JPMorgan Funds Was Top-Selling Family in 2008

JPMorgan Funds was the best-selling mutual fund family in 2008, taking in $140 billion, Financial Times reports. Nearly all of that money was in money market funds, for excluding those flows, JPMorgan was hit with $1.3 billion in outflows for the 12 months through February.

Likewise, Fidelity’s inflows were $53 billion, largely due to its money funds, and Vanguard took in $49 billion, $10 billion of which went to its money funds. However, total assets under management at Fidelity fell by $400 billion to $1.2 trillion. Pimco, largely due to its bond funds, took in $19 billion in inflows.

American Funds, the top-selling firm for most of the past seven years following the mutual fund trading scandal, suffered in 2008 due to the fact it has no money market funds.

Other fund giants have been hit with tremendous outflows, including Franklin Templeton ($20 billion in outflows), Putnam Investments ($13 billion in outflows), Legg Mason ($16 billion in outflows), and OppenheimerFunds and Dodge & Cox ($13 billion in outflows apiece).