest U.S. mutual fund firm, saw net inflows of $76.2 billion in 2007 compared to $74.7 billion into American Funds. In 2006, Vanguard had $42.7 billion invested in its stock and bond funds against the $74 billion that American Funds, the third-biggest U.S. fund firm, took in.
Neither Vanguard nor American are publicly listed.
Exchange-traded funds (ETFs) helped Barclays Global Investors and State Street Global Advisors (SSgA) pull in $58.2 billion and $49.2 billion, respectively, in 2007. Barclays Global is a unit of British bank Barclays (BARC.L), while SSgA is a unit of State Street Corp (STT.N).
SSgA's 2007 inflows represent a huge jump from the $3.4 billion taken in the previous year.
Putnam, a unit of Canada's Power Financial Corp (PWF.TO), saw outflows of $12.5 billion last year while American Century, in which JPMorgan Chase & Co (JPM.N) owns a 45 percent stake, saw outflows of $10 billion, FRC said.
That compared with outflows of $14.9 billion and $7.9 billion, respectively, for the two firms the previous year. (Reporting by Muralikumar Anantharaman; Editing by Brian Moss)
