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Rating:Schwab Leads With $19.9B Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, September 28, 2022

Schwab Leads With $19.9B

Reported by Neil Anderson, Managing Editor

A publicly traded brokerage's asset management arm took the inflows lead last month among money fund firms, even as overall money fund inflows disappeared.

Jonathan Christian de St. Paer
Charles Schwab Investment Management, Inc.
President, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in August 2022.

The 75 money market fund families tracked by the M* team had $4.565 trillion in combined AUM as of August 31, 2022, down from $4.57 trillion on July 31. 30 of those firms brought in net money fund inflows last month (down from 39 in July), and 46 have brought in net 2022 money fund inflows year-to-date, as of August 31.

Charles Schwab took the lead last month, thanks to an estimated $19.904 billion in net August 2022 money fund inflows, up month-over-month from $13.914 billion in July 2022. Other big August 2022 money fund inflows winners included: SSGA, $10.869 billion (up M/M from $8.452 billion); Federated Hermes, $10.471 billion (up M/M from $239 million in net outflows, up Y/Y from $7.466 billion in net outflows in August 2021); BNY Mellon's Dreyfus, $5.677 billion (up M/M from $4.967 billion, up Y/y from $2.424 billion); and Invesco, $4.761 billion (down M/M from $5.427 billion).

Allianz Life took the money fund inflows lead proportionately last month, thanks to estimated net August 2022 inflows equivalent to 12.6 percent of its money fund AUM. Other big inflows winners included: GuideStone, 12 percent; Schwab, 10.3 percent; Pimco, 9 percent; and UBS, 8.8 percent.

Schwab also took the last month in money fund inflows per fund, thanks to an estimated $498 million in net August 2022 inflows per fund. Other big inflows winners included: SSGA, $247 million per fund; UBS, $146 million per fund; Federated, $75 million per fund; and Allianz Life, $72 million per fund.

So far in 2022, Schwab still leads the money fund inflows pack, thanks to an estimated $46.37 billion in net year-to-date inflows as of August 31. Other big YTD inflows winners included: SSGA, $36.923 billion; and HSBC, $26.843 billion.

On the flip side, BlackRock took the money fund outflows lead last month, thanks to an estimated $22.416 billion in net August 2022 outflows, up M/M from $6.202 billion in July 2022 and up Y/Y from $14.048 billion in August 2021. Other big August 2022 outflows sufferers included: Northern Trust, $10.766 billion (up M/M from $6.498 billion, down Y/Y from $710 million in net inflows); J.P. Morgan, $9.874 billion (down M/M from $13.886 billion, down Y/Y from $10.904 billion in net inflows); Morgan Stanley, $6.679 billion (down M/M from $32.87 billion, down Y/Y from $6.029 billion in net inflows); and Franklin Templeton, $4.606 billion (down M/M from $1.246 billion in net inflows).

Milliman took the money fund outflows lead proportionately last month, thanks to estimated net August 2022 outlfows equivalent to 243.7 percent of its remaining money fund AUM. Other big outflows sufferers included: Plan Investment Fund, 30.7 percent; Franklin, 13.3 percent; Davis, 11.2 percent; and Saratoga, 10.3 percent.

Per fund, Edward Jones again led the money fund outflows pack last month, thanks to an estimated $843 million per fund in net August 2022 outflows. Other big outflows sufferers included: Northern, $468 million per fund; Plan, $188 million per fund; Vanguard, $187 million per fund; and BlackRock, $106 million per fund.

So far in 2022, BlackRock still leads the money fund outflows pack, thanks to an estimated $84.548 billion in net YTD outflows as of August 31. Other big money fund outflows sufferers included: Northern, $66.526 billion; and J.P. Morgan, $54.013 billion.

As a group, money funds suffered an estimated $288 million in net August 2022 outflows, equivalent to 0.01 percent of their combined AUM and $139,000 per fund. That compares with $29 million in net inflows, 0.63 percent of AUM, and $13.963 million per fund in net inflows in July 2022.

As of August 31, money funds had suffered an estimated $192.727 billion in net 2022 outflows YTD. That's equivalent to 4.22 percent of their combined AUM and $93 million per fund. 

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