Money market funds' net flows improved by more than $80 billion last month, climbing back into the black.
This article draws from Morningstar Direct
data on money market mutual fund flows in the U.S. in May 2022.
The ten money market fund families tracked by the M* team had $3.585 trillion in combined AUM as of May 31, 2022. That's up from $3.575 trillion on April 30, 2022
but down from $3.698 trillion on May 31, 2022
Six of those firms brought in net money fund inflows last month, up from two in April 2022 and level with May 2021.
took the lead last month, thanks to an estimated $17.867 billion in net May 2022 money fund inflows, up month-over-month from $11 million in April 2022 outflows but down year-over-year from $24.339 billion in May 2021. Other big May 2022 money market inflows winners included: SSGA
, $14.195 billion; and Morgan Stanley
, $9.886 billion (up M/M from $3.168 billion in net outflows, down Y/Y from $15.099 billion).
After the first five months of 2022, only two firms had year-to-date money market inflows: SSGA, with $18.485 billion; and Vanguard
, with $6.379 billion.
On the flip side, Goldman Sachs
took the outflows lead last month, thanks to an estimated $20.188 billion in net May 2022 money fund outflows, down M/M from $6.699 billion in April 2022 money fund inflows and up Y/Y from $6.874 billion in May 2021. Other big May 2022 money fund outflows sufferers included: BlackRock
, $3.978 billion (down M/M from $17.37 billion in net inflows, down Y/Y from $3.896 billion in net inflows); and Northern Trust
, $2.859 billion (down M/M from $17.86 billion, down Y/Y from $12.839 billion in net inflows).
Northern led the 2022 money fund outflows pack as of May 31, thanks to an estimated $46.776 billion in net YTD outflows. Other big money fund outflows sufferers included: Federated Hermes
, $39.322 billion; and BlackRock, $24.044 billion.
As a group, money funds brought in an estimated $25.937 billion in net May 2022 inflows, equivalent to 0.72 percent of their combined AUM. That compares with $54.094 billion in net ouflows in April 2022 and with $57.205 billion in net inflows in May 2021.
As of May 31, money funds had suffered an estimated $164.359 billion in net outflows YTD. That's equivalent to 4.58 percent of their combined AUM.
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