Inflows almost disappeared last quarter on the money market side of the mutual fund industry, 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 June 2025, across 74 money fund firms. (That's down by four firms quarter-over-quarter from March 2025 but unchanged year-over-year from June 2024.)

BlackRock took the lead last quarter, thanks to an estimated $27.022 billion in net money fund inflows in the second quarter of 2025, up by $35.481 billion Q/Q from Q1 2025 and up by $15.789 billion Y/Y from Q2 2024. Other big Q2 2025 money fund inflows winners included:

U.S. Bancorp's First American, $10.539 billion (up by $11.456 billion Q/Q, up by $8.186 billion Y/Y);

BNY (including Dreyfus), $7.837 billion (up by $10.798 billion Q/Q, up by $14.773 billion Y/Y);

Fidelity, $6.446 billion (down by $36.538 billion Q/Q, up by $15.228 billion Y/Y); and

DWS, $6.27 billion (up by $6.546 billion Q/Q, up by $9.403 billion Y/Y).

Fidelity took the lead last month, thanks to an estimated $16.552 billion in net money fund inflows in June 2025. Other big inflows winners included: Schwab, $6.276 billion; and BNY, $4.881 billion.

On the flip side, Goldman Sachs led the outflows pack for a second consecutive quarter, thanks to an estimated $32.224 billion in net Q2 2025 money fund outflows, up by $12.459 billion Q/Q from Q1 2025 but a $57.036-billion net flows drop Y/Y from Q2 2024. Other big Q2 2025 money fund outflows sufferers included:

Morgan Stanley, $21.718 billion (up by $15.645 billion Q/Q, a $26.334-billion net flows drop Y/Y);

J.P. Morgan, $4.34 billion (an $8.837-billion net flows drop Q/Q, a $16.063-billion net flows drop Y/Y);

Federated Hermes, $4.19 billion (up by $3.327 billion Q/Q, up by $2.539 billion Y/Y); and

Invesco, $3.477 billion (an $18.878-billion net flows drop Q/Q, an $8.726-billion net flows drop Y/Y).

Goldman also led the outflows pack for a second month in a row, thanks to an estimated $10.744 billion in net June 2025 money fund outflows. Other big outflows sufferers included: Invesco, $8.246 billion; and Morgan Stanley, $8.207 billion.

As a group, money fund firms brought in $7.746 billion in net June 2025 inflows.

On June 31, 2025 (the end of Q2 2025), the money fund industry held:

$7.024 trillion in AUM (up by $67 billion Q/Q, up by $924 billion Y/Y),

across 2,152 money funds (up by 3 Q/Q, up by 26 Y/Y).

Money funds brought in $3.025 billion in net Q2 2025 inflows. That's down by $77.336 billion Q/Q and down by $39.37 billion Y/Y. 

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