A publicly traded, institutional bank's freshly rebranded asset management arm pulled way ahead last month among money market fund firms, even as the money funds overall saw inflows dip, according to the latest data from the folks at an investment research firm.

This article draws from Morningstar Direct data on money market fund flows in U.S. in November 2025, across 76 money fund firms. (That's up by 1 month-over-month from October 2025 and up by 3 year-over-year from November 2024.)

State Street Investment Management (SSIM, fka SSGA) took the lead last month, thanks to an estimated $39.993 billion in net November 2025 money fund inflows, up by $48.528 billion M/M from October 2025 and up by $45.81 billion Y/Y from November 2024. Other big November 2025 money fund inflows winners included:

Morgan Stanley, $22.243 billion (up by $13.323 billion M/M, down by $3.796 billion Y/Y);

J.P. Morgan, $17.347 billion (up by $6.741 billion M/M, down by $11.067 billion Y/Y);

Schwab, $8.456 billion (up by $2.092 billion M/M, down by $14 million Y/Y); and

Fidelity, $6.537 billion (up by $6.282 billion M/M, down by $6.925 billion Y/Y).

Fidelity led the pack over the last year, thanks to an estimated $144.465 billion in net money fund inflows over the trailing twleve months ending November 30, 2025. Other big TTM inflows winners included: J.P. Morgan, $99.452 billion; and Schwab, $76.456 billion.

On the flip side, Invesco took the outflows lead last month, thanks to an estimated $12.323 billion in net November 2025 money fund outflows, a $23.529-billion net flows drop M/M from October 2025 and a $21.326-billion net flows drop Y/Y from November 2024. Other big November 2025 money fund outflows sufferers included:

RBC Global Asset Management, $6.922 billion (a $13.671-billion net flows drop M/M, up by $6.844 billion Y/Y);

Goldman Sachs, $5.544 billion (a $59.696-billion net flows drop M/M, an $11.82-billion net flows drop Y/Y);

Franklin Templeton, $5.221 billion (a $5.578-billion net flows drop M/M, a $5.473-billion net flows drop Y/Y); and

AllianceBernstein, $2.652 billion (a $4.207-billion net flows drop M/M, a $3.551-billion net flows drop Y/Y).

DWS led the outflows pack over the last year, thanks to an estimated $8.015 billion net TTM outflows as of November 30, 2025. Other big outflows sufferers included: SEI, $1.193 billion; and UBS, $969 million.

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

$7.758 trillion in AUM (up by $289 billion M/M, up by $1.06 trillion Y/Y),

Across 2,163 money funds (up by 5 M/M, up by 24 Y/Y).

As a group, money funds brought in $89.394 billion in net November 2025 inflows. That's down by $41.472 billion M/M and by $59.9 billion Y/Y.

Money funds brought in $664.907 billion in net TTM inflows as of November 30, 2025. 

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