We've reported extensively on the hundreds of billions ($263.7 billion and counting) that's converted or planning to convert from Prime to Government, but we also have gotten a number of questions about which of the remaining Prime money funds will declare as pure "Retail" and which will become all "Institutional" and float in October. We attempt to give you an extensive listing below, and examine the intentions of the 10 largest money fund complexes. We summarize those funds that have stated that they'll be Prime Inst, those that will be Prime Retail, and highlight the ones are converting from Inst to Retail. We also look at Tax-Exempt lineups and declarations. Since the reforms (and the majority of these changes) don't officially kick in until October 2016, many of these funds have not yet been re-categorized in our database. Note that Crane Data, ICI and others have begun shifting and realigning "retail" and "institutional" share classes or funds to match these eventual designation, and this will continue in the coming months. So expect more distortions in the data and averages. (For our latest full "Changes" summary, see our Jan. 6 News, "Rolling w/ Reform Changes II: Recap of '15 Announcements, '16 Plans.")
The largest money fund manager, Fidelity Investments, is maintaining just one Prime Institutional money fund, the $56.3 billion Fidelity Instit MM: Prime MMP. It is converting the $62.9 billion Fidelity Instit MM: MM Port to Prime Retail, as we discussed in our Oct. 15, 2015 News, "Fidelity Details Retail vs. Inst MMF Changes; Only One Floating Fund." The only other Prime Retail fund will be the $5.6 billion Fidelity Money Market Fund. (Note: While we have yet to reclassify the major share classes of Fidelity Inst MM: MM Port to "Retail" from "Inst," ICI shifted these, and other funds, last week causing an almost $100 billion shift from Inst to Retail. They based their decision on the fact that these funds are no longer accepting Institutional money as of 12/31/15.)
Earlier this year, Fidelity converted 4 Prime Retail funds, totaling $143.7 billion, to Government, including CMF Prime (merged into Fidelity Govt MMF), Cash Reserves (to Govt Cash Reserves), Retirement Portfolio I (to Retirement Govt Portfolio II), and VIP Money Market (to VIP Govt MM). We originally wrote about these changes in our Feb 2, 2015 News, "Fidelity Announces Major Changes to MMFs; Staying Stable, Going Govt." Once these changes take effect, Fidelity will have $61.6 billion in Prime Retail and $62.9 billion in Prime Inst MMFs. On the Tax-Exempt side, Fidelity won't have any Inst funds as it will convert the $2.2 billion `Fidelity Instit MM: Tax Exempt I to Retail. All its other Muni funds are (and will remain) Retail.
JP Morgan outlined its fund designations early on, as we wrote in our Feb 23, 2015 News, "JPMorgan Announces MMF Changes; Prime to Float; First Designations." The $12.1 billion JPMorgan Liquid Assets MMF has been designated as Prime Retail. The $108.5 billion JPMorgan Prime Money Market Fund has been designated as Prime Inst. On the Tax-Exempt side, all JPMAM's funds will be Retail, including JPMorgan Tax Free Money Market Fund, JPMorgan California MMF, JPMorgan New York Municipal MMF, and JPMorgan Municipal MMF.
BlackRock, as we reported in our Dec. 1, 2015 News, "RBC Latest to Abandon Prime MMFs; BlackRock Designates Retail, Inst," will have 4 Prime Inst funds -- the $61.6 billion TempFund, the $24.1 billion BlackRock Cash Prime MM Portfolio, the $47.2 billion BlackRock Cash Institutional MM Portfolio; and the $1.1 billion TempCash, which will have a 7-day maximum maturity. In all, BlackRock will have about $134 billion in Prim Inst MMFs. Further, BlackRock will have 1 Prime Retail fund, the $1.3 billion BlackRock Money Market Portfolio.
In our July 31 News, "BlackRock to Liquidate 3 Muni MMFs, Convert Old Merrill Primes to Govt, we also wrote that BlackRock was converting 6 Prime Retail funds, totaling $18.1 billion, to Government funds. (These conversions took place Jan. 4.) On the Tax-Exempt side, BlackRock will have one Tax-Exempt Inst fund, $150 million MuniCash. It will have several Tax Exempt Retail funds, including BlackRock Liq MuniFund, California Money Fund, BlackRock Municipal MMP, BlackRock Municipal MMP, BlackRock Ohio Muni MMP, and BlackRock Pennsylvania Muni MMP.
Federated expects to have at least 3 Prime Inst funds, as we noted in our Nov. 17, 2015 News, "Federated Designates Inst MMFs; Wells, Goldman, BlackRock Gain in Oct.." The Prime Inst funds include the $6.1 billion Federated Money Market Management Fund, $38.1 billion Federated Prime Obligations, and $7.3 billion Federated Prime Value Obligations. Also, it will have 2 Prime Retail money funds, as we covered in our June 5, 2015 News, "Federated Announces Retail Money Fund Plan, Streamlines MF Lineup."
These include the $14.6 billion Federated Capital Reserves and the $18.2 billion Prime Cash Obligations. (Note that Federated changed a number of "IS" shares to "WS" shares last week too. See the "Changes" tab in our MFI XLS for details.) Federated's Prime Inst portfolios total $51.5 billion while their Prime Retail portfolios total $32.8 billion. Also, Federated will have one Tax-Exempt Inst fund, the $56 million Federated Tax-Free Trust. It will have 4 national Tax-Exempt Retail funds -- Federated Municipal Obligations Fund ($2.3B), Federated Municipal Trust ($641M) Federated Tax-Free Obligations ($6.3B), and Federated Tax-Free MMF ($3.8B) -- and 13 state-specific Muni funds.
Vanguard won't have any Prime Inst funds, as we reported in our June 17, 2015 News, "Vanguard Sticks with Prime, Goes Pure Retail, Reopens Federal MMF." The company said that the $113 billion Vanguard Prime MMF will be designated a Prime Retail fund, and it changed the name of its "Institutional" share class to "Admiral". (Both ICI and Crane Data moved this class from Inst to Retail two weeks ago.) Vanguard won't have any Tax-Exempt Inst funds either, as all 6 Tax-Exempt funds will be Retail.
Schwab will likely have one Prime Inst fund, the pending Schwab Variable Share Price Money Fund (see our Nov. 10, 2015 News, "Schwab Files Variable NAV Money Fund; Invesco Announces Changes"). This news followed our Oct. 13, 2015 News, "Schwab Going All Retail, Converting Inst Shares; MMP Switches to Govt," where we learned that Schwab would change its "Institutional" share class in `Schwab Value Advantage Money Fund to "Ultra" (Retail) shares. Also, Schwab will converted one Prime Retail fund, $116 billion Schwab MM Portfolio, to Government in April. The rest of its Prime lineup, including Schwab MMF <f:swmxx>`_ will remain as Prime Retail. All of Schwab's Tax-Exempt funds will also be categorized as Retail, and Schwab Municipal Money Fund converted its Institutional share class to Premier (Retail).
Goldman Sachs laid out its fund lineup in December, which we wrote about in our Dec. 21, 2015 News, "Goldman Sachs AM Details More MMF Changes, Portal Enhancements." Goldman Sachs designated two funds as Prime Inst. -- the $37.8 billion Goldman Sachs Financial Square Money Market Fund and the $13.2 billion GS FS Prime Obligations Fund. Also, Goldman will have one Prime Retail fund, the pending Goldman Sachs Investor Money Market Fund, which we wrote about in our July 30, 2015 News, "Goldman Sachs to Launch New Prime Retail, Treasury Fed RRP Funds." (This new Prime Retail fund is set to launch on Jan. 29, 2016.)
Also, the $316 million Goldman Sachs VIT MMF will be converted from Prime to Govt in April 2016. On the Tax-Exempt side, the $5.4 billion Goldman Sachs FS Tax-Free MMF will go all Retail and be renamed the Goldman Sachs Investor Tax-Exempt MMF. However, Goldman will launch a new Tax-Exempt Inst Fund, Goldman Sachs Financial Square Tax-Exempt Money Market Fund. The Fund is projected to be launched on or around March 31, 2016.
Dreyfus will have 4 Prime Inst funds, as we reported in our Nov. 18, 2015 News, "Columbia Threadneedle Going Govt; Dreyfus Details MF Moves; Deutsche." They are: the $23.7 billion Dreyfus Cash Management; $19.3 billion Dreyfus Institutional Cash Advantage Fund, the $3.4 billion Dreyfus Institutional Preferred Money Market Fund Prime, and Dreyfus Institutional Preferred Plus Money Market Fund Prime. The $2.3 billion Dreyfus Inst Reserves Money Fund was converted to the Dreyfus Inst Preferred Govt MMF.
The firm also designated which funds will be Prime Retail. These include the $190 million Dreyfus BASIC Money Market Fund, $905 million Dreyfus Liquid Assets, and $15.8 billion General Money Market Fund. Overall, it will have about $46.4 billion in Prime Inst and $16.9 billion in Prime Retail. Dreyfus will have one Tax Exempt Inst fund, the $2.0 billion Dreyfus Tax Exempt Cash Management Fund. It will have several Tax-Exempt Retail funds, including Dreyfus AMT-Free Municipal Reserves; Dreyfus California AMT-Free Municipal Cash Management; Dreyfus Municipal Cash Management Plus; Dreyfus New Jersey Municipal MMF; Dreyfus New York Municipal Cash Mgmt; General California Municipal MMF; General Municipal MMF; and General New York Municipal MMF.
Wells Fargo announced its plan back in May, which we covered in our News, "Wells Fargo Announces Money Fund Lineup Changes; Splits Retail, Inst." Wells Fargo will have two Prime Inst funds, the $12.1 billion Wells Fargo Cash Investment MMF and the $43.1 billion Wells Fargo Heritage MMF. In total, WF will have $55.2 billion in Prime Inst. Also, it has one Prime Retail fund, the $2.7 billion Wells Fargo Money Market Fund. On the Tax-Exempt side, WF has one Tax Exempt Inst, the $1.0 billion Wells Fargo Municipal Cash Management MMF, and three Tax Exempt Retail -- Wells Fargo California Municipal MMF, Wells Fargo Municipal MMF, and Wells Fargo National Tax-Free MMF.
Morgan Stanley has not made any official lineup announcement to our knowledge. Deutsche, on the other hand, will have one Prime Inst Fund, the $113 million Deutsche Variable NAV Money Market Fund, we reported in our July 21, 2015 News, "Deutsche Announces Reform Plans, Will Convert Most Prime MFs to Govt ." The "Institutional" share class in the $3.2 billion Daily Assets Fund were converted to "Capital" (retail) shares. (See our Dec. 1, 2015 News, "Columbia Threadneedle Going Govt; Dreyfus Details MF Moves; Deutsche.") Further, Deutsche will have one Prime Retail fund, Deutsche MM Prime Series. It will convert 5 Prime funds, totaling $18.3 billion, to Govt funds on May 2. Also, it will have two Tax Exempt Retail funds -- Tax-Exempt Portfolio, a series of Cash Account Trust; and Tax Free Money Fund Investment.
