Here are 3 topics covered in the report and much more:

  1. Net flows in Q1 2026 across US mutual funds, ETFs and money market funds saw a $139B increase relative to net flows in Q1 2025 ($346B vs. $207B)
  2. Passive and active ETFs continue to gain ground at the expense of traditional mutual funds, as passive ETFs increased to 25.8% of industry AUM (up from 23.5% a year ago) and active ETFs grew to 3.5% (up from 2.5%), while active mutual funds remain below 40% of industry AUM
  3. Q1 2026 recorded 4 transactions involving US traditional investment management sellers, consistent with the trailing ten-quarter average of ~3 and sustaining the elevated deal pace observed since Q4 2024
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