Money market mutual funds' outflows more than doubled last month, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on money market fund flows in the U.S. in April 2025, across 75 money fund firms. (That's down by three firms month-over-month from March 2025 but up by one firm year-over-year from April 2024.)

BlackRock took the lead last month, thanks to an estimated $7.101 billion in net money fund inflows in April 2025, up by $9.729 billion M/M from March 2025 and up by $2.086 billion Y/Y from April 2024. Other big April 2025 money fund inflows winners included:

HSBC, $3.765 billion (up by $8.93 billion M/M, up by $6.745 billion Y/Y);

BNY (including Dreyfus), $2.965 billion (up by $8.79 billion M/M, up by $2.792 billion Y/Y);

Franklin Templeton, $2.664 billion (up by $8.569 billion M/M, up by $3.515 billion Y/Y); and

U.S. Bancorp's First American, $2.533 billion (up by $10.773 billion M/M, up by $3.485 billion Y/Y).

Oriental Trust appears to have been a newcomer to the money fund business last month.

Fidelity leads the money fund inflows pack over the last year, thanks to an estimated $151.7 billion in net money fund inflows over the trailing twelve months ending on April 30, 2025. Other big TTM money fund inflows winners included: Schwab, $98.801 billion; and BlackRock, $97.027 billion.

On the flip side, Fidelity took the outflows lead last month, thanks to an estimated $18.248 billion in net April 2025 money fund outflows, a $31.241-billion net flows drop M/M from March 2025 and down by $2.498 billion Y/Y from April 2024. Other big April 2025 money fund outflows sufferers included:

J.P. Morgan, $14.935 billion (up by $1.796 billion M/M, a $17.844-billion net flows drop Y/Y);

Goldman Sachs, $14.396 billion (up by $4.603 billion M/M, a $26.877-billion net flows drop Y/Y);

Federated Hermes, $12.386 billion (up by $8.51 billion M/M, up by $8.393 billion Y/Y); and

Morgan Stanley, $11.998 billion (up by $5.567 billion M/M, a $15.4-billion net flows drop Y/Y).

RBC Global Asset Management leads the money fund outflows pack over the last year, thanks to an estimated $4.182 billion in TTM money fund outflows as of April 30, 2025. Other big money fund outflows sufferers included: DWS, $3.041 billion; and UBS, $1.313 billion.

As a group, money fund firms suffered $71.822 billion in net April 2025 outflows, up by $41.248 billion M/M from March 2025 and up by $60.211 billion Y/Y from April 2024. 40 firms brought in net money fund inflows last month.

On April 30, 2025, the money fund industry held:

$6.903 trillion in AUM (down by $54 billion M/M, up by $893 billion Y/Y),

across 2,154 money funds (up by 5 M/M, up by 32 Y/Y).

Despite outflows in March and April 2025, money funds have still brought in $683.981 billion in TTM inflows as of April 30, 2025. 49 firms brought in net money fund inflows over the last year. 

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