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Rating:$31.6B In Outflows Break a 12-Month Streak Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, November 29, 2023

$31.6B In Outflows Break a 12-Month Streak

Reported by Neil Anderson, Managing Editor

Last month the money fund business broke a 12-month inflows streak, according to the latest data from the folks at a publicly traded investment research firm.

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

Fidelity led the money fund inflows pack last month for a third consecutive month, thanks to an estimated $17.732 billion in net October 2023 money fund inflows, up month-over-month from $15.215 billion in September 2023 but down year-over-year from $19.532 billion in October 2022. Other big October 2023 inflows winners included: Schwab, $17.151 billion (up M/M from $13.634 billion, down Y/Y from $21.771 billion); Federated Hermes, $5.108 billion (up M/M from $1.334 billion, up Y/Y from $1.085 billion in net outflows); Vanguard, $4.045 billion (down M/M from $8.209 billion, up Y/Y from $2.15 billion); and DWS, $3.836 billion (up M/M from $1.698 billion in net outflows, up Y/Y from $2.338 billion in net outflows).

Schwab led the way last month proportionately, thanks to an estimated $429 million in net money fund inflows per fund in October 2023. Other big inflows winners included: Vanguard, $337 million per fund; and Edward Jones, $278 million per fund.

Fidelity still leads the 2023 money fund inflows pack so far, thanks to an estimated $199.368 billion in net year-to-date money fund inflows as of October 31. Other big YTD inflows winners included: J.P. Morgan, $167.774 billion; and Schwab, $163.079 billion.

On the flip side, BlackRock took the money fund outflows lead last month, thanks to an estimated $24.702 billion in net October 2023 money fund outflows, down M/M from $8.395 billion in September 2023 inflows and down Y/Y from $2.389 billion in October 2022 inflows. Other big October 2023 money fund outflows sufferers included: Goldman Sachs, $17.008 billion (up M/M from $2.02 billion, down Y/Y from $22.191 billion in net inflows); BNY Mellon's Dreyfus, $15.492 billion (down M/M from $3.338 billion in net inflows, down Y/Y from $8.245 billion in net inflows); Morgan Stanley, $14.615 billion (down M/M from $4.02 billion in net inflows, down Y/Y from $22.822 billion in net outflows); and Northern, $5.4 billion (down M/M from $3.333 billion in net inflows, up Y/Y from $2.277 billion in net outflows).

Northern led the money fund outflows pack last month proportionately, thanks to an estimated $235 million per money fund in net October 2023 outflows. Other big outflows sufferers included: Morgan Stanley, $166 million per fund; and Plan Investment Fund, $151 million per fund.

Dreyfus now leads the 2023 money fund outflows pack so far, thanks to an estimated $18.126 billion in net YTD outflows as of October 31. Other big outflows sufferers included: Franklin Templeton, $13.734 billion; and Invesco, $8.185 billion.

As a group, the 72 money fund firms tracked by the M* team (down Y/Y from 73) suffered $31.647 billion in net October 2023 outflows, ending the month with $5.678 trillion in AUM across 2,102 money funds. (October 2023 money fund outflows translated into 0.56 percent of money fund AUM and $15.056 million per fund. 34 firms netted money fund inflows.) That compares with $60.841 billion in September 2023 inflows (with $5.692 trillion in assets and 2,099 funds) and with $36.228 billion in October 2022 inflows (with $4.607 trillion in assets and 2,078 funds).

Over the first ten months of 2023, money fund families brought in $751.262 billion in net inflows. That's equivalent to 13.23 percent of their combined money fund AUM and $357.404 million per fund. 

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