Before getting into this month's money fund flow highlights, MFWire must offer a mea culpa. We've published articles highlighting monthly money market fund flows for some time, describing the data as covering the entirety of the U.S. money market mutual fund business. Yet we were mistakenly using data about the 10 biggest money fund families each month, without incorporating all the rest. Please pardon our long-running error.
We'll be going back and adding clarifications to past articles. And going forward, our money fund flows articles, like our long-term fund flows articles, will draw on data on all money fund firms tracked by the Morningstar team. And now, without further adieu, here are this month's highlights.
An asset manager that once was part of a banking giant took the inflows lead last month among money fund firms, as money funds inflows grew to more than double the outflows from long-term funds.
This article draws from Morningstar Direct
data on money market mutual funds flows in the U.S. in July 2022.
The 75 money market fund families tracked by the M* team had $4.57 trillion in combined AUM as of July 31, 2022. 39 of those firms brought in net money fund inflows last month, and 46 have brought in net money fund inflows year-to-date, as of July 31.
took the lead last month, thanks to an estimated $18.579 billion in net July 2022 money fund inflows, up month-over-month from $12.343 billion in June 2022 outflows. Other big July 2022 money fund inflows winners included: Goldman Sachs
, $16.247 billion (up M/M from $11.233 billion, up year-over-year from $771 million in outflows in July 2021
); Charles Schwab
, $13.914 billion (up M/M from $11.755 billion); Fidelity
, $9.128 billion (up M/M from $4.423 billion, up Y/Y from $3.581 billion in net outflows); and SSGA
, $8.452 billion (up M/M from $578 million in net outflows).
led the money fund inflows pack proportionately last month, thanks to estimated net July 2022 inflows equivalent to 82.4 percent of its money fund AUM. Other big inflows winners included: DWS, 54.24 percent; and Gamco
, 22.5 percent.
DWS took the lead last month in money fund inflows per fund, thanks to an estimated $464 million in net July 2022 inflows per fund. Other big inflows winners included: Schwab, $348 million per fund; and SSGA, $192 million per fund.
So far in 2022, Schwab leads the money fund inflows pack, thanks to an estimated $26.466 billion in net year-to-date inflows as of July 31. Other big YTD inflows winners included: SSGA, $26.054 billion; and HSBC
, $26.025 billion.
On the flip side, Morgan Stanley
took the money fund outflows lead last month, thanks to an estimated $32.87 billion in net July 2022 outflows, down M/M from $21.076 billion in June 2022 inflows and down Y/Y from $5.286 billion in July 2021 inflows. Other big July 2022 outflows sufferers included: J.P. Morgan
, $13.886 billion (down M/M from $28.262 billion, up Y/Y from $9.974 billion); Northern Trust
, $6.498 billion (up M/M from $2.487 billion, down Y/Y from $482 million in net inflows); BlackRock
, $6.202 billion (down M/M from $22.395 billion, up Y/Y from $1.269 billion); and U.S. Bank's First American
, $2.775 billion (up M/M from $2.403 billion).
led the money fund outflows pack proportionately last month, thanks to estimated net July 2022 outflows equivalent to 20.9 percent of its money fund AUM. Other big outflows sufferers included: Guggenheim's
Rydex, 16 percent; and Allianz's Pimco
, 13.7 percent.
Per fund, Edward Jones
led the money fund outflows pack last month, thanks to an estimated $574 million per fund in net July 2022 outflows. Other big outflows sufferers included: Morgan Stanley, $382 million per fund; and Northern, $283 million per fund.
So far in 2022, BlackRock leads the money fund outflows pack, thanks to an estimated $62.132 billion in net YTD outflows as of July 31. Other big money fund outflows sufferers included: Northern, $55.76 billion; and J.P. Morgan, $44.139 billion.
As a group, money funds brought in an estimated $29 billion in net July 2022 inflows, equivalent to 0.63 percent of their combined AUM and $13.963 million per fund.
Yet, as of July 31, money funds had suffered an estimated $190.667 billion in net 2022 outflows YTD. That's equivalent to 4.17 percent of their combined AUM and $91.799 million per fund.
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