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Rating:12 Percent of AUM Accounts For 46 Percent of Inflows Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, December 27, 2021

12 Percent of AUM Accounts For 46 Percent of Inflows

Reported by Neil Anderson, Managing Editor

Money market funds gobbled nearly half of all industry inflows last month.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in November 2021.

Money funds had $3.735 trillion in AUM as of November 30, 2021, accounting for 12.04 percent of all mutual fund and ETF AUM. That compares with $3.666 trillion and 11.65 percent on October 31, 2021, and with $3.485 trillion and 13.27 percent on November 30, 2020. Nine of the ten money fund firms tracked by the M* team brought in net inflows last month, up from five in October 2021 and up from three in November 2020.

Goldman Sachs took the lead last month, thanks to an estimated $17.547 billion in net money market mutual fund inflows in November 2021, up month-over-month from $4.473 billion in net outflows in October 2021 but down year-over-year from $21.596 billion in November 2020. Other big November 2021 money fund inflows winners included: BlackRock, $13.658 billion (up M/M from $12.247 billion in net outflows, down Y/Y from $20.069 billion); and BNY Mellon's Dreyfus, $11.621 billion (up M/M from $6.771 billion, up Y/Y from $7.592 billion in net outflows).

BlackRock still leads the pack year-to-date, thanks to an estimated $92.597 billion in net 2021 money fund inflows as of November 30. Other big YTD inflows winners included: Morgan Stanley, $69.011 billion; and Goldman, $66.992 billion.

The same three firms led the pack for the 12-month period ending November 30, 2021, but in a slightly different order: Morgan Stanley with $84.674 billion in net inflows; Goldman with $68.527 billion; and BlackRock with $65.127 billion.

On the flip side, last month was a rough one for Vanguard's money funds, which were the sole money fund outflows sufferers thanks to an estimated $3.526 billion in net November 2021 money fund outflows, up M/M from $175 million in October 2021 and up Y/y from $4.292 billion in November 2020.

As of November 30, 2021, Vanguard still led the money fund outflows pack YTD, thanks to an estimated $39.512 billion in net outflows. Other big YTD money fund outflows sufferers included: Fidelity, $26.238 billion; and Federated Hermes, $6.656 billion.

For the 12-month period ending November 30, 2021, Vanguard also led with an estimated $41.021 billion in net money fund outflows. Fidelity suffered $26.228 billion, while Allspring (fka Wells Fargo Asset Management) suffered $14.886 billion in net outflows.

As a group, money funds brought in an estimated $68.528 billion in net November 2021 inflows, equivalent to 1.83 percent of their combined AUM and accounting for 45.81 percent of overall industry inflows. That compares with $1.106 billion, 0.03 percent of AUM, and 1.3 percent of industry inflows in October 2021, and with $9.792 billion in net outflows and 0.28 percent of AUM.

As of November 30, 2021, money funds brought in an estimated $289.906 billion in net YTD inflows, equivalent to about 7.76 percent of their combined AUM and accounting for 20.51 percent of overall industry inflows. And for the 12-month period ending November 30, 2021, money funds brought in an estimated $268.756 billion in net inflows, equivalent to 18.01 percent of their AUM and accounting for 7.2 percent of industry inflows. 

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