Index: src/bp-core/bp-core-filters.php
===================================================================
--- src/bp-core/bp-core-filters.php
+++ src/bp-core/bp-core-filters.php
@@ -248,14 +248,21 @@
  *         by '[User Set]'.
  */
 function bp_core_filter_user_welcome_email( $welcome_email ) {
-
 	// Don't touch the email when a user is registered by the site admin
-	if ( is_admin() )
+	if ( is_admin() ) {
 		return $welcome_email;
+	}
+
+	// On "Users > Add New" admin page, an admin created a new user.
+	// Let the regular welcome email through, which has the user's password.
+	if ( strpos( bp_get_requested_url(), 'wp-activate.php' ) !== false ) {
+		return $welcome_email;
+	}
 
 	// Don't touch the email if we don't have a custom registration template
-	if ( ! bp_has_custom_signup_page() )
+	if ( ! bp_has_custom_signup_page() ) {
 		return $welcome_email;
+	}
 
 	// [User Set] Replaces 'PASSWORD' in welcome email; Represents value set by user
 	return str_replace( 'PASSWORD', __( '[User Set]', 'buddypress' ), $welcome_email );
@@ -278,14 +285,15 @@
  * @return string Filtered $welcome_email with $password replaced by '[User Set]'.
  */
 function bp_core_filter_blog_welcome_email( $welcome_email, $blog_id, $user_id, $password ) {
-
 	// Don't touch the email when a user is registered by the site admin.
-	if ( is_admin() )
+	if ( is_admin() ) {
 		return $welcome_email;
+	}
 
 	// Don't touch the email if we don't have a custom registration template
-	if ( ! bp_has_custom_signup_page() )
+	if ( ! bp_has_custom_signup_page() ) {
 		return $welcome_email;
+	}
 
 	// [User Set] Replaces $password in welcome email; Represents value set by user
 	return str_replace( $password, __( '[User Set]', 'buddypress' ), $welcome_email );
@@ -350,6 +358,10 @@
  * @return bool True on success, false on failure.
  */
 function bp_core_activation_signup_user_notification( $user, $user_email, $key, $meta ) {
+	// Don't touch the email when a user is registered by the site admin.
+	if ( is_admin() ) {
+		return $user;
+	}
 
 	// Set up activation link
 	$activate_url = bp_get_activation_page() . "?key=$key";