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Friday, December 18, 2020

Money Fund Outflows Shrink Again

Reported by Neil Anderson, Managing Editor

Money funds' outflows fell by 63 percent last month (after a 71-percent drop the month before), and they still have massive net inflows for 2020 so far.

Sheila H. Patel
Goldman Sachs Asset Management
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in November 2020.

Only three money fund families had positive November flows. Goldman Sachs took the lead last month, bringing in an estimated $21.596 billion in net November money fund flows, up from $20.092 billion in net October outflows. The only two other November money fund inflows winners were: BlackRock, $20.069 billion (up from $10.297 billion); and Morgan Stanley, $163 million (down from $7.314 billion).

Year-to-date, as of the end of November, BlackRock took the money fund inflows lead, thanks to an estimated $109.262 billion in net inflows. Other big YTD money fund inflows winners included: Fidelity, $94.142 billion; and Wells Fargo, $14.65 billion.

On the flip side, November was a rough month for Federated Hermes' money fund business, which led the outflows pack thanks to an estimated $16 billion net November outflows, up from $1.571 billion in October. Other big November money fund outflows sufferers included: Wells Fargo, $14.65 billion (down from $2.031 billion in net inflows); and BNY Mellon's Dreyfus, $7.592 billion (up from $2.968 billion).

Yet YTD, there is still only one money fund firm with net outflows: Charles Schwab, thanks to an estimated $19.673 billion in 2020 outflows as of November 30.

Overall, the ten money fund families tracked by the M* team suffered an estimated $9.792 billion in net outflows last month, equivalent to 0.28 percent of their combined AUM. That's down from $26.16 billion in October.

YTD, money funds have brought in an estimated $536.479 billion in net inflows, equivalent to 15.4 percent of their combined AUM. 

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