MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Thursday, August 24, 2023 JPMAM Flows Jump $27B A money center bank's monthly net money market fund flows jumped by more than $27 billion in a year, according to the latest data from a publicly traded investment research firm.
The 72 money market fund families tracked by the M* team (down year-over-year from 75 in July 2022) had $5.488 trillion in combined AUM across 2,097 funds as of July 31, 2023. That compares with $5.457 trillion and 2,096 funds on June 30, 2023, and with $4.57 trillion and 2,077 funds on July 31, 2022. 33 of those money fund firms brought in net inflows last month. That's up month-over-month from 27 in June 2023 but down Y/Y from 39 in July 2022. J.P. Morgan took the money fund inflows lead last month, thanks to an estimated $13.339 billion in net July 2023 inflows, up M/M from $1.271 bilion in June 2023 outflows and up Y/Y from $13.886 billion in July 2022 outflows. Other big July 2023 money fund inflows winners included: Allspring, $12.338 billion (up M/M from $9.048 billion, up Y/Y from $274 million); SSGA, $10.988 billion (up M/M from $457 million in net outflows, up Y/Y from $8.452 billion in net inflows); Schwab, $8.152 billion (down M/M from $9.328 billion, down Y/Y from $13.914 billion); and Vanguard, $4.08 billion (up M/M from $2.593 billion, up Y/Y from $1.649 billion). Gamco's Gabelli led the money fund pack by a different measure last month, thanks to estimated net inflows equivalent to 8.8 percent of AUM. Other big July 2023 inflows winners included: BBH, 7.4 percent; and Allspring, 6.7 percent. Vanguard led the way last month by a different metric, thanks to estimated net July 2023 money inflows equivalent to $340 million per fund. Other big July 2023 money fund inflows winners included: Allspring, $287 million per fund; and SSGA, $250 million per fund. J.P. Morgan also took the 2023 money inflows lead so far, thanks to an estimated $155.298 billion in net year-to-date money fund inflows as of July 31. Other big YTD inflows winners included: Fidelity, $146.988 billion; and Schwab, $115.364 billion. On the flip side, Invesco took the money fund outflows lead last month, thanks to an estimated $11.701 billion in net July 2023 outflows, down M/M from $3.442 billion in June 2023 inflows and down Y/Y from $5.427 billion in July 2022 inflows. Other big July 2023 outflows sufferers included: Goldman Sachs, $10.435 billion (down M/M from $12.72 billion, down Y/Y from $16.247 billion in net inflows); Morgan Stanley, $6.443 billion (down M/M from $10.53 billion, down Y/Y from $32.87 billion in net outflows); BNY Mellon's Dreyfus, $5.014 billion (up M/M from $2.519, down Y/Y from $4.967 billion; and BlackRock, $4.791 billion (up M/M from $3.314 billion, down Y/Y from $6.202 billion). Resolute's American Beacon took the lead last month by a different metric, thanks to estimated net July 2023 outflows equivalent to 26.5 percent of its remaining money fund AUM. Other big money fund outflows sufferers included: City National Rochdale, 8.5 percent; and Invesco, 8.1 percent. Invesco also led the money fund outflows pack last month by a different metric, thanks to an estimated $119 million per fund in net July 2023 outflows. Other big outflows sufferers included: Goldman Sachs, $73 million per fund; and Morgan Stanley, $73 million per fund. Dreyfus now leads the 2023 money fund outflows pack so far, thanks to an estimated $12.704 billion in net YTD money fund outflows as of July 30. Other big YTD money fund outflows sufferers included: Franklin Templeton, $11.294 billion; and HSBC, $6.181 billion. As a group, money funds brought in $15.01 billion in net July 2023 inflows, equivalent to 0.27 percent of their combined AUM and translating into $7.158 million per money fund. That compares with $13.15 billion, 0.24 percent of AUM, and $6.27 million per fund in June 2023, and with $29 billion, 0.63 percent of AUM, and $13.963 million per fund in July 2022. As a group, money fund families have brought in $614.703 billion in net 2023 inflows YTD as of July 30. That's equivalent to 11.2 percent of their combined AUM and translates into $293.134 million per fund. Printed from: MFWire.com/story.asp?s=66353 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |
