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Wednesday, September 29, 2021

MMF Inflows Quadruple to $19B

Reported by Neil Anderson, Managing Editor

The biggest money market fund families' inflows more than quadrupled last month, and their inflows share nearly tripled. Yet those families' marketshare by AUM continued to slip.

Sheila H. Patel
Goldman Sachs Asset Management
Chairman
This article draws from Morningstar Direct data on the 10 biggest money market mutual fund families' flows in the U.S. in August 2021.

Those money fund families had $3.658 trillion in AUM as of August 31, 2021, accounting for 11.86 percent of all mutual fund and ETF AUM. That compares with $3.638 trillion and 11.91 percent on July 31, 2021 and $3.61 trillion and 14.34 percent on August 31, 2020. Seven money fund firms (out of ten tracked by the M* tam) brought in net inflows last month, up from six in July 2021 and three in August 2020.

Goldman Sachs took the lead last month, thanks to an estimated $17.746 billion in net money market mutual fund inflows in August 2021, up month-over-month from $771 million in net outflows in July 2021 and up year-over-year from $50.025 billion in net outflows in August 2020. Other big August 2021 money fund inflows winners included: J.P. Morgan, $10.904 billion (up M/M from $9.974 billion in net outflows, up Y/Y from $1.839 billion in net outflows); and Morgan Stanley, $6.029 billion (up M/M from $5.286 billion, up Y/Y from $2.02 billion in net outflows).

BlackRock still leads the pack year-to-date, thanks to an estimated $79.522 billion in net YTD inflows as of August 31, 20210. Other big YTD inflows winners were: J.P. Morgan, $58.498 billion; and Morgan Stanley, $57.515 billion.

BlackRock also led the pack for the 12-month period ending August 31, 2021, thanks to an estimated $96.538 billion in net money fund inflows. Other big inflows winners included: Morgan Stanley, $83.299 billion; and BNY Mellon's Dreyfus, $35.866 billion.

On the flip side, last month was a rough one for BlackRock's money funds, which led the outflows pack thanks to an estimated $14.048 billion in net August 2021 outflows, down M/M from $1.296 billion in net inflows and down Y/Y from $6.046 billion in net inflows. Other big August 2021 outflows sufferers included: Federated Hermes, $7.466 billion (up M/M from $4.176 billion, and down $625 million Y/Y in net outflows); and Wells Fargo, $3.355 billion (down M/M from $393 million in net inflows, down Y/Y from $9.312 billion in net inflows).

As of August 31, 2021, Fidelity still led the money fund outflows pack YTD thanks to an estimated $39.837 billion in net 2021 outflows. Other big YTD outflows sufferers included: Vanguard, $35.607 billion; and Federated, $15.316 billion.

For the 12-month period ending August 31, 2021, Federated led the outflows pack thanks to an estimated $55.584 billion in net money fund outflows. Other big outflows sufferers included: Fidelity, $51.767 billion; and Vanguard, $41.036 billion.

Overall, the 10 biggest money fund families brought in an estimated $19.144 billion in net August 2021 inflows, equivalent to 0.52 percent of their combined AUM and accounting for 16.42 percent of overall industry inflows. That compares with $4.504 billion, 0.12 percent of AUM, and 5.88 percent of overall industry inflows in July 2021, and $51.898 billion in net outflows and 1.44 percent of AUM in August 2020.

As of August 31, 2021, the 10 biggest money fund families brought in an estimated $212.448 billion in net inflows YTD, equivalent to about 5.81 percent of their combined AUM and accounting for 19.23 percent of overall industry inflows. And in the 12-month period ending August 31, 2021, the 10 biggest money fund families brought in an estimated $57.74 billion in net inflows, equivalent to 1.58 percent of their combined AUM and accounting for 4.8 percent of overall industry inflows.

Editor's Note: A prior version of this story mischaracterized the data it draws on. To clarify, this article highlights the money fund flows of the 10 biggest money fund families. 

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