Money funds' outflows fell by more than two-thirds last month, and they still have massive net inflows for 2020 so far.
| Laurence D. Fink|
This article draws from Morningstar Direct
data on money market mutual fund flows in the U.S. in October 2020.
kept the lead last month, bringing in an estimated $10.297 billion in net money fund inflows, down from $14.119 billion in September. Other big October money fund inflows winners included: Morgan Stanley
, $7.314 billion (up from $2.644 billion); and Fidelity
, $4.449 billion (up from $13.832 billion in net outflows).
Year-to-date as of the end of October, Fidelity kept the money fund inflows lead, thanks to an estimated $96.698 billion in net inflows. Other big YTD money fund inflows winners included: Wells Fargo
, $92.686 billion; and BlackRock, $89.193 billion.
On the flip side, October was a rough month for J.P. Morgan's
money fund business, which led the outflows pack, thanks to an estimated $24.107 billion in net October outflows, up from $15.886 billion in September. Other big October money fund outflows sufferers included: Goldman Sachs
, $20.092 billion (down from $53.523 billion); and Charles Schwab
, $3.597 billion (down from $6.558 billion).
Yet YTD, there is still only one money fund firm with net outflows: Schwab, thanks to an estimated $14.124 billion in outflows.
Overall, the ten money fund families tracked by the M* team suffered an estimated $26.16 billion in net outflows last month, equivalent to one percent of their combined AUM. That's down from $89.194 billion in September.
YTD, money funds have brought in an estimated $546.271 billion in net inflows, equivalent to 16 percent of their combined AUM.
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