The Boston Behemoth took the lead last month as money fund inflows increased more than seven-fold, according to the latest data from a publicly traded investment research firm.

Abigail "Abby" Pierrepont Johnson FMR (dba Fidelity Investments) Chair, President, CEO

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

The 72 money market fund families tracked by the M* team (down year-over-year from 75 in August 2022) had $5.615 trillion in combined AUM across 2,096 funds as of August 31, 2023. That compares with $5.488 trillion and 2,097 funds on July 31, 2023, and with $4.565 trillion on August 31, 2022.

49 of those money fund firms brought in net inflows last month. That's up month-over-month from 33 in July 2023 and up year-over-year from 30 in August 2022.

Fidelity took the money fund inflows lead last month, thanks to an estimated $19.634 billion in net August 2023 inflows, up M/M from $3.728 billion in July 2023 and up Y/Y from $2.139 billion in August 2022. Other big August 2023 money fund inflows winners included: Schwab, $16.93 billion (up M/M from $8.152 billion, down Y/Y from $19.904 billion); SSGA, $15.615 billion (up M/M from $10.988 billion, up Y/Y from $10.869 billion); Federated Hermes, $15.46 billion (up M/M from $688 million in net outflows, up Y/Y from $10.471 billion in net inflows); and J.P. Morgan, $12.776 billion (down M/M from $13.339 billion, up Y/Y from $9.874 billion).

Milliman led the money fund pack by a different measure that last month, thanks to estimated net August 2023 inflows equivalent to 54.9 percent of its money fund AUM. Other big August 2023 inflows winners included: Penn, 25.9 percent; and RBC Global Asset Management, 20.7 percent.

Vanguard led the way last month by a different metric, thanks to estimated net August 2023 money fund inflows equivalent to $436 million per fund. Other big August 2023 money fund inflows winners included: Schwab, $423 million per fund; and SSGA, $355 million per fund.

J.P. Morgan still leads the 2023 money fund inflows pack so far, thanks to an estimated $168.074 billion in net year-to-date money fund inflows as of August 31. Other big YTD inflows winners included: Fidelity, $166.584 billion; and Schwab, $132.294 billion in net inflows.

Invesco led the money fund outflows pack last month for a second consecutive month, thanks to an estimated $6.845 billion in net August 2023 outflows, down M/M from $11.701 billion in July 2023 and down Y/Y from $4.761 billion in August 2022 inflows. Other big August 2023 money fund outflows sufferers included: Morgan Stanley, $1.465 billion (down M/M from $6.443 billion, down Y/Y $6.679 billion); Edward Jones, $863 million (up Y/Y from $256 million, down Y/Y from $1.686 billion); BlackRock, $455 million (down M/M from $4.791 billion, down Y/Y from $22.416 billion); and Plan Investment Fund, $209 million (up M/M from $38 million, down Y/Y from $377 million).

Plan took the outflows lead last month by a different metric, thanks to estimated net August 2023 money fund outflows equivalent to 13.7 percent of its remaining money fund AUM. Other big money fund outflows sufferers included: GuideStone, 9 percent; and Guggenheim's Rydex, 7.9 percent.

Edward Jones took the money fund outflows lead last month by a third metric, thanks to an estimated $432 million in net August 2023 outflows per money fund. Other big outflows sufferers sufferers included: Plan, $104 million per fund; and Invesco, $70 million per fund.

Franklin Templeton now leads the 2023 money fund outflows pack so far, thanks to an estimated $11.317 billion in net YTD money fund outflows as of August 31. Other big YTD money fund outflows sufferers included: Dreyfus, $5.972 billion; and HSBC, $4.494 billion.

As a group, money funds brought in $108.605 billion in net August 2023 inflows, equivalent to 1.93 percent of their combined AUM and translating into $51.815 million per money fund. That compares with $15.01 billion, 0.27 percent of AUM, and $7.158 million per fund in July 2023, and with $288 million in net outflows, 0.01 percent of AUM, and $139,000 per fund in August 2022.

As a group, money fund families had brought in $722.546 billion in net 2023 inflows YTD as of July 31. That's equivalent to 12.87 percent of their combined AUM and $344.726 million per fund. 

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