(Bloomberg) -- In the hyper-competitive world of money management, no firm put more points on the board last year than Vanguard.
The low-cost fund giant had the most inflows of any mutual fund firm ever, with $216 billion in new money, in part because as of last week, "about 74% of active stock funds in the U.S. were underperforming their category benchmarks." The name Vanguard is a good substitute for passive investing in "the worst year of client withdrawals in the history of fund management," seeing $105 billion walk out the door before, during and after the time former Pimco fund manager Bill Gross was walking out the door and heading to Janus.
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