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Rating:Goldman Leads With $22B Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 28, 2022

Goldman Leads With $22B

Reported by Neil Anderson, Managing Editor

A publicly traded money center bank's asset management arm took the inflows lead last month among money fund firms as overall industry money fund inflows returned.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in October 2022.

The 73 money market fund families tracked by the M* team had $4.607 trillion in combined AUM across 2,078 money market funds as of October 31, 2022, compared with $4.566 trillion and 2,078 funds on September 30. 41 of those firms brought in net money fund inflows last month (down month-over-month from 50 in September).

Goldman Sachs took the lead last month, thanks to an estimated $22.191 billion in net October 2022 money fund inflows, up M/M from $12.624 billion in September 2022 and up year-over-year from $4.473 billion in October 2021 money fund outflows. Other big October 2022 inflows winners included: Schwab, $21.771 billion (up M/M from $17.273 billion); Fidelity, $19.532 billion (up M/M from $793 million, up Y/Y from $7.945 billion); HSBC, $8.932 billion (up M/M from $10.217 billion in net outflows); and BNY Mellon's Dreyfus, $8.245 billion (up M/M from $11.066 billion in net outflows, up Y/Y from $6.771 billion in net inflows).

Mutual of America took the money fund inflows lead proportionately last month, thanks to estimated net October 2022 inflows equivalent to 14.4 percent of its money fund AUM. Other big inflows winners included: HSBC, 14.3 percent; and Schwab, 9.3 percent.

Schwab kept the lead last month in money fund inflows per fund, thanks to an estimated $544 million per fund in net October 2022 inflows. Other big inflows winners included: HSBC, $203 million per fund; and Fidelity, $186 million per fund.

And Schwab still leads the 2022 money fund inflows pack so far, thanks to an estimated $85.415 billion in net year-to-date inflows as of October 31. Other big YTD inflows winners included: Goldman, $41.098 billion; and Invesco, $29.235 billion.

On the flip side, Morgan Stanley took the money fund outflows lead last month, thanks to an estimated $22.822 billion in net October 2022 outflows, up M/M from $784 million in September 2022 and up Y/Y from $1.189 billion in October 2021. Other big October 2022 outflows sufferers included: SSGA, $17.53 billion; U.S. Bancorp's First American, $5.029 billion (down M/M from $2.013 billion in net inflows); Allspring, $4.9 billion (down M/M from $1.742 billion in net inflows, up Y/Y from $2.327 billion in net outflows); and J.P. Morgan, $4.42 billion (down M/M from $8.958 billion, down Y/Y from $1.052 billion in net inflows).

Shelton took the money fund outflows lead proportionately last month, thanks to estimated net October 2022 outflows equivalent to 37 percent of its money fund AUM. Other big outflows sufferers included: Principal, 16.3 percent; and Harbor, 15.2 percent.

Per fund, Edward Jones again led the money fund outflows pack last month, thanks an estimated $423 million per fund in net October 2022 outflows. Other big outflows sufferers included: SSGA, $398 million per fund; and Morgan Stanley, $262 million per fund.

So far in 2022, BlackRock still leads the money fund outflows pack, thanks to an estimated $85.257 billion in net YTD outflows as of October 31. Other big money fund outflows sufferers included: Northern, $75.238 billion; and J.P. Morgan, $67.395 billion.

As a group, money funds brought in an estimated $36.228 billion in net October 2022 inflows, equivalent to 0.79 percent of their combined AUM or $17.459 million in inflows per fund. That compares with $3.721 billion in net outflows, 0.08 percent, and $1.79 million in net outflows per fund in September 2022.

As of October 31, money funds had suffered $157.322 billion in net 2022 outflows YTD. That's equivalent to 4.24 percent of their combined AUM or $75.709 million in net outflows per fund. 

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