A money center bank's asset management arm led the way as money market fund flows jumped nearly six-fold last month, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on money market fund flows in the U.S. in July 2025, across 73 money fund firms. (That's down by one firm month-over-month from June 2025 but unchanged year-over-year from July 2024.)

J.P. Morgan took the lead last month, thanks to an estimated $11.693 billion in net July 2025 money fund inflows, up by $14.952 billion M/M from June 2025 and up by $991 million Y/Y from July 2024. Other big July 2025 money fund inflows winners included:

Federated Hermes, $11.246 billion (up by $11.231 billion M/M, up by $17.532 billion Y/Y);

Fidelity, $10.609 billion (down by $5.943 billion M/M, down by $1.737 billion Y/Y);

BlackRock, $9.407 billion (up by $5.054 billion M/M, up by $1.635 billion Y/Y); and

Morgan Stanley, $7.35 billion (up by $15.557 billion M/M, up by $11.389 billion Y/Y).

Yet Fidelity led the inflows pack over the last year, thanks to an estimated $167.813 billion in net money fund inflows over the trailing twelve moneys ending July 31, 2025. Other big TTM inflows winners included: BlackRock, $112.366 billion; and J.P. Morgan, $91.851 billion.

On the flip side, State Street's SSIM (fka SSGA) took the outflows lead last month, thanks to an estimated $5.306 billion in net July 2025 money fund outflows, up by $1.662 billion M/M from June 2025 and an $8.677-billion net flows drop Y/Y from July 2024. Other big July 2025 money fund outflows sufferers included:

U.S. Bank's First America, $4.463 billion (up by $2.907 billion M/M, a $7.181-billion net flows drop Y/Y);

DWS, $3.964 billion (a $4.557-billion net flows drop M/M, up by $3.346 billion Y/Y);

Northern, $1.427 billion (a $3.231-billion net flows drop M/M, $1.522-billion net flows drop Y/Y); and

UBS, $1.341 billion (a $1.651-billion net flows drop M/M, down by $1.398 billion Y/Y).

Yet SEI led the outflows pack over the last year, thanks to an estimated $1.333 billion net TTM money fund inflows as of July 31, 2025. Other big outflows sufferers included: Meeder, $498 million; and Jackson, $386 million.

On July 31, 2025, the money fund industry held:

$7.094 trillion in AUM (up by $70 billion M/M, up by $955 billion Y/Y),

across 2,141 money funds (down by 11 M/M, up by 14 Y/Y).

As a group, money funds brought in $52.634 billion in net July 2025, equivalent to 0.74 percent of their combined AUM. That's up by $44.888 billion M/M and up by $31.296 billion Y/Y.

Money funds brought in $740.605 billion in net TTM inflows as of July 31, 2025. That's equivalent to 10.44 percent of their combined AUM. 

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