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Rating:15 Percent of Money Funds' AUM Arrived Last Month Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 23, 2020

15 Percent of Money Funds' AUM Arrived Last Month

Reported by Neil Anderson, Managing Editor

Money market funds' inflows last month dwarfed long-term mutual funds and ETFs outflows, and even surpassed money funds' own Q1 inflows.

Abigail Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct data on March money market mutual fund flows.

Among the 10 money fund families tracked by the M* team, Fidelity led way in the first quarter with an $125.496 billion in net Q1 money fund inflows (as their long-term funds and ETFs suffered an estimated $28.528 billion in net outflows). Other big Q1 money fund inflows winners included: Morgan Stanley, $66.323 billion (while its long-term funds suffered $7.61 billion in net long-term fund outflows); Goldman Sachs, $62.868 billion (compared to $1.433 billion in net long-term fund outflows); J.P. Morgan, $59.877 billion (compared to $5.43 billion in net long-term fund outflows); and BlackRock, $49.575 billion (compared to $5.6 billion in net long-term fund inflows).

Morgan Stanley won the money fund inflows race proportionately last quarter, thanks to estimated net Q1 money fund inflows equivalent to 32.7 percent of its money fund AUM. Other big Q1 money fund inflows winners included: Wells Fargo, 21 percent; Goldman, 19.7 percent; BNY Mellon's Dreyfus, 15.5 percent; and Fidelity, 14.8 percent.

In March alone, Fidelity also led the pack with an estimated $110.94 billion in net money fund inflows (compared to $39.346 billion in net long-term fund outflows). Other big March money fund inflows winners included: Goldman, $82.121 billion (compared to $5.418 billion in net long-term fund outflows); Morgan Stanley, $70.529 billion (compared to $8.121 billion in net long-term fund outflows); J.P. Morgan, $62.046 billion (compared to $14.577 billion in net long-term fund outflows); and BlackRock, $56.32 billion (compared to $22.983 billion in net long-term fund outflows).

Proportionately, Morgan Stanley also the March money fund inflows race, thanks to estimated net Q1 money fund inflows equivalent to 34.7 percent of its AUM. Other big March money fund inflows winners included: Goldman, 25.7 percent; Wells Fargo, 21.8 percent; J.P. Morgan, 15.1 percent; and Dreyfus, 15 percent.

On the flip side, none of the ten money fund families tracked by the M* team suffered net outflows in Q1. Only one, Schwab, suffered net money fund outflows in March, in this case an estimated $1.431 billion, equivalent to 0.7 percent of its money fund AUM.

Overall, those ten money fund families gained an estimated $516.083 billion in net Q1 money fund inflows, equivalent to 14.9 percent of their combined AUM. In March alone, they brought in an estimated $521.987 billion in net money fund inflows, equivalent to 15.1 percent of AUM. 

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