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Wednesday, March 23, 2022|
These Outflows Fell $85B In a Month
The biggest money market mutual fund families' outflows plunged by more than $85 billion last month.
This article draws from Morningstar Direct data on flows of the 10 biggest money market mutual fund families in U.S. in February 2022.
Those money market fund families had $3.692 trillion in AUM as of February 28, 2022, accounting for 12.34 percent of all mutual fund and ETF AUM. That compares with $3.722 trillion and 12.23 percent on January 31, 2022, and with $3.515 trillion and 12.68 percent on February 28, 2021.
Three of the ten biggest money fund firms tracked by the M* team brought in net inflows in February 2022, up from one in January 2022 but down from five in February 2021.
Fidelity led the pack last month, thanks to an estimated $4.714 billion in net February 2022 money fund inflows, up month-over-month from $4.714 billion in January 2022 outflows and up year-over-year from $10.268 billion in February 2021 outflows. The other two February 2022 money fund inflows winners were: Vanguard, $2.286 billion (up M/M from $1.587 billion, up Y/Y from $5.649 billion in net outflows); and BNY Mellon's Dreyfus, $1.768 billion (up M/M from $8.395 billion in net outflows, down Y/Y from $11.024 billion).
As of February 28, only two firms had net money fund inflows in 2022: Fidelity with $4.284 billion and Vanguard with $3.873 billion.
On the flip side, J.P. Morgan took the outflows lead last month among money fund firms, thanks to an estimated $12.868 billion in net February 2022 money fund outflows, up M/M from $10.871 billion in January 2022 but down Y/Y from $24.694 billion in February 2021. Other big February 2022 money fund outflows sufferers included: BlackRock, $10.957 billion (down M/M from $31.71 billion, down Y/y from $34.792 billion in net inflows); and Allspring, $9.303 billion (up M/M from $5.545 billion, up Y/Y from $3.437 billion).
As of February 28, BlackRock led the 2022 money fund outflows pack, thanks to an estimated $42.667 billion in year-to-date outflows. Other big YTD money fund outflows sufferers included: J.P. Morgan, $23.739 billion; and Federated Hermes, $23.564 billion.
As a group, the 10 biggest money fund families suffered an estimated $33.574 billion in net February 2022 outflows, equivalent to 0.91 percent of their combined AUM. That compares with $118.831 billion and 3.19 percent in January 2022 and with $58.536 billion in net inflows and 1.67 percent in February 2021.
As of February 28, the 10 biggest money fund families had suffered $152.404 billion in net 2022 outflows, equivalent to 4.13 percent of their combined AUM and accounting for 158.28 percent of overall industry outflows.
Editor's Note: A prior version of this story mischaracterized the data it draws on. To clarify, this article highlights the money fund flows of the 10 biggest money fund families.
Printed from: MFWire.com/story.asp?s=64166
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