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, September 28, 2023 These Inflows Jumped $94B In a Month The Boston Behemoth took the lead last month as money fund inflows increased more than seven-fold, according to the latest data from a publicly traded investment research firm.
The 72 money market fund families tracked by the M* team (down year-over-year from 75 in August 2022) had $5.615 trillion in combined AUM across 2,096 funds as of August 31, 2023. That compares with $5.488 trillion and 2,097 funds on July 31, 2023, and with $4.565 trillion on August 31, 2022. 49 of those money fund firms brought in net inflows last month. That's up month-over-month from 33 in July 2023 and up year-over-year from 30 in August 2022. Fidelity took the money fund inflows lead last month, thanks to an estimated $19.634 billion in net August 2023 inflows, up M/M from $3.728 billion in July 2023 and up Y/Y from $2.139 billion in August 2022. Other big August 2023 money fund inflows winners included: Schwab, $16.93 billion (up M/M from $8.152 billion, down Y/Y from $19.904 billion); SSGA, $15.615 billion (up M/M from $10.988 billion, up Y/Y from $10.869 billion); Federated Hermes, $15.46 billion (up M/M from $688 million in net outflows, up Y/Y from $10.471 billion in net inflows); and J.P. Morgan, $12.776 billion (down M/M from $13.339 billion, up Y/Y from $9.874 billion). Milliman led the money fund pack by a different measure that last month, thanks to estimated net August 2023 inflows equivalent to 54.9 percent of its money fund AUM. Other big August 2023 inflows winners included: Penn, 25.9 percent; and RBC Global Asset Management, 20.7 percent. Vanguard led the way last month by a different metric, thanks to estimated net August 2023 money fund inflows equivalent to $436 million per fund. Other big August 2023 money fund inflows winners included: Schwab, $423 million per fund; and SSGA, $355 million per fund. J.P. Morgan still leads the 2023 money fund inflows pack so far, thanks to an estimated $168.074 billion in net year-to-date money fund inflows as of August 31. Other big YTD inflows winners included: Fidelity, $166.584 billion; and Schwab, $132.294 billion in net inflows. Invesco led the money fund outflows pack last month for a second consecutive month, thanks to an estimated $6.845 billion in net August 2023 outflows, down M/M from $11.701 billion in July 2023 and down Y/Y from $4.761 billion in August 2022 inflows. Other big August 2023 money fund outflows sufferers included: Morgan Stanley, $1.465 billion (down M/M from $6.443 billion, down Y/Y $6.679 billion); Edward Jones, $863 million (up Y/Y from $256 million, down Y/Y from $1.686 billion); BlackRock, $455 million (down M/M from $4.791 billion, down Y/Y from $22.416 billion); and Plan Investment Fund, $209 million (up M/M from $38 million, down Y/Y from $377 million). Plan took the outflows lead last month by a different metric, thanks to estimated net August 2023 money fund outflows equivalent to 13.7 percent of its remaining money fund AUM. Other big money fund outflows sufferers included: GuideStone, 9 percent; and Guggenheim's Rydex, 7.9 percent. Edward Jones took the money fund outflows lead last month by a third metric, thanks to an estimated $432 million in net August 2023 outflows per money fund. Other big outflows sufferers sufferers included: Plan, $104 million per fund; and Invesco, $70 million per fund. Franklin Templeton now leads the 2023 money fund outflows pack so far, thanks to an estimated $11.317 billion in net YTD money fund outflows as of August 31. Other big YTD money fund outflows sufferers included: Dreyfus, $5.972 billion; and HSBC, $4.494 billion. As a group, money funds brought in $108.605 billion in net August 2023 inflows, equivalent to 1.93 percent of their combined AUM and translating into $51.815 million per money fund. That compares with $15.01 billion, 0.27 percent of AUM, and $7.158 million per fund in July 2023, and with $288 million in net outflows, 0.01 percent of AUM, and $139,000 per fund in August 2022. As a group, money fund families had brought in $722.546 billion in net 2023 inflows YTD as of July 31. That's equivalent to 12.87 percent of their combined AUM and $344.726 million per fund. Printed from: MFWire.com/story.asp?s=66495 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |
