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Wednesday, November 24, 2021|
This Big Niche's Inflows Fell 84 Percent
Money market fund inflows fell 84 percent last month.
Money funds had $3.666 trillion in AUM as of October 31, 2021, accounting for 11.65 percent of all mutual fund and ETF AUM. That compares with $3.665 trillion and 12.1 percent on September 30, 2021, and with $3.494 trillion and 14.35 percent on October 31, 2020. Five of the ten money fund firms tracked by the M* team brought in net inflows last month, down from six in September 2021 and level with October 2020.
Fidelity took the lead last month, thanks to an estimated $7.945 billion in net money market mutual fund inflows in October 2021, up month-over-month from $1.499 billion in September 2021 and up year-over-year from $4.449 billion in October 2020. Other big October 2021 money fund inflows winners included: BNY Mellon's Dreyfus, $6.771 billion (up M/M from $5.312 billion in net outflows, up Y/Y from $2.968 billion in net outflows); and Northern Trust, $5.07 billion (up M/M from $4.253 billion).
BlackRock still leads the pack year-to-date, thanks to an estimated $78.939 billion in net 2021 money fund inflows as of October 31. Other big YTD inflows winners included: Morgan Stanley, $62.784 billion; and Goldman Sachs, $49.245 billion.
The same three firms led the pack for the 12-month period ending October 31, 2021, but in a slightly different order: Morgan Stanley with $78.61 billion in net inflows; Goldman Sachs with $72.349 billion; and BlackRock with $71.538 billion.
On the flip side, last month was a rough one for BlackRock's money funds, which led the outflows pack thanks to an estimated $12.247 billion in net October 2021 outflows, down M/M from $11.663 billion in September 2021 inflows and down Y/Y from $10.297 billion in October 2020 inflows. Other big October 2021 money fund outflows sufferers included: Goldman Sachs, $4.473 billion (down M/M from $1.857 billion in net inflows, down Y/Y from 20.092 billion); and Wells Fargo, $2.327 billion (down M/M from $3.02 billion, down Y/Y from $2.031 billion in net inflow).
As of October 31, 2021, Vanguard led the money fund outflows pack YTD, thanks to an estimated $35.986 billion in net outflows. Other big YTD money fund outflows sufferers included: Fidelity, $30.393 billion; and Federated Hermes, $11.504 billion.
The same three firms led the money fund outflows pack for the 12-month period ending October 31, 2021, but in a slightly different order: Vanguard with $41.788 billion; Federated, $34.503 billion; and Fidelity, $32.94 billion.
As a group, money funds brought in an estimated $1.106 billion in net October 2021 inflows, equivalent to 0.03 percent of their combined AUM and accounting for 1.3 percent of overall industry inflows. That compares with $6.789 billion, 0.19 percent of AUM, and 10.54 percent of industry inflows in September 2021, and with $26.16 billion in net outflows and one percent of AUM in October 2020.
As of October 31, 2021 money funds brought in an estimated $220.433 billion in net YTD inflows, equivalent to about 6.01 percent of their combined AUM and accounting for 17.46 percent of industry inflows. And for the 12-month period ending October 31, 2021, money funds brought in an estimated $189.652 billion in net inflows, equivalent to 5.17 percent of their AUM and accounting for 13.12 percent of industry inflows.
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