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Monday, May 24, 2021

MMF Inflows Fall 53 Percent

Reported by Neil Anderson, Managing Editor

Money funds' inflows fell about 53 percent last month, and their shares of industry inflows and AUM both slipped, too.

Laurence D. "Larry" Fink
BlackRock
Chairman, CEO
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in April 2021.

Money funds accounted for 12.36 percent of all mutual fund and ETF AUM as of April 30, 2021, down from 12.65 percent on March 31, 2021 and down from 16.93 percent on April 30, 2020. Six of the ten money fund firms tracked by the M* team brought in net money fund inflows in April 2021, up from five in March 2021 but down from 10 in April 2020.

BlackRock kept the money market lead last month, thanks to an estimated $25.096 billion in net money fund inflows in April 2021, down month-over-month from $61.307 billion in March 2021 and down year-over-year from $53.034 billion in April 2020. Other big March 2021 money fund inflows winners included: Goldman Sachs, $18.333 billion (down MOM from $32.261 billion, down YOY from $63.607 billion); and Federated Hermes, $13.678 billion (down MOM from $11.705 billion, down YOY from $26.937 billion.

As of April 30, 2021, BlackRock also led the money fund pack year-to-date thanks to an estimated $110.947 billion in net YTD inflows. Other big YTD inflows winners included Goldman, and $48.898 billion; and J.P. Morgan, $36.792 billion.

On the flip side, April was another rough month for Fidelity's money funds, which led the pack with an estimated $11.098 billion in net outflows, down MOM from $11.858 billion in March 2021 and down YOY from $31.457 billion in April 2020 inflows. Other big April 2021 money fund outflows sufferers included: J.P. Morgan, $9.895 billion (down MOM from $12.817 billion in net inflows, down YOY from $62.243 billion in net inflows); and Vanguard, $9.5 billion (up MOM from $7.28 billion, down YOY from $8.643 billion in net inflows).

As of April 30, 2021, Fidelity led the 2021 money fund outflows pack thanks to an estimated $36.733 billion in net YTD money fund outflows. Other big YTD money fund outflows sufferers included: Vanguard, $25.018 billion; and Wells Fargo, $3.607 billion.

Overall, money funds brought in an estimated $40.335 billion in net April 2021 inflows, equivalent to 1.11 percent of their combined AUM and accounting for 24.31 percent of overall mutual fund and ETF inflows. That's down from $86.394 billion, 2.4 percent of AUM, and 35.57 percent of industry inflows in March 2021. And it's down from $317.839 billion, 8.4 percent of AUM, and 95.1 percent of overall industry inflows back in April 2020.

As of April 30, 2021, money funds brought in an estimated $194.144 billion in net YTD inflows, equivalent to 5 percent of their combined AUM and accounting for 26.875 percent overall industry inflows. 

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