Despite an annual inflows drop approaching $300 billion last year, money funds still brought in hundreds of billion of dollars of net inflows in 2024, according to the latest data form the folks at a publicly traded investment research firm.

Abigail Pierrepont "Abby" Johnson FMR (dba Fidelity Investments) Chair, President, CEO

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in December 2024, across 75 money fund firms. (That's up by two money-over-month from November 2024 and year-over-year from December 2023.)

Fidelity led the money fund inflows pack again last year, thanks to an estimated $147.875 billion in net 2024 money fund inflows, down by $102.935 billion Y/Y from 2023. Other big 2024 money fund inflows winners included: Schwab, $96.883 billion (down by $83,867 billion Y/Y); BlackRock, $94.875 billion (up by $68.543 billion Y/Y); J.P. Morgan, $94.372 billion (down by $103.702 billion Y/Y); and Goldman Sachs, $60.632 billion (up by $71.278 billion Y/Y).

J.P. Morgan pulled ahead last quarter, thanks to an estimated $67.109 billion in net money fund inflows in the fourth quarter of 2024. Other big Q4 2024 money fund flows winners included: Goldman Sachs, $52.864 billion; and Morgan Stanley, $47.859 billion.

Yet Fidelity took the lead last month, too, thanks to an estimated $27.081 billion in net December 2024 money fund inflows. Other big inflows winners included: J.P. Morgan, $26.096 billion; and Goldman Sachs, $25.766 billion.

On the flip side, HSBC took the outflows lead last year, thanks to an estimated $7.754 billion in net 2024 money fund outflows, an $11.932-billion net flows drop Y/Y from 2023. Other big 2024 money fund outflows sufferers included: DWS, $6.372 billion (a $12.382-billion net flows drop Y/Y); Franklin Templeton, $3.378 billion (down by $4.509 billion Y/Y); SEI, $3.164 billion (up by $2.981 billion Y/Y); and Adhia, $874 million (up by $754 million Y/Y).

SSGA took the money fund outflows lead last quarter, thanks to an estimated $11.288 billion in net Q4 2024 outflows. Other big outflows sufferers included: Franklin Templeton, $1.468 billion; and Adhia, $806 million.

SSGA also led the money fund outflows last month for a second consecutive month, thanks to an estimated $6.625 billion in net December 2024 money fund outflows. Other big outflows sufferers included: DWS, $6.544 billion; and Vanguard, $3.755 billion.

As a group, money funds brought in $110.757 billion in net December 2024 inflows (down by $38.537 billion M/M, up by $83.946 billion Y/Y). On December 31, 2024, the money fund industry held $6.835 trillion in AUM (up by $137 billion M/M, up by $858 billion Y/Y) across 2,146 funds (up by seven M/M, up by 38 Y/Y).

In Q4 2024, money funds brought in $355.146 billion in net inflows, up by $93.402 billion from Q3 2024. In all of 2024, money funds brought in $677.389 billion in net inflows, down by $293.915 billion Y/Y. 

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