MutualFundWire.com: Fido and BlackRock Lead an $83B Rebound

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Friday, September 27, 2024

Fido and BlackRock Lead an $83B Rebound

A giant retirement plan provider and the world's largest asset manager led a big rebound in money fund flows last month, 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 fund flows in the U.S. in August 2024, across 75 firms. As a group, money funds brought in $104.187 billion in net August 2024 inflows, up by $82.849 billion month-over-month from July 2024 but down by $4.418 billion year-over-year from August 2023. 51 money fund firms brought in net inflows last month, up by 13 M/M and up by 2 Y/Y.

As of August 31, fund firms had $6.272 trillion in AUM across 2,142 funds. That's up by $133 billion and 15 funds M/M, and by $657 billion and 46 funds Y/Y.

Fidelity led the pack for a second consecutive month, thanks to an estimated $33.687 billion in net August 2024 money fund inflows, up by $21.341 billion M/M from July 2024 and up by $14.044 billion Y/Y from August 2023. Other big August 2024 money fund inflows winners included: BlackRock, $32.655 billion (up by $24.883 billion M/M and up by $63.11 billion Y/Y); Allspring, $9.904 billion (up by $7.686 billion M/M and up by $1.745 billion Y/Y); Schwab, $8.28 billion (down by $826 million M/M, down by $8.65 billion Y/Y); and Goldman Sachs, $7.692 billion (up by $14.876 billion M/M and up by $8.691 billion Y/Y).

For the trailing twelve months ending on August 31, Fidelity led the pack with an estimated $155.437 billion in net money fund inflows. Other big TTM money fund inflows winners included: Schwab, $111.646 billion; and Vanguard, $61.157 billion.

On the flip side, Invesco led the money fund outflows pack for a second month in a row, thanks to an estimated $7.753 billion in net August money fund outflows, down by $4.49 billion M/M from July 2024 but up by $908 million Y/Y from August 2023. Other big August 2024 money fund outflows sufferers included: Northern Trust, $6.06 billion (a $6.155-billion net flows drop M/M and a $6.353-billion net flows drop Y/Y); State Street's SSGA, $2.188 billion (a $5.559-billion net flows drop M/M and a $17.803-billion net flows drop Y/Y); Morgan Stanley, $703 million (down by $3.336 billion M/M, down by $762 million Y/Y); and Wilmington, $618 million (a $1.263-billion net flows drop M/M and a $1.016-billion net flows drop Y/Y).

As of August 31, Goldman led the TTM money fund outflows pack, thanks to an estimated $34.401 billion in net outflows. Other big outflows sufferers included: Invesco, $30.933 billion; and Morgan Stanley, $23.735 billion.

Money funds have brought in $435.28 billion in net inflows over the 12 months ending on August 31.

Printed from: MFWire.com/story.asp?s=67963

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