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Tuesday, May 31, 2022

Money Fund Outflows Octuple In a Month

Reported by Neil Anderson, Managing Editor

Money market funds' outflows jumped more than eightfold last month.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in April 2022.

Money market funds had $3.575 trillion in AUM on April 30, 2022, accounting for 12.7 percent of all mutual fund and ETF AUM. That compares with $3.629 trillion and 12.06 percent on March 31, 2022 and with $3.639 trillion and 12.36 percent on April 30, 2022.

Two of the ten money fund firms tracked by the M* team brought in net inflows in April 2022, down from six in March 2022 and April 2021.

BlackRock took the lead last month, thanks to an estimated $17.37 billion in net April 2022 money fund inflows, up month-over-month from $5.232 billion in March 2022 but down year-over-year from $25.096 billion in April 2021. The only other April 2022 money market inflows winner was Goldman Sachs, which brought in $6.699 billion, down M/M from $10.803 billion and down Y/y from $18.333 billion.

After the first four months of 2022, only two firms had year-to-date money market inflows: Vanguard, with $2.836 billion; and Goldman, with $379 million.

On the flip side, Fidelity took the outflows lead last month, thanks to an estimated $30.939 billion in net April 2022 money fund outflows, down M/M from $471 million in March 2022 inflows but up Y/Y from $11.098 billion in April 2021. Other big April 2022 money fund outflows sufferers included: Northern Trust, $17.86 billion (up M/M from $12.031 billion, up Y/Y from $595 million); and Federated Hermes, $8.122 billion (down M/M from $10.173 billion, down Y/Y from $13.678 billion in net inflows).

Northern led the money fund outflows pack YTD as of April 30, thanks to an estimated $43.917 billion in net outflows. Other big money fund outflows sufferers included: Federated, $41.86 billion; and Morgan Stanley, $27.172 billion.

As a group, money funds suffered an estimated $54.094 billion in net April 2022 outflows, equivalent to 1.51 percent of their combined AUM. That compares with $6.735 billion and 0.19 percent in March 2022 and with $40.335 billion in net inflows and 1.11 percent in April 2021.

Money funds suffered an estimated $213.232 billion in net outflows YTD as of April 30, 2022. That's equivalent to 5.96 percent of their combined AUM. 

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