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Rating:Fidelity Repeats With $31B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 28, 2023

Fidelity Repeats With $31B

Reported by Neil Anderson, Managing Editor

The Boston Behemoth kept the lead last month among money fund firms as the group's inflows doubled.

Abigail "Abby" Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in February 2023.

The 73 money market fund families tracked by the M* team had $4.861 trillion in combined AUM across 2,085 funds as of February 28, 2023. That compares with 72 firms, $4.8 trillion, and 2.085 funds on January 31, 2023.

36 of those money fund firms brought in net inflows last month, up month-over-month from 33 in January.

Fidelity led the way for a second month in a row, thanks to an estimated $30.56 billion in net February 2023 money fund inflows, up M/M from $27.313 billion in January 2023 and up year-over-year from $8.998 billion in February 2022/a>). Other big February 2023 money fund inflows winners included: Schwab, $23.534 billion (down M/M from $25.351 billion); Federated Hermes, $10.457 billion (up M/M from $13.681 billion in net outflows, up Y/Y from $3.562 billion in net outflows); Vanguard, $5.427 billion (down M/M from $5.705 billion, up Y/Y from $2.286 billion); and Morgan Stanley, $5.293 billion (up M/M from $23.871 billion in net outflows, up Y/Y from $2.487 billion in net outflows).

Franklin Templeton led last month by a different measure, thanks to estimated net February 2023 money fund inflows equivalent to 53.5 percent of its money fund AUM. Other big winners included: RBC Global Asset Management, 23.5 percent; and Plan Investment Fund, 11.9 percent.

And Schwab kept the lead by a third measure, thanks to an estimated $588 million in net February 2023 inflows per money fund. Other big winners included: Vanguard, $452 million per fund; and Fidelity, $291 million per fund.

As of February 28, Fidelity leads the 2023 money fund inflows pack, thanks to an estimated $57.315 billion in year-to-date inflows. Other big YTD money fund inflows winners included: Schwab, $48.885 billion; and J.P Morgan, $15.616 billion.

On the flip side, SSGA took the outflows lead last month, thanks to an estimated $8.775 billion in net February 2023 money fund outflows, down M/M from $19.155 billion in January 2023. Other big February 2023 money fund outflows sufferers included: BNY Mellon's Dreyfus, $6.7 billion (down M/M from $17.803 billion in net inflows, down Y/Y from $1.768 billion in net inflows); BlackRock, $5.26 billion (down M/M from $8.679 billion, down Y/Y from $10.957 billion); Northern Trust, $4.511 billion (down M/M from $5.805 billion in net inflows, down Y/Y from $4.524 billion in net outflows); and DWS, $3.595 billion (up M/M from $2.454 billion).

Allianz Life took the outflows lead last month by a different measure, thanks to estimated net February 2023 outflows equivalent to 12.8 percent of its money fund AUM. Other big outflows sufferers included: DWS, 12.2 percent; and Davis, 9.3 percent.

And Edward Jones took the outflows lead last month by a third measure, thanks to an estimated $391 million in net February 2023 outflows per money fund. Other big outflows sufferers included: SSGA, $199 million per fund; and Northern, $196 million per fund.

As of February 28, SSGA leads the 2023 money fund outflows pack so far, thanks to an estimated $27.93 billion in net YTD outflows. Other big outflwos sufferers included: Morgan Stanley, $18.577 billion; and BlackRock, $13.939 billion.

As a group, money fund firms brought in an estimated $51.442 billion in net money fund inflows in February 2023, equivalent to 1.06 percent of their combined AUM and translating into about $24.672 million per fund in net inflows. That's up M/M from $26.527 billion, 0.55 percent of AUM, and $12.732 million per fund in January 2023. 

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