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Tuesday, August 25, 2020

Money Fund Outflows Fall 64 Percent

Reported by Neil Anderson, Managing Editor

Money fund outflows fell last month, and despite those outflows they still have more than $700 billion in net inflows for the year as of last month.

Sheila H. Patel
Goldman Sachs Asset Management
Chairman
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in July 2020.

Among the 10 money fund families tracked by the M* team, only three brought in net inflows last month. Goldman Sachs led the pack with an estimated $12.713 billion in net July money fund inflows, up from $11.913 billion in net June money fund outflows and versus $1.867 billion in July long-term fund inflows. The other July money fund inflows winners were: Wells Fargo, $4.992 billion (down from $7.67 billion and versus $66 million in net long-term outflows); and BNY Mellon's Dreyfus, $585 million (down from $3.743 billion and versus $373 million in net long-term outflows).

Goldman also tops the money fund inflows list year-to-date, with an estimated $158.363 billion in net 2020 money fund inflows as of the end of July, compared with $4.429 billion in net long-term inflows. Other big YTD money fund inflows winners included: Fidelity, $108.961 billion (versus $17.262 billion in net long-term outflows); and J.P. Morgan, $95.007 billion (versus $16.184 billion in net long-term inflows).

Proportionately, Goldman leads the money fund inflows pack YTD, thanks to estimated net 2020 inflows as of the end of July equivalent to 38.1 percent of its money fund AUM. Other big YTD money fund inflows winners included: Wells Fargo, 36.7 percent; and Morgan Stanley, 31.7 percent.

On the flip side, July was a rough month for Fidelity's money fund business, which suffered an estimated $25.662 billion in net outflows, up from $25.036 billion in June and versus $428 million in net July long-term fund outflows. Other big July money fund outflows sufferers included: J.P. Morgan, $10.522 billion (down from $31.484 billion in June and versus $16.184 billion in net July long-term inflows); and Charles Schwab, $9.142 billion (up from $5.696 billion and versus $571 million in net long-term inflows).

Proportionately, Schwab led the money fund outflows pack last month, thanks to estimated net July outflows equivalent to 4.6 percent of its money fund AUM, up from 2.7 percent in June. Other big July money fund outflows sufferers included: Morgan Stanley, 4.4 percent (down from 7.5 percent); and Fidelity, 3.1 percent (up from 2.9 percent).

Overall, those ten money fund families suffered an estimated $41.594 billion in net July money fund outflows, equivalent to about 1.1 percent of their combined AUM (down from $117.073 billion and 3.16 percent in June). That's versus $41.339 billion in net long-term inflows.

Yet YTD, as of the end of July, none of the 10 money fund firms tracked by M* suffered net money fund outflows for the first seven months of 2020. Together, they brought in an estimated $713.219 billion, equivalent to 19.5 percent of their combined AUM. That's versus $63.657 billion in net long-term outflows YTD. 

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