Last month, the money fund business returned to net inflows after a brief reversal, according to the latest data from the folks at a publicly traded investment research firm.

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 November 2023.

J.P. Morgan took the money fund inflows lead last month, thanks to an estimated $45.433 billion in net November 2023 money fund flows, up month-over-month from $2.452 billion in net outflows in October 2023 and up year-over-year from $3.133 billion in net outflows in November 2022. Other big November 2023 money fund inflows winners included: Fidelity, $25.523 billion (up M/M from $17.732 billion, up Y/Y from $9.296 billion); BlackRock, $19.082 billion (up M/M from $24.702 billion in net outflows, up Y/Y from $23.307 billion in net outflows); Goldman Sachs, $17.393 billion (up M/M from $17.008 billion in net outflows, down Y/Y from $17.945 billion in net inflows); and SSGA, $16.209 billion (up M/M from $2.159 billion in net outflows, up Y/Y from $14.097 billion in net outflows).

Vanguard took the lead last month proportionately, thanks to an estimated $605 million per fund in net money fund inflows in November 2023. Other big inflows winners included: SSGA, $368 million per fund; and J.P. Morgan, $355 million per fund.

Fidelity still leads the 2023 money fund inflows pack so far, thanks to an estimated $224.871 billion in net year-to-date money fund inflows as of November 30. Other big YTD inflows winners included: J.P. Morgan, $213.207 billion; and Schwab, $174.937 billion.

On the flip side, Morgan Stanley took the money fund outflows lead last month, thanks to an estimated $5.972 billion in net November 2023 money fund outflows, down M/M from $14.615 billion in October 2023 and down Y/Y from $4.488 billion in November 2022 inflows. Other big November 2023 money fund outflows sufferers included: RBC GAM, $2.632 billion (down M/M from $2.564 billion in net inflows, up Y/Y from $850 million in net outflows); T. Rowe Price, $527 million (up M/M from $166 million, up Y/Y from $75 million); Northern, $283 million (down M/M from $5.4 billion, down Y/Y from $726 million); and MassMutual, $250 million (down M/M from $253 million in net inflows, down Y/Y from $30 million in net inflows).

RBC took the money fund outflows lead prorportionately last month, thanks to an estimated $165 million per fund in net November 2023 outflows. Other big outflows sufferers included: Morgan Stanley, $68 million per fund; and Edward Jones, $67 million per fund.

Franklin Templeton now leads the 2023 money fund outflows pack so far, thanks to an estimated $11.043 billion in net YTD outflows as of November 30. Other big outflows sufferers included: Morgan Stanley, $7.289 billion; and BNY Mellon (home of Dreyfus), $6.404 billion.

As a group, the 72 money fund firms tracked by the M* team (down Y/Y from 74) brought in $185.166 billion in net November 2023 money fund inflows, ending the month with $5.88 trillion in AUM across 2,103 money funds. (November 2023 money fund inflows translated into 3.15 percent of money fund AUM and $88.048 million per fund.) That compares with $31.647 billion in October 2023 outflows (with $5.678 trillion in AUM and 2,102 funds) and with $35.79 billion in November 2022 inflows (with $4.652 trillion in AUM and 2,083 funds).

Over the first 11 months of 2023, money fund families brought in $936.322 billion in net inflows. That's equivalent to 15.92 percent of their combined money fund AUM and $445.231 million per fund. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE