Money market mutual funds' outflows plunged by more than $85 billion last month.
This article draws from Morningstar Direct
data on money market mutual fund flows in U.S. in February 2022.
Money market funds had $3.692 trillion in AUM as of February 28, 2022, accounting for 12.34 percent of all mutual fund and ETF AUM. That compares with $3.722 trillion and 12.23 percent on January 31, 2022
, and with $3.515 trillion and 12.68 percent on February 28, 2021
Three of the ten money fund firms tracked by the M* team brought in net inflows in February 2022, up from one in January 2022 but down from five in February 2021.
led the pack last month, thanks to an estimated $4.714 billion in net February 2022 money fund inflows, up month-over-month from $4.714 billion in January 2022 outflows and up year-over-year from $10.268 billion in February 2021 outflows. The other two February 2022 money fund inflows winners were: Vanguard
, $2.286 billion (up M/M from $1.587 billion, up Y/Y from $5.649 billion in net outflows); and BNY Mellon's Dreyfus
, $1.768 billion (up M/M from $8.395 billion in net outflows, down Y/Y from $11.024 billion).
As of February 28, only two firms had net money fund inflows in 2022: Fidelity with $4.284 billion and Vanguard with $3.873 billion.
On the flip side, J.P. Morgan
took the outflows lead last month among money fund firms, thanks to an estimated $12.868 billion in net February 2022 money fund outflows, up M/M from $10.871 billion in January 2022 but down Y/Y from $24.694 billion in February 2021. Other big February 2022 money fund outflows sufferers included: BlackRock
, $10.957 billion (down M/M from $31.71 billion, down Y/y from $34.792 billion in net inflows); and Allspring
, $9.303 billion (up M/M from $5.545 billion, up Y/Y from $3.437 billion).
As of February 28, BlackRock led the 2022 money fund outflows pack, thanks to an estimated $42.667 billion in year-to-date outflows. Other big YTD money fund outflows sufferers included: J.P. Morgan, $23.739 billion; and Federated Hermes
, $23.564 billion.
As a group, money funds suffered an estimated $33.574 billion in net February 2022 outflows, equivalent to 0.91 percent of their combined AUM. That compares with $118.831 billion and 3.19 percent in January 2022 and with $58.536 billion in net inflows and 1.67 percent in February 2021.
As of February 28, money funds had suffered $152.404 billion in net 2022 outflows, equivalent to 4.13 percent of their combined AUM and accounting for 158.28 percent of overall industry outflows.
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