Despite a 47-percent inflows drop, the Boston Behemoth kept the money market fund inflows lead last quarter, even as the whole industry's money fund flows overall swung to the negative for the first time in five months, according to the latest data from 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 March 2024, across 73 money fund firms. (That's up month-over-month from 72 in February 2024 but level quarter-over-quarter and year-over-year with 73 in December 2023 and in March 2023.)

Fidelity led the pack again last quarter, thanks to an estimated $36.904 billion in net money fund inflows in the first quarter of 2024, down Q/Q from $70.025 billion in Q4 2023 and down Y/Y from $121.105 billion in Q1 2023. Other big March 2024 money fund nflows winners included: Schwab, $33.693 billion (down Q/Q from $34.822 billion, down Y/Y from $76.034 billion); Vanguard, $16.152 billion (down Q/Q from $24.611 billion, down Y/Y from $30.346 billion); BNY Mellon (home of Dreyfus), $9.114 billion (up Q/Q from $895 million; and up Y/Y from $2.989 billion in net outflows); and UBS, $7.242 billion (up Q/Q from $3.986 billion, down Y/Y from $15.019 billion).

Fidelity also led the money fund inflows pack for a fourth consecutive month, thanks to an estimated $12.241 billion in net March 2024 inflows. Other big inflows winners included: Schwab, $9.164 billion; and Vanguard, $5.775 billion.

Cantor Fitzgerald appears to be a newcomer to the money fund space.

On the flip side, Goldman Sachs kept the money fund outflows lead last quarter, thanks to an estimated $26.708 billion in net Q1 2024 outflows, down Q/Q from $30.992 billion in Q4 2023 and down Y/Y from $45.197 billion in net inflows in March 2023. Other big Q1 2024 money fund outflows sufferers included: Allspring, $16.407 billion (down Q/Q from $15.246 billion in net inflows, up Y/Y from $2.721 billion in net outflows); Morgan Stanley, $15.18 billion in net outflows (up Q/Q from $12.528 billion, down Y/Y from $20.503 billion in net inflows); State Street's SSGA, $10.651 billion (down Q/Q from $23.97 billion, up Y/Y from $8.078 billion in net outflows); and HSBC, $8.652 billion (down Q/Q from $5.756 billion in net inflows, up Y/Y from $6.306 billion in net inflows).

Yet SSGA took the outflows lead last month, thanks to an estimated $32.563 billion in net March 2024 outflows. Othe big outflows sufferers included: J.P. Morgan, $23.517 billion; and Goldman Sachs, $22.254 billion.

March 2024 was money funds' first net monthly outflows since October 2023. As a group, money funds suffered $91.403 billion in net March 2024, equivalent to $43 million in net outflows for each of the 2,121 money funds tracked by the M* team and 1.52 percent of money funds' combined $6.004 trillion in AUM across 2,121 funds. (That compares with $45.032 billion in net inflows, $6.133 trillion in AUM, and 2,108 funds in February 2024, and with $362.133 billion in net inflows, $5.234 trillion in AUM, and 2,085 funds in March 2023.)

Money funds brought in $17.181 billion in net Q1 2024 inflows, down Q/Q from $189.255 billion and down Y/Y from $438.738 billion. For the trailing twelve months (TTM) ending March 31, 2024, money funds brought in $562.007 billion in net inflows. 

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