MutualFundWire.com: January Was MMFs' Worst Month In Nine, But ...
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Friday, February 27, 2026

January Was MMFs' Worst Month In Nine, But ...


A money center bank's asset management arm kept the money fund lead last month, even as money funds overall swung to negative net flows for the first time since April 2025. Yet money funds have still netted hundreds of billions over the last year.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in January 2026, across 77 money fund firms. (That's up by 2 firms month-over-month and year-over-year from December 2025 and January 2025.)

J.P. Morgan led the pack for the second month running, thanks to an esetimated $14.523 billion in net January 2026 money fund inflows, down by $24.07 billion M/M from December 2025 and down by $2.351 billion Y/Y from January 2025. Other big January 2026 money fund inflows winners included:
  • Morgan Stanley, $8.509 billion (down by $5.139 billion M/M, up by $10.185 billion Y/Y);
  • Northern Trust, $5.613 billion (up by $1.872 billion M/M, up by $1.009 billion Y/Y);
  • Allspring, $3.958 billion (up by $11.055 billion M/M, up by $10.487 billion Y/Y); and
  • U.S. Bank's First American, $3.517 billion (up by $3.774 billion M/M, up by $2.463 billion Y/Y).

    • Fidelity led the way over the last year, thanks to an estimated $129.231 billion in net trailing twelve months money fund inflows as of January 31, 2026. Other big TTM inflows winners included: JPMAM, $106.535 billion; and BlackRock, $86.118 billion.

    On the flip side, BlackRock took the outflows lead last month, thanks to an estimated $20.174 billion in net January 2026 money fund outflows, a $47.546-billion net flows drop M/M from December 2025 and up by $1.541 billion Y/Y from January 2025. Other big January 2026 money fund outflows sufferers included:
  • Fidelity, $17.541 billion (a $53.018-billion net flows drop M/M, a $23.594-billion net flows drop Y/Y);
  • Vanguard, $7.898 billion (a $14.834-billion net flows drop M/M, a $17.853-billion net flows drop Y/Y);
  • Federated Hermes, $6.369 billion (an $18.282-billion net flows drop M/M, an $8.344-billion net flows drop Y/Y); and
  • Goldman Sachs, $5.747 billion (an $8.969-billion net flows drop M/M, down by $10.747 billion Y/Y).

    • DWS led the outflows pack over the last year, thanks to an estimated $4.453 billion in net TTM money fund outflows as of January 31, 2026. Other big outflows sufferers included: Invesco, $2.53 billion; and HSBC, $695 million.

    As of January 31, 2026, the money fund industry held:
  • $7.727 trillion in AUM (down by $15 billion M/M, up by $841 billion Y/Y),
  • Across 2,159 money funds (down by 2 M/M, up by 12 Y/Y).

    • As a group, money funds suffered $36.189 billion in net January 2026 outflows, a $193.539-billion net flows drop M/M and a $68.759-billion net flows drop Y/Y. (Long-term mutual funds and ETFs, meanwhile, brought in $135.95 billion in net inflows last month.) 40.3 percent (31) of the money fund families brought in net money fund inflows last month.

    As of January 31, 2026, money funds brought in $636.045 billion in net TTM inflows. 62.3 percent (48) of firms brought in net money fund inflows.


    Printed from: MFWire.com/story.asp?s=72169

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