A money center bank's money market mutual fund business took the lead last month, as money funds' inflows and market share spiked up.
This article draws from Morningstar Direct
data on money market mutual fund flows in the U.S. in May 2021.
Money funds had $3.698 trillion in AUM, accounting for 12.39 percent of all mutual fund and ETF AUM as of May 31, 2021, up from $3.639 trillion and 12.36 percent on April 30, 2021
but down from $3.82 trillion and 16.47 percent on May 31, 2020
. Six of the ten money fund firms tracked by the M* team brought in net money fund inflows in May 2021, the same as in April 2021 but down from seven in May 2020.
took the money market lead last month, thanks to an estimated $24.339 billion in net May 2021 inflows, up month-over-month from $9.895 billion in April 2021 outflows and up year-over-year from $14.891 billion in May 2020. Other big May 2021 money fund inflows winners included: Morgan Stanley
, $15.099 billion (up M/M from $4.297 billion, up Y/Y from $2.561 billion in outflows); and Wells Fargo
, $13.852 billion (up M/M from $1.753 billion, up Y/Y from $8.103 billion).
As of May 31, 2021, BlackRock
led the money fund pack year-to-date thanks to an estimated $114.843 billion in net YTD inflows. Other big inflows winners included: J.P. Morgan, $61.131 billion; and Goldman Sachs
, $42.024 billion.
For the 12 month period ending on May 31, 2021, BlackRock led money fund firms thanks to an estimated $116.811 billion in net inflows. Other big inflows winners included: Morgan Stanley, $39.246 billion; and BNY Mellon's Dreyfus
, 435.563 billion.
On the flip side, May was a rough month for Federated's
money funds, which led the pack thanks to an estimated $10.952 billion in net outflows, down M/M from $13.678 billion in net inflows and down Y/Y from $2.558 billion in net inflows. Other big May 2021 outflows sufferers included: Goldman, $6.874 billion (down M/M from $18.333 billion in net inflows, down Y/Y from $31.088 billion in net inflows); and Vanguard
, $4.896 billion (down M/M from $9.5 billion, down Y/Y from $31.088 billion in inflows.
As of May 31, 2021, Fidelity
led the 2021 money fund outflows pack, thanks to an estimated $38.469 billion in net YTD outflows. Other big YTD outflows sufferers included: Vanguard, $29.915 billion; and Federated, $2.797 billion.
For the 12 month period ending on May 31, 2021, Fidelity led money fun firms in net outflows thanks to an estimated $103.976 billion in net outflows. Other big outflows sufferers included: Federated, $64.821 billion; and Goldman, $57.711 billion.
Overall, money funds brought in an estimated $57.205 billion in net May 2021 inflows, equivalent to 1.55 percent of their combined AUM and accounting for 40.87 percent of overall mutual fund and ETF industry inflows. That's up from $40.335 billion, 1.11 percent of AUM, and 24.31 percent of industry inflows in April 2021. And it's up from $37.726 billion and 0.99 percent of AUM, but down from 53.34 percent of inflows, in May 2020.
As of May 31, 2021, money funds brought in an estimated $252.328 billion in net YTD inflows, equivalent to 6.82 percent of their combined AUM and accounting for 29.06 percent of industry inflows. For the 12 months ending on May 31, 2021, money funds suffered $82.425 billion in net outflows, equivalent to 2.23 percent of their combined AUM.
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