A money center bank's asset management led a $145-billion rebound in money market inflows last month.

Mary Callahan Erdoes J.P. Morgan CEO of Asset and Wealth Management

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in May 2023.

The 72 money market fund families tracked by the M* team had $5.429 trillion in combined AUM across 2,087 funds as of May 31, 2023. That compares with $5.275 trillion and 2,086 funds on April 30.

55 of those money fund firms brought in net inflows last month, up month-over-omonth from 32 in April.

J.P. Morgan took the lead last month, thanks to an estimated $53.606 billion in net money fund inflows in May 2023, up M/M from $78 million in net outflows in April 2023 and up year-over-year from $17.867 billion in net inflows in May 2022. Other big May 2023 money fund inflows winners included: Fidelity, $36.15 billion (up M/M from $12.844 billion in net outflows, up Y/Y from $5.981 billion in net inflows); BlackRock, $15.318 billion (up M/M from $1.696 billion in net outflows, up Y/Y from $3.978 billion in net outflows); Schwab, $15.259 billion in net inflows (up M/M from $6.604 billion); and Invesco, $7.678 billion (up M/M from $3.102 billion in net outflows).

City National Rochdale took the lead by a different measure last month, thanks to estimated net May 2023 money fund inflows equivalent to 21 percent of its money fund AUM. Other big winners included: Nationwide, 19.8 percent; and Resolute's American Beacon, 13.6 percent.

Yet Vanguard led again by a third measure, thanks to an estimated $633 million per money in net May 2023 inflows. Other big winners included: J.P. Morgan, $419 million per fund; and Schwab, $381 million per fund.

Fidelity still leads the money fund pack so far in 2023, thanks to an estimated $144.412 billion in net year-to-date inflows as of May 31. Other big YTD inflows winners include: J.P. Morgan, $143.268 billion; and Schwab, $97.897 billion.

On the flip side, Morgan Stanley took the outflows lead last month, thanks to an estimated $8.557 billion in net May 2023 money fund outflows, down M/M from $9.454 billion in April 2023 inflows and down Y/Y from $9.886 billion in May 2022 inflows. Other big May 2023 money fund outflows sufferers included: BNY Mellon's Dreyfus, $2.376 billion (down M/M from $194 million in net inflows, up M/M from $1.047 billion in net outflows); DWS, $1.265 billion (down M/M from $1.611 billion in net inflows); Federated Hermes, $1.262 billion (down M/M from $2.093 billion in net inflows, down Y/Y from $2.538 billion in net inflows); and Prudential's PGIM, $307 million (down M/M from $318 million in net inflows).

PGIM took the money fund outflows lead by a different measure last month, thanks to estimated net May 2023 outflows equivalent to 14.9 percent of its money fund AUM. Other big outflows suffers included: MassMutual, 12.7 percent; and New York Life, 10 percent.

Edward Jones led outflows again last month by a third measure, thanks to an estimated $98 million per fund in net May 2023 money fund outflows. Other big outflows sufferers included: Morgan Stanley, $97 million per fund; and Payden, $38 million per fund.

So far in 2023, Dreyfus leads the money fund outflows pack, thanks to an estimated $5.171 billion in net YTD money fund outflows as of May 31. Other big YTD outflows sufferers included: Franklin Templeton, $5.159 billion; and DWS, $3.837 billion.

As a group, money fund firms brought in $153.13 billion in net money fund inflows in May 2023, equivalent to 2.82 percent of their combined AUM and translating into $73 million per fund. That compares with $7.795 billion, 0.15 percent of AUM, and $3.737 million per fund in April 2023.

So far in 2023, money funds have brought in $584.213 billion in net YTD inflows as of May 31. That's equivalent to 10.76 percent of their combined AUM and translates into $280 million per fund. 

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