In April, BEN AUM grew rather sharply, reported at $733 billion, up from $703 bln a month ago and from $602 bln a year ago. I felt kind of funny today trimming it in Top 20 (to add to IIIN), especially as we added to it in CG/B on Friday. It's still above average. This report could propel it to new highs.
Sequentially, all categories increased. Equity was up over 5%, with the bulk of the gains in Global/Intl (my buy thesis). Hybrid was up marginally. Tax-free ticked up (the market's recovering) and global taxable bonds were very strong (up 7.5% in a month). The global stocks and bonds total over $408 billion of the $733 billion now. At year-end it was $364 billion of $671 billion, and it March it was $386 billion of $703 billion. A year ago, it was half the $602 billion, and most of the growth has come on the bond side for international. So much for all those worries over bonds a few months ago...
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