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Rating:A $151B Quarter Almost Reverses a Rough Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 31, 2023

A $151B Quarter Almost Reverses a Rough Year

Reported by Neil Anderson, Managing Editor

Money funds had a big last quarter of 2022, nearly wiping out their outflows for the year. Yet even money funds still bled tens of billions of dollars last year.

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

The 74 money market fund families tracked by the M* team had $4.738 trillion in combined AUM across 2,083 money market funds as of December 31, 2022, compared with $4.652 trillion on November 30. 44 of those firms brought in net money fund inflows last month, up month-over-month from 32 in November.

Schwab took the lead last year, thanks to an estimated $129.654 billion in net money fund inflows in 2022. Other big inflows winners included: Fidelity, $51.622 billion; Invesco, $46.11 billion; Federated Hermes, $24.151 billion; and Vanguard, $22.949 billion.

North Capital led the way last year by a different measure, thanks to estimated net 2022 money fund inflows equivalent to 98.6 percent of its money fund AUM. Other big winners included: Milliman, 98.1 percent; Franklin Templeton, 71.3 percent; Mutual of America, 47.2 percent; and Schwab, 46.5 percent.

Yet Schwab led the way last year by another measure, too, thanks to estimated net 2022 money fund inflows of $3.241 billion per money fund. Other big inflows winners included: Vanguard, $1.912 billion; UBS, $843 million; Fidelity, $492 million; and Invesco, $471 million.

Schwab also led the way last quarter, thanks to an estimated $66.011 billion in money fund inflows in the fourth quarter of 2022. Other big Q4 2022 inflows winners included: Fidelity, $55.414 billion; and Federated Hermes, $30.298 billion.

Federated Hermes took the lead last month, thanks to an estimated $28.244 billion in net December 2022 money fund inflows, up M/M from $3.235 billion in November 2022 and up year-over-year from $14.076 billion in December 2021. Other big December 2022 inflows winners included: Schwab, $27.146 billion (up M/M from $17.095 billion); and Fidelity, $26.585 billion (up M/M from $9.296 billion, up Y/Y from $22.544 billion).

On the flip side, BlackRock took the outflows lead last year, thanks to an estimated $110.753 billion in net 2022 money fund outflows. Other big outflows sufferers included: Northern, $82.613 billion; Morgan Stanley, $57.09 billion; J.P. Morgan, $52.55 billion; and Allspring, $37.091 billion.

RBC Global Asset Management led the way proportionately last year, thanks to estimated net 2022 money fund inflows equivalent to 154.6 percent of its remaining money fund AUM. Other big outflows sufferers included: Northern, 65 percent; Shelton, 56.9 percent; Resolute's American Beacon, 39.2 percent; and BlackRock, 24.6 percent.

Northern took the lead by a different measure last year, thanks to an estimated $3.592 billion per fund in net 2022 money fund outflows. Other big outflows sufferers included: Edward Jones, $3.097 billion; RBC GAM, $963 million; Allspring, $863 million; and Morgan Stanley, $656 million.

SSGA led the way last quarter, thanks to an estimated $32.967 billion in Q4 2022 money fund outflows. Other big outflows sufferers included: BlackRock, $23.107 billion; and Morgan Stanley, $20.565 billion.

Last month, Goldman Sachs took the lead, thanks to an estimated $41.207 billion in net December 2022 money fund fund outflows, down M/M from $17.945 billion in November 2022 inflows and up Y/Y from $317 million in December 2021 inflows. Other big December 2022 outflows sufferers included: HSBC, $22.712 billion (down M/M from $1.878 billion in net inflows); and Northern, $6.302 billion (up M/M from $726 million, down Y/Y from $22.414 billion in net inflows).

As a group, money fund firms suffered $54.177 billion in net outflows in 2022. That's equivalent to 1.14 percent of their combined money fund AUM and translates into an average $26.009 million per fund in net outflows.

Yet in Q4 2022, money funds brought in $151.139 billion in net inflows. That's equivalent to 3.19 percent of their combined money fund AUM and translates into $72.558 million per fund in net inflows.

And in December 2022 alone, money funds brought in $80.422 billion in net inflows, equivalent to 1.7 percent of their combined AUM and translating into $38.609 million per fund in net inflows. That's up from $35.79 billion, 0.77 percent of AUM, and $17.181 million per fund in November 2022. 

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