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AUM by Client Type
Shows how assets are split between retail investors, institutional clients, retirement plans, and intermediaries, revealing who pays the fees and how sticky those assets are. A heavy institutional or retirement mix can mean steadier, long-term fee income, while reliance on retail or intermediary flows can lead to greater sensitivity to market sentiment and performance.Institutional AUM has taken share steadily, outpacing retail and driving the recent rise in total AUM; retail is recovering but remains more cyclical. Management’s call confirms flows concentrated in target‑date, ETFs, SMA and alternatives—alternatives are a standout—while overall net outflows and growth in lower‑fee products are compressing effective fees. That mix shift means AUM growth won't translate dollar‑for‑dollar into revenue, so watch fee and margin trends; management’s cost discipline and capital returns help cushion EPS near term as it doubles down on ETFs and alternatives to rebuild higher‑fee growth.
Date | Retail | Institutional |
|---|---|---|
Jun 30, 2026 | $778.00B | $1.11T |
Mar 31, 2026 | $694.00B | $1.02T |
Dec 31, 2025 | $727.00B | $1.05T |
Sep 30, 2025 | $726.00B | $1.04T |
Jun 30, 2025 | $684.00B | $993.00B |
Mar 31, 2025 | $640.00B | $926.00B |
Dec 31, 2024 | $666.00B | $941.00B |
Sep 30, 2024 | $695.00B | $936.00B |
Jun 30, 2024 | $675.00B | $894.00B |
Mar 31, 2024 | $676.00B | $866.00B |