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Friday, November 20, 2020

Money Fund Outflows Plunge 71 Percent

Reported by Neil Anderson, Managing Editor

Money funds' outflows fell by more than two-thirds last month, and they still have massive net inflows for 2020 so far.

Laurence D. Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in October 2020.

BlackRock kept the lead last month, bringing in an estimated $10.297 billion in net money fund inflows, down from $14.119 billion in September. Other big October money fund inflows winners included: Morgan Stanley, $7.314 billion (up from $2.644 billion); and Fidelity, $4.449 billion (up from $13.832 billion in net outflows).

Year-to-date as of the end of October, Fidelity kept the money fund inflows lead, thanks to an estimated $96.698 billion in net inflows. Other big YTD money fund inflows winners included: Wells Fargo, $92.686 billion; and BlackRock, $89.193 billion.

On the flip side, October was a rough month for J.P. Morgan's money fund business, which led the outflows pack, thanks to an estimated $24.107 billion in net October outflows, up from $15.886 billion in September. Other big October money fund outflows sufferers included: Goldman Sachs, $20.092 billion (down from $53.523 billion); and Charles Schwab, $3.597 billion (down from $6.558 billion).

Yet YTD, there is still only one money fund firm with net outflows: Schwab, thanks to an estimated $14.124 billion in outflows.

Overall, the ten money fund families tracked by the M* team suffered an estimated $26.16 billion in net outflows last month, equivalent to one percent of their combined AUM. That's down from $89.194 billion in September.

YTD, money funds have brought in an estimated $546.271 billion in net inflows, equivalent to 16 percent of their combined AUM. 

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