Fidelity Investments ranked as the largest manager of money market mutual funds worldwide in July, surpassing J.P. Morgan Asset Management for the first time since we've been tracking global market share, according to totals from Crane Data's Money Fund Intelligence XLS and Money Fund Intelligence International. Fidelity ran a total of $413. 6 billion in money funds worldwide, with $406.1 billion in U.S. money market funds and $7.5 billion in "offshore" money market funds as of July 31, 2012, while J.P. Morgan ran $394.3 billion ($241.2 billion in U.S. and $153.1 billion "offshore"). JPMorgan remains by far the largest manager of money funds outside the U.S. while Fidelity continues to dominate the market share rankings inside the U.S. MFI XLS tracks U.S. money market mutual funds, while MFI International tracks offshore and European money funds registered in Dublin, Luxembourg and elsewhere and denominated in USD, Euro and Pound Sterling currencies (totals are translated into dollars). (E-mail Pete to request our full "Family Rankings" tables.)
Federated Investors ranked third among global money fund managers tracked by Crane Data with $237.2 billion ($226.6 billion in U.S. MMFs and $10.5 billion outside the U.S.), while BlackRock ranked fourth with $232.7 billion. BlackRock is the second largest manager of money funds outside the U.S. with $91.4 billion, and is the largest manager of Sterling money funds with L30.4 billion (they run $141.3 billion in the U.S.; totals include the former Barclays Global and Merrill Lynch money fund assets). `Goldman Sachs is the fifth largest global manager of money funds with $210.6 billion ($133.5 billion U.S. and $77.2 billion offshore).
The sixth through 10th largest money fund managers worldwide include: Dreyfus (BNY) with $183.8 billion ($150.1 billion U.S. and $33.7 billion elsewhere); Vanguard with $159.7 billion (all U.S.); Schwab with $152.0 billion (all U.S.); Western Asset with $114.5 billion ($43.3 billion U.S. and $71.2 billion in offshore USD, Euro and Sterling); and Wells Fargo with $105.0 billion (all U.S.). SSgA ($91.8B), Morgan Stanley ($90.0B), DB Advisors ($80.1B), Northern ($77.4B), and Invesco ($61.7B) rank 11-15, while `HSBC ($53.3B), UBS ($47.8B), BofA ($47.0B), First American ($40.6B), and SWIP ($27.3B) round out the Top 20 money fund managers globally.
In other news, J.P. Morgan released its "Update on prime money fund holdings for July 2012 yesterday, saying, "Prime MMF AUM rebounded by $30bn (2.2%) in July, recovering almost all of the seasonal outflows experienced in June. Prime MMF balances have been fairly stable year-to-date and even more so for government MMFs, which have benefited from elevated short-term rates. Total bank exposures increased by about $45bn according to our estimates, mostly driven by increases in unsecured CP/CD and repo exposures. Exposures increased across all regions but fund managers continued to be conservative as increased net exposures to Eurozone banks were primarily through overnight repo and time deposits while increased net exposures to non-Eurozone banks were mostly through term unsecured CP/CDs."
They add, "Eurozone bank exposures increased by $14bn, driven by increases to repo and time deposits (most of which are overnight in maturity) by $14bn and $5bn, respectively offset by reductions to unsecured CP/CD and ABCP by $4bn and $1bn, respectively. July's increase marks a partial return of the $47bn of prime MMF cash that left Eurozone banks last month, reflecting the still cautious stance most fund managers have adopted towards the Eurozone banks."
Note to Subscribers: Crane Data's Money Fund Portfolio Holdings dataset with holdings as of July 31, 2012, will be sent to subscribers this morning, and our new Money Fund Portfolio Laboratory will also be updated then. Look for our Reports & Pivot Tables e-mail later Friday morning.