A money center bank's money market funds took the inflows lead last month, even as the whole money fund industry's flows swung to the negative, 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 June 2024, across 74 money fund firms. (That's unchanged month-over-month from May 2024 but up quarter-over-quarter from 73 firms in March 2024 and up year-over-yeaer from 72 firms in June 2023.)

Goldman Sachs pulled ahead last quarter, thanks to an estimated $24.812 billion in net money fund inflows in the second quarter of 2024, a $51.52-billion net flows improvement Q/Q and a $38.144-billion net flows improvement Y/Y. Other big Q2 2024 money fund inflows winners included: Schwab, $12.165 billion (down by $21.474 billion Q/Q, down by $19.026 billion Y/Y); J.P. Morgan, $11.723 billion (up by $19.151 billion Q/Q, down by $40.513 billion Y/Y); BlackRock, $11.233 billion (up by $19.762 billion M/M, up by $925 million Y/Y); and Vanguard, $5.669 billion (down by $10.483 billion Q/Q, $10.097 billion Y/Y).

Northern Trust took the money fund inflows lead last month, thanks to an estimated $4.764 billion in net June 2024 inflows. Other big inflows winners included: Schwab, $4.313 billion; and Goldman, $4.135 billion.

On the flip side, HSBC took the money fund outflows lead last quarter, thanks to an estimated $10.955 billion in net Q2 2024 outflows, up by $2.303 billion Q/Q and up by $10.041 billion Y/Y. Other big Q2 2024 money fund outflows sufferers included: Fidelity, $8.782 billion (a $45.686-billion net flows drop Q/Q, a $30.213-billion net flows drop Y/Y); BNY Mellon (home of Dreyfus), $6.936 billion (a $16.08-billion net flows drop Q/Q, up by $2.234 billion Y/Y); State Street's SSGA, $6.765 billion (down by $3.886 billion Q/Q, a $13.417-billion net flows drop Y/Y); and DWS, $3.133 billion (up by $2.792 billion Q/Q, a $5.252-billion net flows drop Y/Y).

Yet BlackRock took the outflows lead last month, thanks to an estimated $4.914 billion in net June 2024 outflows. Other big outflows sufferers included: HSBC, $4.691 billion; and RBC Global Asset Management, $3.217 billion.

As a group, money funds suffered $8.414 billion in net June 2024 outflows, equivalent to $4 million in net outflows each of the 2,126 money funds tracked by the M* team and 0.14 percent of the $6.1 trillion in money fund AUM.

For Q2 2024, money funds brought in $42.395 billion in net inflows.

Editor's Note: A prior version of this story's headline included the wrong flows figure for Goldman Sachs. 

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