The Boston Behemoth kept the lead as money fund industry inflows rose a bit last year, according to the latest data from the folks at a publicly traded investment research firm.

Abigail Pierrepont "Abby" 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 December 2025, across 75 money fund firms. (That's down by 1 firm month-over-month and year-over-year from November 2025 and December 2024.)

Fidelity kept the lead last year, thanks to an estimated $152.857 billion in net 2025 money fund inflows, up by $4.982 billion Y/Y from 2024. Other big 2025 money fund inflows winners included:

J.P. Morgan, $111.885 billion (up by $17.513 billion Y/Y);

BlackRock, $88.352 billion (down by $6.523 billion Y/Y);

Schwab, $74.236 billion (down by $22.647 billion Y/Y); and

BNY Mellon's Dreyfus, $46.922 billion (up by $25.27 billion Y/Y).

J.P. Morgan led last quarter, thanks to an esetimated $66.546 billion in net money fund inflows in the fourth quarter of 2025. Other big Q4 2025 money fund inflows winners included: Goldman Sachs, $51.831 billion; and BlackRock, $47.145 billion.

J.P. Morgan also took the lead last month, thanks to an estimated $38.593 billion in net money fund inflows in December 2025. Other big inflows winners included: Fidelity, $35.477 billion; and BlackRock, $27.732 billion.

On the flip side, Plan Investment Fund took the outflows lead last year, thanks to an estimated $817 million in net 2025 money fund outflows, up by $769 million Y/Y from 2024. Other big 2025 money fund outflows sufferers included:

Gamco's Gabelli, $410 million (a $1.088-billion net flows drop Y/Y);

Jackson, $298 million (down by $127 million Y/Y);

Nationwide, $179 million (a $781-million net flows drop Y/Y); and

MassMutual, $176 million (up by $145 million Y/Y).

Franklin Templeton led the outflows pack last quarter, thanks to an estimated $3.39 billion in net Q4 2025 money fund outflows. Other big outflows sufferers included: Allspring, $2.438 billion; and Invesco, $1.923 billion.

Allspring took the outflows lead last month, thanks to an estimated $7.097 billion in net December 2025 money fund outflows. Other big outflows sufferers included: City National Rochdale, $1.543 billion; and RBC Global Asset Management, $827 million.

As of December 31, 2025, the money fund industry held:

$7.742 trillion in AUM (down by $16 billion M/M, up by $907 billion Y/Y),

Across 2,161 money funds (down by 2 M/M, up by 15 Y/Y).

As a group, money funds brought in $697.475 billion in net 2025 inflows, up by $19.136 billion Y/Y. 68 percent (51 firms) of money fund families brought in net money fund inflows last year.

Money funds brought in $377.751 billion in net Q4 2025 inflows. 53.5 (40 firms) percent of money fund families brought in net money fund inflows last quarter.

In December 2025, money funds brought in $157.35 billion in net inflows. 52 percent (39 firms) of money fund families brought in net money fund inflows last month. 

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