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Rating:With $17B, Schwab Leads Again Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 26, 2022

With $17B, Schwab Leads Again

Reported by Neil Anderson, Managing Editor

A publicly traded brokerage's asset management arm kept the inflows lead last month among money fund firms, even as overall industry money fund outflows grew.

Omar Aguilar
Schwab Asset Management
CEO, Chief Investment Officer
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in September 2022.

The 73 money market fund families (down from 75 in August 2022) tracked by the M* team had $4.566 trillion in combined AUM as of September 30, 2022, compared with $4.565 trillion on August 31. 50 of those firms brought in net money fund inflows last month (up from 30 in August). 42 brought in net inflows in the third quarter of 2022, and 46 had 22 net inflows after the first nine months of 2022.

Schwab kept the lead last month, thanks to an estimated $17.237 billion in net September 2022 money fund inflows, down month-over-month from $19.904 billion in August 2022. Other big September 2022 inflows winners included: Goldman Sachs, $12.624 billion (up M/M from $1.787 billion in net outflows, up year-over-year from $1.857 billion in net outflows in September 2021); UBS, $3.307 billion (up M/M from $3.943 billion; Vanguard, $2.153 billion (up M/M from $2.238 billion in net outflows, up Y/Y from $1.081 billion in net outflows); and First American, $2.013 billion (down M/M from $2.102 billion).

North Capital took the money fund inflows lead proportionately last month, thanks to estimated net September 2022 inflows equivalent to 75.8 percent of its money fund AUM. Other big inflows winners included Guggenheim's Rydex, 31.4 percent; Mutual of America, 28.7 percent; Plan Investment Fund, 14.1 percent; and Jackson, 9.7 percent.

Schwab also kept the lead last month in money fund inflows per fund, thanks to an estimated $432 million per fund in net September 2022 inflows. Other big inflows winners included: Vanguard, $179 million per fund; UBS, $122 million per fund; Plan, $101 million per fund; and Goldman, $91 million per fund.

In Q3 2022, Schwab led the way with $51.091 billion in net money fund inflows. Other big inflows winners included: Goldman, $27.084 billion; and DWS, $21.347 billion.

So far in 2022, Schwab still leads the money fund inflows pack, thanks to an estimated $63.643 billion in net year-to-date inflows as of September 30. Other big YTD inflows winners included: SSGA, $34.152 billion; and Invesco, $21.661 billion.

On the flip side, BNY Mellon's Dreyfus took the money fund outflows lead last month, thanks to an estimated $11.066 billion in net September 2022 outflows, down M/M from $5.677 billion in net inflows in August 2022 but up Y/Y from $5.321 billion in net outflows in September 2021. Other big September 2022 outflows sufferers included: HSBC, $10.217 billion (down M/M from $818 million in net inflows); J.P. Morgan, $8.958 billion (down M/M from $9.874 billion, down Y/Y from $13.447 billion); Northern, $6.436 billion (down M/M from $10.766 billion, down Y/Y from $4.253 billion in net inflows); and BlackRock, $6.024 billion (down M/M from $22.416 billion, down Y/Y from $11.663 billion in net inflows).

HSBC took the money fund outflows lead proportionately last month, thanks to estimated net September 2022 outflows equivalent to 19.02 percent of its money fund AUM. Other big outflows sufferers included: Guidestone, 14.7 percent; American Beacon, 14.6 percent; Allianz Life, 12 percent; and AllianceBernstein, 11.1 percent.

Per fund, Edward Jones again led the money fund outflows pack last month, thanks to an estimated $306 million per fund in net September 2022 outflows. Other big outflows sufferers included: Northern, $280 million per fund; HSBC, $232 million per fund; J.P. Morgan, $70 million per fund; and SSGA, $63 million per fund.

Morgan Stanley led the money fund outflows pack in Q3 2022, thanks to an estimated $40.334 billion in net outflows. Other big outflows sufferers included: J.P. Morgan, $32.718 billion; and BlackRock, $31.716 billion.

So far in 2022, BlackRock still leads the money fund outflows pack, thanks to an estimated $87.646 billion in net YTD outflows as of September 30. Other big money fund outflows sufferers included: Northern, $72.962 billion; and J.P. Morgan, $62.971 billion.

As a group, money funds suffered an estimated $3.721 billion in net September 2022 outflows, equivalent to 0.08 percent of their combined AUM or $1.79 million in outflows per fund. (That's just shy of the $1.82 million in average outflows per fund for long-term funds and ETFs last month.) That compares with $288 million, 0.01 percent, and $139,000 per fund in August 2022.

In Q3 2022, money funds brought in an estimated $25.185 billion in net inflows. That's equivalent to 0.55 percent of their combined AUM or $12.12 million in net inflows per fund.

As of September 30, money funds had suffered an estimated $193.547 billion in net 2022 outflows YTD. That's equivalent to 4.24 percent of their combined AUM or $93 million in net outflows per fund. 

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