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Tuesday, April 27, 2021

MMF Inflows Jump 48 Percent

Reported by Neil Anderson, Managing Editor

Money funds' inflows spiked about 48 percent last month, as did their market share of industry inflows. Yet their percentage of industry AUM still slipped slightly.

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 March 2021.

Money funds accounted 12.65 percent of all mutual fund and ETF AUM as of March 31, 2021, down from 12.68 percent on February 28, 2021 and down from 16.84 percent on March 31, 2020. Five of the ten money fund firms tracked by the M* team brought in net money fund inflows in March, the same as in all February but down from nine in March 2020.

BlackRock kept the money market lead last month, thanks to an estimated $61.307 billion in net money fund inflows in March 2021, up month-over-month from $34.792 billion in February 2021 and up year-over-year from $56.32 billion. Other big March 2021 money fund winners included: Goldman Sachs, $32.262 billion (up MOM from $10.134 billion, down YOY from $82.121 billion); and J.P. Morgan, $12.817 billion (down MOM from $24.694 billion, down YOY from $62.044).

In Q1 2021, BlackRock led the money fund pack thanks to an estimated $86.426 billion in net inflows. Other big Q1 money fund inflows winners included: J.P. Morgan, $46.687 billion; and Goldman, $30.565 billion.

On the flip side, March was another rough month for Fidelity's money funds, which led the pack with an estimated $11.858 billion in net outflows , up MOM from $10.268 billion and down YOY from $110.94 billion in net inflows. Other big March outflows sufferers included; Vanguard, $7.28 billion (up MOM from $5.649 billion, down YOY from $28.283 billion in net inflows); and Wells Fargo, $6.011 billion (up MOM from $3.437 billion, down YOY from $36.267 billion in net inflows).

In Q1 2021, Fidelity led the money fund outflows pack thanks to an estimated $25.675 billion in net Q1 money fund outflows. Other big YTD money fund outflows sufferers included: Vanguard, $15.518 billion; and Schwab, $12.462 billion,

Overall, money funds brought in an estimated $86.394 billion in net March 2021 inflows, equivalent to 2.4 percent of their combined AUM and accounting for 35.57 percent of overall mutual fund and ETF flows. That's up from $58.536 billion and 1.67 percent of their AUM, but it's down slightly from 12.68 percent of industry AUM in February 2021. And it's down from $521.987 billion, 15.1 percent of AUM, and more than double overall industry inflows (thanks to net outflows from non-money market funds) back in March 2020.

In Q1 2021, money funds brought in an estimated $139.489 billion in net inflows, equivalent to 3.87 percent of their combined AUM and accounting for 25.82 percent of overall industry inflows. 

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