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Despite Rising Outflows, It's Still Been a Strong Money Fund Year
Money funds' outflows are on the rise again, though 2020 overall still looks good.
Of the 10 money fund families tracked by the M* team, only three brought in net inflows last month. Wells Fargo took the lead with an estimated $9.312 billion in net inflows, equivalent to about 4.3 percent of its money fund AUM, up from $4.992 billion and 2.4 percent in July. The other August money fund inflows winners were: BlackRock, $6.046 billion and 1.4 percent (up from $422 million in net outflows, equivalent to 0.1 percent of AUM); and Federated Hermes, $625 million and 0.2 percent (up from $3.593 billion in net outflows, equivalent to 1 percent of AUM.
Year-to-date, Goldman Sachs tops the money fund inflows list as of August 31, thanks to an estimated $108.338 billion in net inflows. Other big YTD money fund inflows winners included: Fidelity, $106.018 billion; and J.P. Morgan, $93.17 billion.
Proportionately, Wells leads the money fund inflows pack YTD, thanks to estimated net inflows of 39.4 percent. Other big winners YTD included: Morgan Stanley, 30.9 percent; and Goldman, 29.6 percent).
On the flip side, August was a rough month for Goldman's money fund business, which suffered an estimated $50.025 billion in net outflows, down from $12.713 billion in net July inflows. Other big August money fund outflows sufferers included: Charles Schwab, $5.652 billion (down from $9.142 billion); and BNY Mellon's Dreyfus, $4.002 billion (down from $585 million in net inflows).
The same three money fund firms — Goldman, Schwab, and Dreyfus — also led the August outflows pack proportionately, too, thanks to estimated net inflows equivalent to 13.7 percent, 2.9 percent, and 2 percent of their money fund AUM.
Only one money fund family, Schwab, suffered YTD money fund outflows as of the end August: $4.987 billion, equivalent to 2.6 percent of its money fund AUM.
Overall, those ten money fund families suffered an estimated $51.898 billion in net August money fund outflows, equivalent to about 1.44 percent of their combined AUM (up from $41.594 billion and 1.1 percent). That's versus $41.403 billion in net long-term fund inflows.
Yet YTD, as of the end of August, those money fund firms brought in an estimated $661.106 billion in net money fund inflows, equivalent to 18.32 percent of their combined money fund AUM. That's compared to $17.515 billion net long-term fund outflows YTD.
Printed from: MFWire.com/story.asp?s=61913
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