A publicly traded brokerage took the lead last month in a big mutual fund niche, though the group's inflows shrunk by $26 billion, according to the latest data from the folks at a publicly traded investment research firm.

Omar Aguilar Schwab Asset Management CEO, Chief Investment Officer

This article draws from Morningstar Direct data on money market fund flows in the U.S. in February 2024, across 72 money fund firms. (That's down year-over-year from 73 firms in February 2023.)

Schwab pulled ahead last month, thanks to an estimated $10.405 billion in net February 2024 money fund inflows, down month-over-month from $14.071 billion in January 2024 and down Y/Y from $23.534 billion in February 2023. Other big February 2024 money fund inflows winners included: Morgan Stanley, $7.671 billion (up M/M from $13.624 billion in net outflows, up Y/Y from $5.293 billion); SSGA, $7.466 billion (down M/M from $14.595 billion, up Y/Y from $8.775 billion in net outflows); Goldman Sachs, $7.444 billion (up M/M from $11.907 billion in net outflows, up Y/Y from $4.98 billion); and J.P. Morgan, $6.862 billion (down M/M from $9.227 billion, up Y/Y from $1.335 billion in net outflows).

Excluding apparent money fund newcomer XD Fund Advisor, it was Ramirez Asset Management that led the way last month by a different measure, thanks to estimated net February 2024 money fund inflows equivalent to 96.3 percent of its money fund AUM. Other big inflows winners included: Resolute's American Beacon, 15.2 percent; and DWS, 12.4 percent.

Yet Vanguard took the lead by a third measure, thanks to an estimated $407 million in net February 2024 inflows per money fund. Other big inflows winners included: Schwab, $260 million per fund; and SSGA, $170 million per fund.

For the trailing twelve months ended February 29, 2024, Fidelity leads the pack with an estimated $224.838 billion in net money fund inflows. Other big TTM money fund inflows winners included: J.P. Morgan, $198.545 billion; and Schwab, $156.378 billion.

On the flip side, U.S. Bank's First American took the outflows lead last month, thanks to an estimated $7.522 billion in net February 2024 money fund outflows, down M/M from $8.276 billion in January 2024 money fund inflows and down Y/Y from $107 million in February 2023 money fund inflows. Other big February 2024 money fund outflows sufferers included: Allspring, $6.838 billion (up M/M from $6.083 billion, down Y/Y from $606 million in net inflows); Northern, $6.76 billion (down M/M from $8.974 billion in net inflows, up Y/Y from $4.511 billion in net outflows); HSBC, $2.653 billion (down M/M from $902 million in net inflows, down M/M from $3.124 billion in net outflows); and Franklin Templeton, $2.074 billion (down M/M from $1.049 billion in net inflows, down Y/Y from $2.126 billion in net outflows).

Allianz Life took the outflows lead by a second measure, thanks to estimated net February 2024 money fund outflows equivalent to 19.3 percent of its money fund AUM. Other big outflows sufferers included: New York Life, 15.1 percent; and Davis, 12.5 percent.

Yet Northern took the outflows lead by a different meausre, thanks to an estimated $294 million per money fund in net February 2024 outflows. Other big outflows sufferers included: Allspring, $145 million per fund; and First American, $142 million per fund.

As of February 29, 2024, Invesco led the TTM money fund outflows pack with $31.13 billion in net outflows. Other big outflows sufferers included: Goldman, $11.844 billion; and Franklin, $7.717 billion.

As a group, money funds brought in $45.032 billion in net February 2024 inflows, equivalent to $21.363 million in net inflows for each of the 2,108 funds tracked and 0.73 percent of the money funds' combined $6.133 trillion in AUM, with 44 money fund families netting inflows. That compares with $71.126 billion in net inflows, 2,108 funds, $6.065 trillion in AUM, and 33 families with inflows in January 2024, and with $51.442 billion in net inflows, 2,085 funds, $4.861 trillion in AUM, and 36 families with inflows in February 2023. 

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