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Wednesday, May 24, 2023

These Flows Fell By $354B In April

Reported by Neil Anderson, Managing Editor

One side of the mutual fund industry saw its net flows shrink by factor of 46 last month, after septupling the month before.

This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in April 2023.

The 72 money market fund families (down from 73 in March 2023) tracked by the M* team had $5.275 trillion in combined AUM across 2,086 funds as of April 30, 2023. That compares with $5.234 trillion and 2,085 funds on March 31.

32 of those money fund firms brought in net inflows last month, down month-over-month from 54 in March.

Morgan Stanley took the lead last month, thanks to an estimated $9.454 billion in net money fund inflows in April 2023, down M/M from $39.045 billion in March 2023 but up year-over-year from $3.168 billion in April 2022 outflows. Other big April 2023 money fund inflows winners included: Schwab, $6.604 billion (down M/M from $27.174 billion); SSGA, $6.312 billion (down M/M from $19.931 billion); Vanguard, $5.58 billion (down M/M from $19.213 billion, up Y/Y from $3.2 billion in net outflows); and Northern, $3.39 billion (down M/M from $11.037 billion, up Y/Y from $17.86 billion in net outflows).

Ameriprise's Columbia Threadneedle led the pack by a different measure last month, thanks to estimated net April 2023 money fund inflows equivalent to 20 percent of its money fund AUM. Other big winners included: Prudential's PGIM, 13.5 percent; and AllianceBernstein, 9.4 percent.

Vanguard led by a third measure, thanks to an estimated $465 million in net April 2023 inflows per money fund. Other big winners included: Schwab, $165 million per fund; and Northern, $147 million per fund.

Fidelity still leads the money fund pack in 2023 so far, thanks to an estimated $108.261 billion in net year-to-date inflows as of April 30. Other big YTD inflows winners include: J.P. Morgan, $89.664 billion; and Schwab, $82.638 billion.

On the flip side, Fidelity took the outflows lead last month, thanks to an estimated $12.844 billion in net April 2023 money fund outflows, down M/M from $63.792 billion in March 2023 inflows and down Y/Y from $30.939 billion in April 2022 outflows. Other big April 2023 money fund outflows sufferers included: Goldman Sachs, $3.93 billion (down M/M from $48.454 billion in net inflows, down Y/Y from $6.699 billion in net inflows); Invesco, $3.102 billion (up M/M from $2.739 billion); Franklin Templeton, $2.956 billion (up M/M from $1.568 billion; and UBS, $2.644 billion (down M/M from $4.319 billion in net inflows).

Plan Investment Fund led money fund outflows by a different measure last month, thanks to estimated net April 2023 outflows equivalent to 38 percent of its money fund AUM. Other big outflows sufferers included: Pimco, 22.6 percent; and RBC Global Asset Management, 9.9 percent.

Edward Jones led by a third measure last month, thanks to an estimated $301 million per fund in net April 2023 money fund outflows. Other big outflows sufferers included: Plan, $237 million per fund; and Fidelity, $121 million per fund.

So far in 2023, HSBC leads the money fund outflows pack, thanks to an estimated $7.436 billion in net YTD money fund outflows as of April 30. Other big outflows sufferers include: Franklin Templeton, $5.479 billion; and BNY Mellon's Dreyfus, $2.795 billion.

As a group, money fund firms brought in $7.795 billion in net money fund inflows in April 2023, equivalent to 0.15 percent of their combined AUM and translating into $3.737 million per fund. That compares with $362.133 billion, 6.92 percent, and $173.685 million per fund in March 2023.

In 2023 so far, money funds have brought in $445.954 billion in net YTD inflows as of April 30. That's equivalent to 8.45 percent of their combined money fund AUM and translates into $213.784 million per fund. 

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