Despite a painful third quarter, money funds have still had a massive 2020 so far.
| Laurence D. "Larry" Fink|
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 two 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.
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 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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