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Rating:JPMAM Flows Jump $27B Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 24, 2023

JPMAM Flows Jump $27B

Reported by Neil Anderson, Managing Editor

A money center bank's monthly net money market fund flows jumped by more than $27 billion in a year, according to the latest data from a publicly traded investment research firm.

Mary Callahan Erdoes
J.P. Morgan
CEO of Asset and Wealth Management
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in July 2023.

The 72 money market fund families tracked by the M* team (down year-over-year from 75 in July 2022) had $5.488 trillion in combined AUM across 2,097 funds as of July 31, 2023. That compares with $5.457 trillion and 2,096 funds on June 30, 2023, and with $4.57 trillion and 2,077 funds on July 31, 2022.

33 of those money fund firms brought in net inflows last month. That's up month-over-month from 27 in June 2023 but down Y/Y from 39 in July 2022.

J.P. Morgan took the money fund inflows lead last month, thanks to an estimated $13.339 billion in net July 2023 inflows, up M/M from $1.271 bilion in June 2023 outflows and up Y/Y from $13.886 billion in July 2022 outflows. Other big July 2023 money fund inflows winners included: Allspring, $12.338 billion (up M/M from $9.048 billion, up Y/Y from $274 million); SSGA, $10.988 billion (up M/M from $457 million in net outflows, up Y/Y from $8.452 billion in net inflows); Schwab, $8.152 billion (down M/M from $9.328 billion, down Y/Y from $13.914 billion); and Vanguard, $4.08 billion (up M/M from $2.593 billion, up Y/Y from $1.649 billion).

Gamco's Gabelli led the money fund pack by a different measure last month, thanks to estimated net inflows equivalent to 8.8 percent of AUM. Other big July 2023 inflows winners included: BBH, 7.4 percent; and Allspring, 6.7 percent.

Vanguard led the way last month by a different metric, thanks to estimated net July 2023 money inflows equivalent to $340 million per fund. Other big July 2023 money fund inflows winners included: Allspring, $287 million per fund; and SSGA, $250 million per fund.

J.P. Morgan also took the 2023 money inflows lead so far, thanks to an estimated $155.298 billion in net year-to-date money fund inflows as of July 31. Other big YTD inflows winners included: Fidelity, $146.988 billion; and Schwab, $115.364 billion.

On the flip side, Invesco took the money fund outflows lead last month, thanks to an estimated $11.701 billion in net July 2023 outflows, down M/M from $3.442 billion in June 2023 inflows and down Y/Y from $5.427 billion in July 2022 inflows. Other big July 2023 outflows sufferers included: Goldman Sachs, $10.435 billion (down M/M from $12.72 billion, down Y/Y from $16.247 billion in net inflows); Morgan Stanley, $6.443 billion (down M/M from $10.53 billion, down Y/Y from $32.87 billion in net outflows); BNY Mellon's Dreyfus, $5.014 billion (up M/M from $2.519, down Y/Y from $4.967 billion; and BlackRock, $4.791 billion (up M/M from $3.314 billion, down Y/Y from $6.202 billion).

Resolute's American Beacon took the lead last month by a different metric, thanks to estimated net July 2023 outflows equivalent to 26.5 percent of its remaining money fund AUM. Other big money fund outflows sufferers included: City National Rochdale, 8.5 percent; and Invesco, 8.1 percent.

Invesco also led the money fund outflows pack last month by a different metric, thanks to an estimated $119 million per fund in net July 2023 outflows. Other big outflows sufferers included: Goldman Sachs, $73 million per fund; and Morgan Stanley, $73 million per fund.

Dreyfus now leads the 2023 money fund outflows pack so far, thanks to an estimated $12.704 billion in net YTD money fund outflows as of July 30. Other big YTD money fund outflows sufferers included: Franklin Templeton, $11.294 billion; and HSBC, $6.181 billion.

As a group, money funds brought in $15.01 billion in net July 2023 inflows, equivalent to 0.27 percent of their combined AUM and translating into $7.158 million per money fund. That compares with $13.15 billion, 0.24 percent of AUM, and $6.27 million per fund in June 2023, and with $29 billion, 0.63 percent of AUM, and $13.963 million per fund in July 2022.

As a group, money fund families have brought in $614.703 billion in net 2023 inflows YTD as of July 30. That's equivalent to 11.2 percent of their combined AUM and translates into $293.134 million per fund.  

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