US MMFs’ holdings hit record as deposits flee banks

Funds run by JP Morgan, Fidelity and Goldman behind half of new investments in March

US money market funds’ (MMFs) investments rose 7.5% in March to a new all-time high amid deposit flight at US regional banks, with half of new investments driven by just three managers – JP Morgan, Fidelity and Goldman Sachs.

MMFs’ holdings hit $5.69 trillion, soaring 7% or $373.1 billion, past the previous high set in March 2020, according to data aggregated by the US’s Office of Financial Research (OFR).

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