MutualFundWire.com: Thanks to a $43B Jump, Goldman Flies Ahead
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Friday, November 28, 2025

Thanks to a $43B Jump, Goldman Flies Ahead


A money center bank's asset management took the lead by a big margin last month among money market fund firms, as that side of the industry saw rising inflows, 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 October 2025, across 75 money fund firms. (That's roughly unchanged month-over-month from September 2025 but up by two year-over-year from October 2024.)

Goldman Sachs took pole position last month, thanks to an estimated $54.152 billion in net October 2025 money fund inflows, up by $42.954 billion M/M from September 2025 and up by $33.33 billion Y/Y from October 2024. Other big October 2025 money fund inflows winners included:
  • BNY Mellon (home of Dreyfus), $14.872 billion (up by $2.791 billion M/M, up by $9.877 billion Y/Y);
  • BlackRock, $13.41 billion (up by $12.773 billion M/M, up by $12.917 billion Y/Y);
  • Invesco, $11.206 billion (up by $14.103 billion M/M, up by $12.687 billion Y/Y); and
  • J.P. Morgan, $10.606 billion (up by $504 million M/M, down by $1.991 billion Y/Y).

    • Fidelity led the pack over the last year, thanks to an estimated $151.369 billion in net money fund inflows over the trailing twelve months ending October 31, 2025. Other big TTM inflows winners included: J.P. Morgan, $110.494 billion; and BlackRock, $89.278 billion.

    On the flip side, State Street Investment Management (SSIM, fka SSGA) took the outflows lead last month, thanks to an estimatd $8.535 billion in net October 2025 money fund outflows, a $36.464-billion net flows drop M/M from September 2025 and a $9.689-billion net flows drop Y/Y from October 2024. Other big October 2025 money fund outflows sufferers included:
  • Federated Hermes, $3.523 billion (a $5.245-billion net flows drop M/M, a $6.005-billion net flows drop Y/Y);
  • UBS, $1.307 billion (down by $547 million M/M, a $3.722-billion net flows drop Y/Y);
  • Northern, $1.06 billion (a $9.354-billion net flows drop M/M, a $5.518-billion net flops drop Y/Y); and
  • Allianz's Pimco, $609 million (an $861-million net flows drop M/M, up by $158 million Y/Y).

    • SSIM also led the outflows pack over the last year, thanks to an estimated $15.057 billion net TTM outflows as of October 31, 2025. Other big outflows sufferers included: DWS, $3.367 billion; and UBS, $1.569 billion.

    On October 31, 2025, the money fund industry held:
  • $7.469 trillion in AUM (up by $149 billion M/M, up by $938 billion Y/Y),
  • Across 2,158 money funds (unchanged M/M, up by 21 Y/Y).

    • As a group, money funds brought in $130.866 billion in October 2025 inflows. That's up by $49.731 billion M/M and up by $34.942 billion Y/Y.

    Money funds brought in $721.722 billion in net TTM inflows as of October 31, 2025.


    Printed from: MFWire.com/story.asp?s=71764

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