MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Thursday, June 29, 2023 JPMAM Leads a $145B Rebound A money center bank's asset management led a $145-billion rebound in money market inflows last month.
The 72 money market fund families tracked by the M* team had $5.429 trillion in combined AUM across 2,087 funds as of May 31, 2023. That compares with $5.275 trillion and 2,086 funds on April 30. 55 of those money fund firms brought in net inflows last month, up month-over-omonth from 32 in April. J.P. Morgan took the lead last month, thanks to an estimated $53.606 billion in net money fund inflows in May 2023, up M/M from $78 million in net outflows in April 2023 and up year-over-year from $17.867 billion in net inflows in May 2022. Other big May 2023 money fund inflows winners included: Fidelity, $36.15 billion (up M/M from $12.844 billion in net outflows, up Y/Y from $5.981 billion in net inflows); BlackRock, $15.318 billion (up M/M from $1.696 billion in net outflows, up Y/Y from $3.978 billion in net outflows); Schwab, $15.259 billion in net inflows (up M/M from $6.604 billion); and Invesco, $7.678 billion (up M/M from $3.102 billion in net outflows). City National Rochdale took the lead by a different measure last month, thanks to estimated net May 2023 money fund inflows equivalent to 21 percent of its money fund AUM. Other big winners included: Nationwide, 19.8 percent; and Resolute's American Beacon, 13.6 percent. Yet Vanguard led again by a third measure, thanks to an estimated $633 million per money in net May 2023 inflows. Other big winners included: J.P. Morgan, $419 million per fund; and Schwab, $381 million per fund. Fidelity still leads the money fund pack so far in 2023, thanks to an estimated $144.412 billion in net year-to-date inflows as of May 31. Other big YTD inflows winners include: J.P. Morgan, $143.268 billion; and Schwab, $97.897 billion. On the flip side, Morgan Stanley took the outflows lead last month, thanks to an estimated $8.557 billion in net May 2023 money fund outflows, down M/M from $9.454 billion in April 2023 inflows and down Y/Y from $9.886 billion in May 2022 inflows. Other big May 2023 money fund outflows sufferers included: BNY Mellon's Dreyfus, $2.376 billion (down M/M from $194 million in net inflows, up M/M from $1.047 billion in net outflows); DWS, $1.265 billion (down M/M from $1.611 billion in net inflows); Federated Hermes, $1.262 billion (down M/M from $2.093 billion in net inflows, down Y/Y from $2.538 billion in net inflows); and Prudential's PGIM, $307 million (down M/M from $318 million in net inflows). PGIM took the money fund outflows lead by a different measure last month, thanks to estimated net May 2023 outflows equivalent to 14.9 percent of its money fund AUM. Other big outflows suffers included: MassMutual, 12.7 percent; and New York Life, 10 percent. Edward Jones led outflows again last month by a third measure, thanks to an estimated $98 million per fund in net May 2023 money fund outflows. Other big outflows sufferers included: Morgan Stanley, $97 million per fund; and Payden, $38 million per fund. So far in 2023, Dreyfus leads the money fund outflows pack, thanks to an estimated $5.171 billion in net YTD money fund outflows as of May 31. Other big YTD outflows sufferers included: Franklin Templeton, $5.159 billion; and DWS, $3.837 billion. As a group, money fund firms brought in $153.13 billion in net money fund inflows in May 2023, equivalent to 2.82 percent of their combined AUM and translating into $73 million per fund. That compares with $7.795 billion, 0.15 percent of AUM, and $3.737 million per fund in April 2023. So far in 2023, money funds have brought in $584.213 billion in net YTD inflows as of May 31. That's equivalent to 10.76 percent of their combined AUM and translates into $280 million per fund. Printed from: MFWire.com/story.asp?s=66148 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |
