Money manager Vanguard Group told Reuters customers had
invested $130.4 billion in its mutual and exchange-traded funds during the
first 11 months of 2012, beating the fund industry's previous annual inflow
record.
The firm's 2012 inflow, mostly into equities, so far
exceeded the previous annual record of $129.6 billion set by JPMorgan Chase
& Co in 2008, according to fund research firm Strategic Insight. Vanguard's
previous high was $104 billion, set in 2007, the company said Wednesday.
Investors and financial advisers have favored low-cost and
index funds in 2012, playing to Vanguard's historic strengths. The trend has
also benefited BlackRock Inc's iShares ETF unit, while hurting more traditional
managers like American Funds, Dodge & Cox and Janus Capital Group Inc. Vanguard's success is also due to the firm's
efforts to offer more products catering to self-directed retail investors,
particularly ETFs, said Avi Nachmany, research director of Strategic Insight in
New York….
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