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Wednesday, November 24, 2021

This Big Niche's Inflows Fell 84 Percent

Reported by Neil Anderson, Managing Editor

The biggest money market fund families' inflows fell 84 percent last month.

Abigail "Abby" Pierrepont Johnson
FMR (dba Fidelity Investments)
Chair, President, CEO
This article draws from Morningstar Direct data on the 10 biggest money market mutual fund families' flows in the U.S. in October 2021.

Those money fund families had $3.666 trillion in AUM as of October 31, 2021, accounting for 11.65 percent of all mutual fund and ETF AUM. That compares with $3.665 trillion and 12.1 percent on September 30, 2021, and with $3.494 trillion and 14.35 percent on October 31, 2020. Five of the ten money fund firms tracked by the M* team brought in net inflows last month, down from six in September 2021 and level with October 2020.

Fidelity took the lead last month, thanks to an estimated $7.945 billion in net money market mutual fund inflows in October 2021, up month-over-month from $1.499 billion in September 2021 and up year-over-year from $4.449 billion in October 2020. Other big October 2021 money fund inflows winners included: BNY Mellon's Dreyfus, $6.771 billion (up M/M from $5.312 billion in net outflows, up Y/Y from $2.968 billion in net outflows); and Northern Trust, $5.07 billion (up M/M from $4.253 billion).

BlackRock still leads the pack year-to-date, thanks to an estimated $78.939 billion in net 2021 money fund inflows as of October 31. Other big YTD inflows winners included: Morgan Stanley, $62.784 billion; and Goldman Sachs, $49.245 billion.

The same three firms led the pack for the 12-month period ending October 31, 2021, but in a slightly different order: Morgan Stanley with $78.61 billion in net inflows; Goldman Sachs with $72.349 billion; and BlackRock with $71.538 billion.

On the flip side, last month was a rough one for BlackRock's money funds, which led the outflows pack thanks to an estimated $12.247 billion in net October 2021 outflows, down M/M from $11.663 billion in September 2021 inflows and down Y/Y from $10.297 billion in October 2020 inflows. Other big October 2021 money fund outflows sufferers included: Goldman Sachs, $4.473 billion (down M/M from $1.857 billion in net inflows, down Y/Y from 20.092 billion); and Wells Fargo, $2.327 billion (down M/M from $3.02 billion, down Y/Y from $2.031 billion in net inflow).

As of October 31, 2021, Vanguard led the money fund outflows pack YTD, thanks to an estimated $35.986 billion in net outflows. Other big YTD money fund outflows sufferers included: Fidelity, $30.393 billion; and Federated Hermes, $11.504 billion.

The same three firms led the money fund outflows pack for the 12-month period ending October 31, 2021, but in a slightly different order: Vanguard with $41.788 billion; Federated, $34.503 billion; and Fidelity, $32.94 billion.

As a group, the 10 biggest money fund families brought in an estimated $1.106 billion in net October 2021 inflows, equivalent to 0.03 percent of their combined AUM and accounting for 1.3 percent of overall industry inflows. That compares with $6.789 billion, 0.19 percent of AUM, and 10.54 percent of industry inflows in September 2021, and with $26.16 billion in net outflows and one percent of AUM in October 2020.

As of October 31, 2021, the 10 biggest money fund families brought in an estimated $220.433 billion in net YTD inflows, equivalent to about 6.01 percent of their combined AUM and accounting for 17.46 percent of industry inflows. And for the 12-month period ending October 31, 2021, money funds brought in an estimated $189.652 billion in net inflows, equivalent to 5.17 percent of their AUM and accounting for 13.12 percent of industry inflows.

Editor's Note: A prior version of this story mischaracterized the data it draws on. To clarify, this article highlights the money fund flows of the 10 biggest money fund families. 

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