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Rating:As MMF Marketshare Slips, Only Morgan Stanley Wins Inflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 28, 2021

As MMF Marketshare Slips, Only Morgan Stanley Wins Inflows

Reported by Neil Anderson, Managing Editor

Only one fund firm's money market fund business gained inflows last month. And money funds' industry marketshare is slipping.

Daniel "Dan" Simkowitz
Morgan Stanley
Head of Investment Management, Co-Head of Firm Strategy and Execution
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in June 2021.

Money funds had $3.64 trillion in AUM, accounting for 12.06 percent of all mutual fund and ETF AUM as of June 30, 2021, down from $3.698 trillion and 12.39 percent on May 31, 2021 and down from $3.703 trillion and 15.69 percent of AUM on June 30, 2020.

Morgan Stanley brought in $6.218 billion in net money market fund inflows in June, the only money market inflows winner for the month. Morgan Stanley's money market flows were down month-over-month from $15.099 billion in May 2021 but up year-over-year from $15.736 billion in net outflows in June 2020.

Morgan Stanley also led the pack last quarter, thanks to an estimated $25.614 billion in net Q2 2021 money market fund inflows. Other big Q2 money fund inflows winners included: Northern Trust, $10.945 billion; and J.P. Morgan, $10.881 billion.

In the first six months of 2021, BlackRock led the money fund pack, thanks to an estimated $91.635 billion in net money market fund inflows. Other big year-to-date money fund inflows winners included: J.P. Morgan, $57.567 billion; and Morgan Stanley, $46.2 billion.

For the 12 months ending on June 30, 2021, BlackRock led money fund firms thanks to an estimated $114.275 billion in net money market fund inflows. Other big inflows winners included: Morgan Stanley, $61.2 billion; and BNY Mellon's Dreyfus, $21.244 billion.

On the flip side, last month was a rough one for BlackRock's money funds, thanks to an estimated $23.208 billion in net June 2021 outflows, down M/M from $3.896 billion in May 2021 inflows but up Y/Y from 20.672 billion. Other big June 2021 money fund outflows sufferers included: Dreyfus, $10.576 billion (down M/M from $12.576 billion in net inflows, down Y/Y from $3.743 billion in net inflows); and Goldman Sachs, $7.957 billion (up M/M from $6.874 billion, down Y/Y from $11.913 billion).

Only two firms suffered net money fund outflows in Q2 2021: Vanguard, with $19.213 billion; and Fidelity, with $16.434 billion.

In the first half of 2021, only three firms suffered net money fund outflows: Fidelity, $42.109 billion; Vanguard, $34.731 billion; and Federated Hermes, $3.674 billion.

For the 12 months ending on June 30, 2021, Fidelity led the money fund outflows pack thanks to an estimated $82.58 billion in net outflows. Other big money fund outflows sufferers included: Goldman, $53.778 billion; and Federated, $46.911 billion.

Overall, money funds suffered an estimated $56.995 billion in net June 2021 outflows, equivalent to 1.57 percent of their combined AUM, even as long-term funds brought in $105.503 billion in net inflows. That's down from $57.205 billion in May 2021 money fund inflows and down from $117.073 billion in June 2020 money fund outflows.

In Q2 2021, money funds brought in an estimated $41.521 billion in net inflows, equivalent to 1.14 percent of their combined AUM and accounting for 11.54 percent of overall industry inflows. In the first half of 2021, money funds brought in $195.31 billion in net inflows, equivalent to 5.37 percent of their combined AUM and accounting for 21.28 percent of overall industry inflows. And in the 12 months ending on June 30, 2021, money funds suffered an estimated $35.938 billion in net outflows, equivalent to 0.99 percent of their combined AUM, even as long-term funds brought in $1.059 trillion in net inflows. 

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