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Friday, May 29, 2020

The Money Fund Inflows Flood Slows a Bit

Reported by Neil Anderson, Managing Editor

Money funds' massive inflows dropped 39.1 percent last month, with eighty percent of firms seeing inflows fall as the stock market recovered and outflows evaporated from the long-term side of the mutual fund business.

Sheila H. Patel
Goldman Sachs Asset Management
Chairman
This article draws from Morningstar Direct data on April money market mutual fund flows.

Among the 10 money fund families tracked by the M* team, Goldman Sachs took the lead last month with an estimated $63.607 billion in net money fund inflows in April, compared $536 million in net long-term fund outflows and down from $82.121 billion in March money fund inflows. Other big April money fund inflows winners included: J.P. Morgan, $62.243 billion (versus $1.887 billion in April long-term fund inflows and up from $62.046 billion in March money fund inflows); BlackRock, $53.043 billion (vs $12.323 billion in April long-term fund inflows and down from $56.32 billion in March money fund inflows); Fidelity, $31.457 billion (vs $51 million in April long-term fund outflows and down from $110.94 billion in March money fund inflows); and Federated, $26.937 billion (vs $174 million in April long-term fund inflows and down from $48.301 billion in March money fund inflows).

Proportionately, Goldman also led the April money fund inflows races, thanks to estimated net April money fund inflows equivalent to 16.6 percent of its money fund AUM, down from 25.7 percent in March. Other big April money fund inflows winners included: J.P. Morgan, 13 percent (down from 15.1 percent); BlackRock, 11.6 percent (down from 14 percent); Wells Fargo, 10.9 percent (down from 21.8 percent); and Morgan Stanley, 10.5 percent (down from 34.7 percent).

On the flip side, none of the ten money fund families tracked by the M* team suffered net outflows in April. Each of the ten brought in more than $8 billion in net inflows for the month.

Overall, those ten money fund families gained an estimated $317.839 billion in net April inflows (equivalent to 8.4 percent of their combined AUM), vs $16.388 billion in net April inflows for the long-term side of the mutual fund industry and down from $521.987 billion in March money fund inflows. 

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