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Friday, October 23, 2020

Q3 Hurt, But It Couldn't Spoil Money Funds' 2020

Reported by Neil Anderson, Managing Editor

Despite a painful third quarter, money funds have still had a massive 2020 so far.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in September 2020.

Of the 10 money fund families tracked by the M* team, only three brought in net inflows last month. BlackRock took the lead with an estimated $14.119 billion in net inflows (equivalent to three percent of its money fund AUM), up from $6.046 billion in August. The other September money fund inflows winners were: Wells Fargo, $5.067 billion (down from $9.312 billion); and Morgan Stanley, $2.644 billion (up from $2.02 billion in net outflows).

In Q3, only money fund firms netted inflows: BlackRock brought in $19.473 billion (five percent of AUM), while Wells brought in $19.372 billion (nine percent of AUM).

Year-to-date as of the end of September, Fidelity topped the money fund inflows list, thanks to an estimated $92.249 billion in net inflows, equivalent to 11.3 percent of its AUM. Other big YTD inflows winners included: Wells, $90.656 billion; and BlackRock, $78.896 billion.

On the flip side, September was another rough month for Goldman Sachs' money fund business, which again led the pack, this time thanks to an estimated $53.523 billion in net September outflows, equivalent to 17 percent of its money fund AUM and up from $50.025 billion in August. Other big September outflows sufferers included: J.P. Morgan, $15.886 billion (up from $1.839 billion); and Federated Hermes, $15.697 billion (down from $625 million in net inflows).

Goldman also led the Q3 money fund outflows pack, thanks to an estimated $90.835 billion in net outflows, equivalent to 29 percent of its money fund AUM. Other big Q3 outflows sufferers included: Fidelity, $42.374 billion; and J.P. Morgan, $28.241 billion.

Schwab is the only money fund that has suffered net outflows YTD: $11.545 billion, equivalent to 11 percent of its money fund AUM.

Overall, those ten money fund families sufferened an estimated $89.194 billion in net September money fund outflows, equivalent to three percent of their combined money fund AUM (up from $51.898 billion and 1.4 percent in August). That's compared with $10.736 billion in net long-term fund inflows in September.

In Q3, money funds suffered an estimated $182.682 billion in net outflows, equivalent to five percent of their combined AUM. Yet despite that, in the first nine months of 2020 money funds brought in an estimated $572.431 billion in net inflows, equivalent to 16.3 percent of their combined AUM. 

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