MFI Daily Data offers the largest and most competitive funds and investors a nightly look at dividend factors and daily yields. Available in Excel, RSS, or custom FTP, Money Fund Intelligence Daily contains:
We've begun collecting funds on a daily basis and expect to go live with this product in April. E-mail us for a sample!
The content page contains archives and delivery settings for all subscriptions.
|Price||$2000/yr||( Discount Policy )|
|Ranks||*D*||( Daily Data )|
|Funds||( Full Listing )|
|Index||*D*||( Daily Data )|
|Subscribe Now »|
|See a demo issue.|
|Request a trial issue.|
|Call 1-508-439-4419 for order or info.|
The December issue of Crane Data's Money Fund Intelligence was sent out to subscribers on Friday morning. The latest edition of our flagship monthly newsletter features the articles: "Money Fund Assets Retake $2.7 Trillion; Flat Again in '13," which reviews the growth of money fund assets over recent months and cycles of 2012 and 2013; "Northern Rethinks Cash: Interview with Peter Yi," which discusses money markets and enhanced cash with the Chicago manager; and, "MMF MNAVs Not Floating," which reviews the disclosure of market net asset values since the beginning of 2013. We've also updated our Money Fund Wisdom database query system with Nov. 30, 2013, performance statistics and rankings, and will be sending out our MFI XLS shortly. (MFI, MFI XLS and our Crane Index products are available to subscribers at our Content center.) Our November 30 Money Fund Portfolio Holdings are scheduled to go out on Tuesday, Dec. 10.
Our MF Assets piece says, "Money market mutual fund assets were basically flat for the second year in a row in 2013. But the miniscule gains masked a huge decline then comeback this year, a pattern similar to what we saw in 2012. Money fund assets rose by $24 billion in the latest week, according to ICI's numbers, and retook the $2.7 trillion level for the first time since the first week of 2013."
The December issue's lead story continues, "Assets have only peaked above $2.7 trillion for the first couple of weeks in January in both 2013 and in 2012. They had first broken above this level in the summer of 2007 and remained above it until mid-2011. (See the annual asset level chart on page 2, and assets over the past 2 years below.)"
Our "profile" with Northern's Peter Yi says, "This month Money Fund Intelligence interviews Peter Yi, Senior Vice President and Director of Money Markets at Northern Trust. Northern is the 11th largest manager of money funds in the U.S., but its footprint in the cash marketplace is even larger given its management of securities lending reinvestment and other cash pools. Our Q&A follows."
We write: "MFI: How long has Northern been involved in running money funds?. Yi: Northern Trust has been managing money market funds since the 1970's when Northern created its first cash sweep vehicle in our trust department. We have been doing this for a long time and continue to be very committed to the money market business. We are now managing about $225 billion in AUM across various money market and short duration products and strategies.."
The article on MMF MNAVs explains, "Two of the major stories of 2013 included the SEC's money market fund reform proposal, which contained a floating NAV option for prime institutional money funds, and the voluntary disclosure of daily market NAVs by a number of institutional money fund managers. Given that we now have almost a year of history of these daily MNAVs, and a 2-year history of the monthly "shadow" NAVs, we decided to look at whether money funds do indeed actually float. Given the minimal fluctuation in these values to date, it's pretty clear that the answer is "No."
Finally, we're making preparations for our "basic training" conference event, Crane's Money Fund University, which will be held Jan. 23-24, 2014 in Providence, Rhode Island. Our 4th annual MFU will contain a heavier focus on money fund regulations, and will, as always, cover the basics of money funds, interest rates, and overviews of various money markets. Our next main event, Crane's Money Fund Symposium, will take place June 23-25, 2014, in Boston, and our second annual "offshore" event, European Money Fund Symposium, will take place Sept. 23-24 in London. Registrations and sponsorships are now being accepted for our 2014 Symposium, and the preliminary agenda is being finalized. (Watch for the agenda later this month.)
Crane Data is preparing to host its fourth annual Money Fund University conference, which will be held at The Renaissance Hotel in Providence, R.I., January 23-24, 2014. This year's event will focus heavily on regulations and the pending Money Market Fund Reform Proposals, featuring a faculty of the money fund industry's top lawyers and former regulators. Money Fund University offers attendees an affordable ($500) and comprehensive one and a half day, "basic training" course on money market mutual funds, educating attendees on the basics and history of money funds, the Fed, interest rates, ratings, rankings, money market instruments such as commercial paper, CDs and repo, plus portfolio construction and credit analysis. At our Providence event, we will take a deep dive into Rule 2a-7 and current and potential future money fund regulations, with a full half-day and four sessions on the topic.
The morning of Day One of the 2014 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane, President & Publisher, Crane Data and Sean Collins, Senior Economist, Investment Company Institute; The Federal Reserve & Money Markets with Joseph Abate, Director F-I Strategy, Barclays Capital and Brian Smedley, U.S. Rates, Bank of America Merrill Lynch; Interest Rate Basics & Money Fund Math with Phil Giles, Adjunct Professor, Columbia University; and, Ratings, Monitoring & Performance with Ian Rasmussen, Senior Director, Fitch Ratings and Joel Friedman, Senior Director, Standard & Poor's.
Day One's afternoon agenda includes: Instruments of the Money Markets Intro with Alex Roever, Managing Director, J.P. Morgan Securities; Repurchase Agreements with Teresa Ho, J.P. Morgan Securities; Treasuries & Govt Agencies with Sue Hill, Senior Portfolio Manager, Federated Investors and Michael Duke, V.P., G.X. Clarke & Co.; Commercial Paper & ABCP with Garret Sloan, F-I Strategist, Wells Fargo Securities; CDs, TDs & Bank Debt with Ted Byrne, Money Market Specialist, J.M. Lummis & Co.; Instruments of the Money Markets: Tax-Exempt Securities, VRDNs, TOBs & Muni Bonds with Colleen Meehan, Senior PM, and Rebecca Glen, Senior Research Analyst, The Dreyfus Corp.; and, Credit Analysis & Portfolio Management with Adam Ackerman, VP & Portfolio Manager, J.P. Morgan Asset Management.
Day Two's agenda includes: Money Fund Regulations: 2a-7 Basics & History with John Hunt, Partner, Nutter, McClennan & Fish LLP and Joan Swirsky, Of Counsel, Stradley Ronon; Regulations II: Recent & Future Rule Changes with Stephen Keen, Partner, Reed Smith and Jack Murphy, Partner, Dechert LLP; Regulations III: Hot Topics in MF Regulation, with Robert Plaze, Partner, Stoock, Stroock & Lavan LLP; and New Disclosure Requirements & MMF Data, with Peter Crane and John Hunt.
New portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of "cash" investing should benefit from our comprehensive program. Even experienced professionals may enjoy a refresher course and the opportunity to interact with peers in an informal setting. Attendee registration for Crane's Money Fund University is just $500, exhibit space is $2,000, and sponsorship opportunities are $3K, $4K, and $5K. A block of rooms has been reserved at the Renaissance Providence Downtown. The conference negotiated rate of $159 plus tax is available through December 20th.
We'd like to thank our MFU sponsors -- G.X. Clarke & Co., Fitch Ratings, Dreyfus/BNY Mellon CIS, J.P. Morgan Asset Management, Invesco, Investortools, and Standard & Poor's -- for their support, and we look forward to seeing you in Providence in January. E-mail Pete for the latest brochure or visit www.moneyfunduniversity.com to register or for more details.
Crane Data is also preparing to publish the preliminary agenda and is already accepting registrations for its big show, Money Fund Symposium, which will be held June 23-25, 2014, at the Renaissance Boston Waterfront in Boston, Mass. (See www.moneyfundsymposium.com for details.) Finally, we're also making preparations for our 2nd European Money Fund Symposium; our "offshore" money fund event is tentatively scheduled for London on Sept. 23-24, 2014. Let us know if you'd like more information on any of our upcoming conferences, and watch for more information in coming weeks.
The November issue of Crane Data's Money Fund Intelligence was sent out to subscribers Thursday morning. The latest edition of our flagship monthly newsletter features the articles: "MMFs Dodge Debt Ceiling Bullet, Back to Battling Regs," which reviews the mini crisis over the Treasury debt ceiling and threat of technical default; "Going Global w/Liquidity: JPMAM's John Donohue," which interviews the leader of the largest money fund manager worldwide; and, "MMF Portals Continue Transparency, Direct Push," which discusses the flurry of enhancements announced by online trading platforms last month. We've also updated our Money Fund Wisdom database query system with Oct. 31, 2013, performance statistics and rankings, and will be sending out our MFI XLS shortly. (MFI, MFI XLS and our Crane Index products are available to subscribers at our Content center.) Our October 31 Money Fund Portfolio Holdings are scheduled to go out on Tuesday, Nov. 12.
Our Debt Ceiling piece says, "In what seemed almost like a welcome relief from the seemingly permanent ultra-low yield and regulatory reform threats, money funds saw the threat of a Treasury debt ceiling default come and go, all within a matter of weeks in October. Assets fled and attention focused on what to do in the event of a Treasury default, and events unfolded just as they did the last time this overblown scare occurred late in the summer of 2011."
The November issue's lead story continues, "Money market mutual fund asset levels looked like a rollercoaster. (See the chart on page 2.) They had climbed slowly for 3 months straight through the end of September, then plunged by $70 billion in the first half of the month before rebounding strongly (up $60 billion) in the second half of the month. Treasury Institutional and Government Institutional funds drove the outflows, though Prime Institutional funds caught some of the rebound."
Our "profile" on JPMAM's John Donohue says, "In the latest Money Fund Intelligence, we speak with John Donohue, J.P. Morgan Asset Management's Head of Global Liquidity and Chief Investment Officer. Donohue shares his thoughts on market trends, portfolio strategies and the pending proposals for new money fund regulation. Our Q&A follows."
We write: "MFI: Tell us about JPMAM's history in money funds. Donohue: J.P. Morgan has been a provider of money market funds since 1987, which covers quite a few market cycles. In 2003, we decided to globalize the business and significantly bolster our investment platform, client service and fund management infrastructure. Back then, we had funds in just three currencies (USD, EUR, GBP). Now we have 30 different money market funds in eight currencies (including JPY, AUD, RMB, SGD, CNH) across 28 countries."
The article on the Portal Improvements explains, "As has been the case the last several years, the AFP's (Association for Financial Professionals') annual corporate treasury conference (most recently in Las Vegas) triggered a flurry of press releases, many from online money fund trading "portals". Among the most recent announcements -- Goldman Sachs' portal finally joined the "transparency" bandwagon, offering various look-through options on money fund portfolio holdings, SunGard released a survey on portal usage, BNY Mellon revealed enhancements to its Liquidity Direct portal, Cachematrix debuted a new module, ICD added functionality, and MyTreasury added funds to its portal."
Finally, registration is now open and the agenda is ready for Crane's Money Fund University, our "basic training" event, which will be held Jan. 23-24, 2014 in Providence, Rhode Island. Our 4th annual MFU will contain a heavy focus on money fund regulations, as well as the basics on money funds, interest rates, and overviews of various money markets. Our next big show, Crane's Money Fund Symposium, will take place June 23-25, 2014, in Boston. Registrations and sponsorships are now being accepted for this too, and the preliminary agenda is being finalized. (Watch for the agenda later this month.)
Below, we excerpt from the recent money fund "profile" in the June issue of our MFI newsletter, a piece entitled, "British Portal Invasion: MyTreasury's Meadows." MFI writes: This month's Money Fund Intelligence interviews Justin Meadows, CEO of the U.K.-based online money market fund trading "portal" MyTreasury. The company recently entered the U.S. market, and hired money fund veteran Paul Rice as Managing Director, Americas. We discuss the portal's history, recent initiatives and other major money fund issues in Europe and the U.S. with Meadows below.
MFI: Tell us about your history. Meadows: MyTreasury actually started off as a project funded by the European Commission back in 2004.... What we did was put together a project with quite a few European [corporate] treasury departments, funds, banks, and software providers. We did two years of initial research, and during the course of that we actually got over 200 corporate treasuries in various European organizations involved in the testing and validation of what we produced. That was through our contact with the European Association of Corporate Treasurers.... Having over 200 involved is why we believe we've ended up with something that actually works for treasurers, because it was largely designed and tested by them.
The project really focused on money market funds, time deposits and commercial paper, but funds were always at the forefront of that. When we completed the research we got a few strong messages back.... One was they wanted a direct trading platform, fully disclosed, not the omnibus trading platform which wasn't strongly supported at all.... [I]nvestors didn't want to be dis-intermediated in their relationships with the banks and the funds either, so that was a key thing. Another thing when they were looking for complete automation; they didn't want something that involved manual interference.... The other thing [was that to] get this off the ground we needed to find a strong partner to link with who had credibility in the market.
We ended up with ICAP largely because of the feedback that we'd been given. First of all, ICAP is the world's largest interdealer broker, so it has relationships, globally, with the all the banks and funds. So, we wouldn't start from scratch in that respect.... We thought funds and banks could be well delivered by ICAP and that has proved to be the case.... We have been given the space and the resources to build it.... We've got all the support and all the benefit of having a major player in the market and somebody with all the technical skills that we need to deliver the platform and the integration needed for automation.
MFI: Was it originally just European-domiciled funds? Meadows: Yes, it was. We started up as a European money market, or actually just "offshore" money market fund portal, for European corporate treasurers. When we did our first trade we had two investors and two money market funds on the platform. Now, in the offshore space, we have ... all the IMMFA funds, and we have quite a few others as well. In the U.S. space, we either already have or we are just finishing up turning live those major funds families that account for about 92% of institutional assets.
MFI: When did you guys enter the U.S.? Meadows: We are really only entering with trading now.... It's been a very slow process.... We are different from most portals which operate under seller and dealer agreements, or distribution agreements. We operate under a license agreement, and we regard ourselves as technology providers, not distributors, because we have this direct model. We don't open accounts on behalf of anybody. We don't take delegated trading authority on behalf on anybody. We're not signatures on accounts. So with this in mind, we just simply facilitate a complete view of the market and the secure execution of transactions.... It helped that we are cheap, if I can use that term. All our fees are based on wide distribution to a large number of clients, high volume low cost, and full automation. We got there in the end.
MFI: Can you talk about the size of the portal? Meadows: We service about $70 billion on the platform.... That is almost all money market funds at the moment, but time deposit and CD trading is beginning to build. There was about $500 billion traded through the platform last year. We have almost 500 share classes in about 250 different funds at the moment.... It is fairly evenly divided [between currencies]. To be honest our Euro assets have kept up despite what has been going on over there. Dollar is probably our fastest growing, partly of course because we are coming into the US now. But before when we were just offshore, it started with almost all GBP and then Euro started growing quite significantly.... At the moment, our initial US clients are bringing just under $10 billion on board, but it is growing quite quickly. The rest is Dublin and Luxemburg.