MutualFundWire.com: As Inflows Sextuple to $262B, Fido Leads

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Wednesday, October 30, 2024

As Inflows Sextuple to $262B, Fido Leads

The Boston Behemoth's money market funds took the inflows lead last quarter, and the whole money fund industry's inflows increased more than six-fold, 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 September 2024, across 74 money fund firms. (That's down by one firm month-over-month from August 2024 but level quarter-over-quarter with June 2024 and up by two year-over-year from September 2023.)

Fidelity pulled ahead last quarter, thanks to an estimated $80.353 billion in net money fund inflows in the third quarter of 2024, an $89.135-billion net flows improvement Q/Q from Q2 2024 and up $41.775 billion Y/Y from Q3 2023. Other big Q3 2024 money fund inflows winners included: BlackRock, $57.586 billion (up by $46.353 billion Q/Q, up by $54.436 billion Y/Y); State Street's SSGA, $46.017 billion (up by $52.782 billon Q/Q and up by $10.578 billion Y/Y); J.P. Morgan, $23.558 billion (up by $11.835 billion Q/Q , down by $4.709 billion Y/Y); and Schwab, $22.356 billion (up by $10.191 billion Q/Q, down by $16.36 billion Y/Y).

SSGA took the money fund inflows lead last month, thanks to an estimated $44.832 billion in net September 2024 inflows. Other big inflows winners included: Fidelity, $34.352 billion; and BlackRock, $17.207 billion.

On the flip side, Invesco took the money fund outflows lead last quarter, thanks to an estimated $14.903 billion in net Q3 2024 outflows, a $20.152-billion net flows drop Q/Q from Q2 2024 but down by $6.592 billion Y/Y from Q3 2023. Other big Q3 2024 money fund outflows sufferers included: DWS, $4.68 billion (up by $1.547 billion Q/Q, an $8.088-billion net flows drop Y/Y); Federated Hermes, $4.609 billion (up by $2.958 billion Q/Q, a $20.284-billion net flows drop Y/Y); SEI, $1.899 billion (up by $1.793 billion Q/Q, a $2.927-billion net flows drop Y/Y); and New York Life, $88 million (down by $8 million Q/Q, down by $7 million Y/Y).

Yet Allspring took the money fund outflows lead last month, thanks to an estimated $12.135 billion in net September 2024 outflows. Other big outflows sufferers included: DWS, $3.948 billion; and Franklin Templeton, $3.605 billion.

As a group, money funds brought in $139.421 billion in net September 2024 inflows (up by $51.421 billion M/M, up by $147.835 billion Q/Q, and up by $78.58 billion Y/Y). As of September 30, 2024, the money fund industry held $6.425 trillion in AUM (up by $153 billion M/M, up by $325 billion Q/Q, and up by $733 billion Y/Y) across 2,140 funds (down by 2 M/M, up by 14 Q/Q, up by 41 Y/Y).

For Q3 2024, money funds brought in $261.744 billion in net inflows. That's up by $219.349 billion Q/Q and up by $77.822 billion Y/Y.

Printed from: MFWire.com/story.asp?s=68105

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