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Rating:Money Market Inflows Return, Yet Marketshare Falls Below 12 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 30, 2021

Money Market Inflows Return, Yet Marketshare Falls Below 12 Percent

Reported by Neil Anderson, Managing Editor

Money market funds rebounded to net inflows last month, yet their marketshare by AUM continued to fall.

Hanneke Smits
BNY Mellon Investment Management
CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in July 2021.

Money funds had $3.638 trillion in AUM as of July 31, 2021, Accounting for 11.91 percent of all mutual fund and ETF AUM. That's down from $3.64 trillion and 12.06 percent on June 30, 2021 and $3.661 trillion and 15 percent of AUM on July 31, 2020. Six money fund firms (out of ten tracked by the M* team) brought in net inflows last month, up from one in June 2021 and three in July 2020.

BNY Mellon's Dreyfus brought in $8.781 billion in net money market fund inflows in July; that's more than any other money fund family and up month-over-month from $10.576 billion in June 2021 outflows and up year-over-year from $585 million in July 2020 inflows. Other big July 2021 inflows winners included: Vanguard, $6.769 billion (up M/M from $4.816 billion in net outflows, up Y/Y from $1.778 billion in net outflows); and Morgan Stanley, $5.286 billion (down M/M from $6.218 billion, down Y/Y from $8.766 billion).

BlackRock led the pack year-to-date as of July 31, 2021, thanks to an estimated $93.025 billion in YTD money market fund inflows. Other big YTD inflows winners included: Morgan Stanley, $51.486 billion; and J.P. Morgan, $47.594 billion.

BlackRock also led the pack for the 12-month period ending July 31, 2021, thanks to an estimated $116.087 billion in net money fund inflows. Other big inflows winners included: Morgan Stanley, $75.251 billion; and Dreyfus, $29.439 billion.

On the flip side, last month was a rough one for J.P. Morgan's money funds, thanks to an estimated $9.974 billion in net July 2021 outflows, up M/M from $3.564 billion in June 2021 and down Y/Y from $10.522 billion in July 2020. Other big July 2021 outflows sufferers included: Federated Hermes, $4.176 billion (up M/M from $878 million, up Y/Y from $3.593 billion); and Fidelity, $3.581 billion (down M/M from $3.64 billion, down Y/Y from $25.662 billion in net inflows).

As of July 31, 2021, Fidelity led the money market fund outflows pack YTD thanks to an estimated $45.690 billion net 2021 money fund outflows. Other big YTD outflows sufferers included: Vanguard, $27.962 billion; and Federated, $7.85 billion.

Fo the 12-month period ending July 31, 2021, Goldman Sachs led the outflows pack thanks to an estimated $67.261 billion in net money fund outflows. Other big outflows sufferers included: Fidelity, $60.499 billion; and Federated, $47.493 billion.

Overall, money funds brought in an estimated $4.504 billion in net July 2021 inflows, equivalent to 0.12 percent of their combined AUM and accounting for 5.88 percent of overall industry inflows. That compares with $56.995 billion in net outflows and 1.57 percent of AUM in June 2021 and $41.594 billion in net outflows and 1.1 percent of AUM in July 2020.

As of July 31, 2021, money funds brought in an estimated $199.909 billion in net inflows YTD, equivalent to 5.49 percent of their combined AUM and accounting for 19.97 percent of overall industry inflows. And in the 12-month period ending July 31, 2021, money funds brought in an estimated $994 million in net inflows, equivalent to 0.03 percent of their combined AUM and accounting from 0.09 percent of overall industry inflows. 

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