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Friday, October 29, 2021

Money Fund Inflows Are Down 62 Percent From 2020

Reported by Neil Anderson, Managing Editor

Money market fund inflows have fallen 62 percent from 2020. Yet their AUM is up.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in U.S. in September 2021.

Money funds had $3.665 trillion in AUM as of September 30, 2021, accounting for 12.1 percent of all mutual fund and ETF AUM. That compares with $3.658 trillion and 11.91 percent on August 31, 2021 and $3.52 trillion and 14.29 percent on September 30, 2020. Six of of the ten money fund firms tracked by the M* team brought in net inflows last month, down from seven in August 2021 but up from three in September 2020.

BlackRock took the lead last month, thanks to an estimated $17.746 billion in net money market mutual fund inflows in September 2021, up month-over-month from $14.048 billion in August 2021 outflows but down year-over-year from $14.119 billion in September 2020 inflows. Other big September 2021 money fund inflows winners included: Morgan Stanley, $6.459 billion (up M/M from $6.029 billion, up Y/Y from $2.644 billion); and Northern Trust, $4.253 billion (up M/M from $710 million).

Goldman Sachs led the pack last quarter, thanks to an estimated $19.222 billion in net money fund inflows in third quarter. Other big Q3 2021 money fund inflows winners included: Morgan Stanley, $17.773 billion; and BNY Mellon's Dreyfus, $5.894 billion.

BlackRock still leads the pack year-to-date, thanks to an estimated $91.185 billion in net YTD inflows as of September 30, 2021. Other big YTD inflows winners included: Morgan Stanley, $63.973 billion; and Goldman, $53.718 billion.

And BlackRock also led the money fund pack for the 12-month period ending September 30, 2021, thanks to an estimated $94.082 billion in net inflows. Other big inflows winners included: Morgan Stanley, $87.114 billion; and Goldman, $56.731 billion.

On the flip side, last month was a rough one for J.P. Morgan's money funds, which led the outflows pack thanks to an estimated $13.447 billion in net September 2021 outflows, down M/M from $10.904 billion in net August 2021 inflows and down Y/Y from $15.866 billion in September 2020. Other big September 2021 outflows sufferers included: Dreyfus, $5.312 billion (down M/M from $2.424 billion in net inflows, up Y/Y from $3.835 billion); and Wells Fargo, $3.02 billion (down M/M from $3.355 billion, down Y/Y from $5.067 billion in net inflows).

J.P. Morgan also led the money fund outflows pack last quarter, thanks to an estimated $12.517 billion in net outflows. Other big Q3 outflows sufferers included: Federated Hermes, $8.509 billion; and Wells Fargo, $5.981 billion.

As of September 30, 2021, Fidelity still led the money fund outflows pack YTD, thanks to an estimated $38.338 billion in net 2021 outflows. Other big YTD outflows sufferers included: Vanguard, $35.811 billion; and Federated, $12.184 billion.

For the 12-month period ending September 30, 2021, Vanguard led the money fund outflows pack thanks to an estimated $39.546 billion in net outflows. Other big outflows sufferers included: Federated, $36.754 billion; and Fidelity, $36.436 billion.

Overall, money funds brought in an estimated $6.789 billion in net September 2021 inflows, equivalent to 0.19 percent of their combined AUM and accounting for 10.54 percent of overall industry inflows. That compares with $19.144 billion, 0.52 percent of AUM, and 16.42 percent of industry inflows in August 2021, and with $89.194 billion in net outflows and 3 percent of AUM in September 2020.

Money funds brought in an estimated $23.471 billion in net Q3 2021 inflows, equivalent to 0.64 percent of their combined AUM and accounting for 9.18 percent of overall industry inflows. As of September 30, 2021, money funds brought in $219.327 billion in net inflows YTD, equivalent to about 5.98 percent of their AUM and accounting for 18.57 percent of industry inflows. And for the 12-month period ending September 30, 2021, money funds brought in an estimated $157.095 billion in net inflows, equivalent to 4.29 percent of their AUM and accounting for 11.66% of industry inflows. 

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