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Thursday, February 25, 2021

Money Fund Outflows Plunge 77 Percent

Reported by Neil Anderson, Managing Editor

Money funds' outflows dropped by 77 percent last month.

Hanneke Smits
BNY Mellon Investment Management
CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in January 2021.

BNY Mellon's Dreyfus took the lead last month, thanks to an estimated $11.943 billion in net money fund inflows in January 2021, up from $9.007 billion in December 2020. The other three January 2021 money fund inflows winners were: Morgan Stanley, $10.839 billion (down from $15.663 billion); J.P. Morgan, $9.176 billion (up from $3.734 billion); and Wells Fargo, $4.088 billion (up from $11.06 billion in net outflows).

On the flip side, the other six money fund firms suffered net outflows last month, led by Goldman Sachs, thanks to an estimated $11.83 billion in net January 2021 money fund outflows, down from $1.535 billion in net money fund inflows in December 2020. Other big January 2021 money fund outflows sufferers included: BlackRock, $9.673 billion (down from $27.47 billion); Federated Hermes, $9.354 billion (up from $7 billion); and Charles Schwab, $4.491 billion (down from $6.182 billion).

Overall, the ten money fund families tracked by the M* team suffered an estimated $5.44 billion in net outflows in January 2021, equivalent to 0.16 percent of their combined AUM. That's down from $23.272 billion and 0.67 percent of AUM in December. 

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