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Tuesday, October 31, 2023

$1.126T In a Year

Reported by Neil Anderson, Managing Editor

The money fund business has grown by $1.126 trillion over the last year, according to the latest data from the folks at a publicly traded investment research firm.

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 September 2023.

Fidelity now leads the 2023 money fund inflows pack so far, thanks to an estimated $181.799 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: J.P. Morgan, $170.226 billion; Schwab, $145.928 billion; Vanguard, $65.401 billion; and Federated Hermes, $36.668 billion.

Vanguard leads the way proportionately so far in 2023, thanks to an estimated $5.45 billion in net YTD inflows per money fund as of September 30. Other big inflows winners included: Schwab, $3.648 billion per fund; and Fidelity, $1.715 billion per fund.

Schwab led the money fund inflows pack last quarter, thanks to an estimated $38.716 billion in net inflows in the third quarter. Other big Q3 2023 inflows winners included: Fidelity, $38.578 billion; and State Street's SSGA, $35.439 billion.

Fidelity led the money fund inflows pack last month for the second time in a row, thanks to an estimated $15.215 billion in net September 2023 inflows, down month-over-month from $19.634 billion in August 2023 but up year-over-year from $793 million in September 2022. Other big September 2023 inflows winners included: Schwab, $13.634 billion (down M/M from $16.93 billion, down Y/Y from $17.273 billion); and SSGA, $8.892 billion (down M/M from $15.615 billion, up Y/Y from $2.771 billion in net outflows).

On the flip side, Franklin Templeton still leads the 2023 money fund outflows pack so far, thanks to an estimated $11.816 billion in net YTD outflows as of September 30. Other big outflows sufferers included: Invesco, $5.912 billion; Edward Jones, $2.887 billion; BNY Mellon's Dreyfus, $2.634 billion; and HSBC, $1.579 billion.

Edward Jones leads the 2023 money fund outflows pack proportionately, thanks to an estimated $1.443 billion in net YTD outflows per fund. Other big outflows sufferers included: Franklin, $215 million per fund; and Jackson, $112 million per fund.

Invesco led the money fund outflows pack last quarter, thanks to an estimated $21.495 billion in Q3 2023 outflows. Other big outflows sufferers included: Goldman Sachs, $11.457 billion; and Morgan Stanley, $3.888 billion.

Invesco also led the money fund outflows pack last month, thanks to an estimated $2.949 billion in net September 2023 outflows, down M/M from $6.845 billion in August 2023 but up Y/Y from $71 million in September 2022. Other big September 2023 outflows sufferers included: RBC GAM, $2.718 billion (down M/M from $3.306 billion in net inflows, up Y/Y from $921 million in net outflows); and Goldman, $2.02 billion (down M/M from $999 million in net inflows, down Y/Y from $12.624 billion in net inflows).

As a group, the 72 money fund firms tracked by the M* team (down Y/Y from 73) brought in $60.841 billion in net September 2023 inflows, ending the month with $5.692 trillion in AUM across 2,099 funds. (September 2023 money fund inflows translated into 1.07 percent of money fund AUM and $29 million per fund. 41 firms netted money fund inflows.) That compares with $108.605 billion in net August 2023 inflows (with $5.615 trillion in AUM and 2,096 funds) and with $3.721 billion in net September 2022 inflows (with $4.566 trillion in AUM).

Money fund families brought in $183.922 billion in net Q3 2023 inflows, which translates into 3.23 percent of their combined AUM and $88 million per fund. 43 money fund families brought in net Q3 2023 inflows.

Over the first nine months of 2023, money fund families brought in $783.58 billion in net inflows, equivalent to 13.77 percent of their combined AUM and $373 million per fund. 45 money fund families have brought in net 2023 inflows YTD. 

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