The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Wednesday, December 28, 2022|
With $18B, a Fund Firm Repeats Its Money Fund Win
A publicly traded traded money center bank's asset management kept the inflows lead last month among money fund firms for a second month in a row, even as overall industry money market fund inflows continued.
This article draws from Morningstar Direct data on money market mutual fund flows in the U.S. in November 2022.
The 74 money market fund families tracked by the M* team had $4.652 trillion in combined AUM across 2,083 money market funds as of November 30, 2022, compared with $4.607 trillion and 2,078 funds on October 30. 32 of those firms brought in net money fund inflows last month, down month-over-month from 41 in October.
Goldman Sachs kept the lead last month, thanks to an estimated $17.945 billion in net November 2022 money fund inflows, down M/M from $22.191 billion in October 2022 but up year-over-year from $17.547 billion in November 2021. Other big November 2022 inflows winners included: Schwab, $17.095 billion (down M/M from $21.771 billion); Invesco, $9.534 billion (up M/M from $7.545 billion); Fidelity, $9.296 billion (down M/M from $19.532 billion, up Y/Y from $4.155 billion); and UBS, $8.028 billion (up M/M from $1.49 billion).
North Capital took the money fund inflows lead proportionately last month, thanks to estimated net November 2022 inflows equivalent to 94.4 percent of its money fund AUM. Other big inflows winners included: Franklin Templeton, 15 percent; and UBS, 13.9 percent.
Schwab kept the lead last month in money fund inflows per fund, thanks to an estimated $427 million per fund in net November 2022 inflows. Other big inflows winners included: UBS, $297 million per fund; and Goldman, $129 million per fund.
And Schwab still leads the 2022 money fund inflows pack so far, thanks to an estimated $102.509 billion in net year-to-date inflows as of November 30. Other big YTD inflows winners included: Goldman, $59.042 billion; and Invesco, $38.769 billion.
On the flip side, BlackRock took the money fund outflows lead last month, thanks to an estimated $23.307 billion in net November 2022 outflows, down M/M from $2.389 billion in October 2022 inflows and down Y/Y from $13.658 billion in November 2021 inflows. Other big November 2022 outflows sufferers included: SSGA, $14.097 billion (down M/M from $17.53 billion); BNY Mellon's Dreyfus, $3.196 billion (down M/M from $8.245 billion in net inflows, down Y/Y from $11.621 billion in net inflows); J.P. Morgan, $3.133 billion (down M/M from $4.42 billion, down Y/Y from $7.129 billion in net inflows); and Vanguard, $1.723 billion (down M/M from $2.15 billion in net inflows, down Y/Y from $3.526 billion in net outflows).
Harbor took the money fund outflows lead proportionately last month, thanks to estimated net November 2022 outflows equivalent to 46.1 percent of its money fund AUM. Other big outflows sufferers included: Payden, 32.6 percent; and American Beacon, 20.7 percent.
Per fund, SSGA took the money fund outflows lead last month, thanks to an estimated $320 million per fund in net November 2022 outflows. Other big outflows sufferers included: Edward Jones, $268 million per fund; and Vanguard, $144 million per fund.
So far in 2022, BlackRock still leads the money fund outflows pack, thanks to an estimated $110.833 billion in net YTD outflows as of November 30. Other big money fund outflows sufferers included: Northern, $75.964 billion; and J.P. Morgan, $70.588 billion.
As a group, money funds brought in $35.79 billion in net November 2022 inflows, equivalent to 0.77 percent of their combined AUM or $17.181 million per fund. That compares with $4.607 trillion in net inflows, 0.79 percent of AUM, and $17.459 million per fund in October.
As of November 31, money funds had suffered $123.959 billion in net 2022 outflows YTD. That's equivalent to 2.66 percent of their combined AUM or $59.51 million in net outflows per fund.
Printed from: MFWire.com/story.asp?s=65331
Copyright 2022, InvestmentWires, Inc.
All Rights Reserved