Money Fund Intelligence XLS has all the numbers a money market mutual fund or cash investment professional will ever need. The monthly Excel workbook, a complement to our flagship Money Fund Intelligence, contains:
Whether you''re creating a custom peer group, producing a short-list of funds on a selected criteria, or looking for a way to differentiate your fund, Money Fund Intelligence XLS is the answer. E-mail us for the latest issue!
The content page contains archives and delivery settings for all subscriptions.
|Price||$1000/yr||( Discount Policy )|
|News||( Articles )|
|Ranks||( Sortable )|
|Funds||( Profile Info )|
|Archives||( Articles )|
|Index||( Components )|
|Subscribe Now »|
|See a demo issue.|
|Request a trial issue.|
|Call 1-508-439-4419 for order or info.|
Crane Data has released the preliminary agenda for its fifth annual Money Fund University conference, which will be held at The Stamford Marriott in Stamford, CT, January 22-23, 2015. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. But the event also focuses on hot topics like money market reforms and other recent industry trends. The conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers. MFU offers attendees an affordable ($500) and comprehensive one and a half day, "basic training" course on money market mutual funds, educating attendees on the 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 Stamford event, we will also take a deep dive into the SEC's new money market reforms, with several sessions on the topic.
The morning of Day One of the 2015 MFU agenda includes: History & Current State of Money Market Mutual Funds with Peter Crane, President & Publisher, Crane Data; The Federal Reserve & Money Markets with 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 Greg Fayvilevich, Director, Fitch Ratings and Barry Weiss, Director, Standard & Poor's Ratings Services, and Crane Data's Peter Crane.
Day One's afternoon agenda includes: Instruments of the Money Markets Intro with Alex Roever, Managing Director, J.P. Morgan Securities; Repurchase Agreements with Alex Roever and Shaina Negron, Associate, J.P. Morgan Securities; Treasuries & Govt Agencies with Sue Hill, Senior Portfolio Manager, Federated Investors; Commercial Paper & ABCP with Rob Crowe, Director, Citi Global Markets and Jean-Luc Sinniger, Director, Money Markets, Citi Global Markets; CDs, TDs & Bank Debt with Garrett Sloan, Fixed Income Strategist, Wells Fargo Securities and Marian Trano, senior Vice President and Treasurer, Bank Hapoalim; Instruments of the Money Markets: Tax-Exempt Securities, VRDNs, TOBs & Muni Bonds (Speaker TBD); and, Credit Analysis & Portfolio Management with Adam Ackermann, 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: New MMF Reforms with Stephen Keen, Partner, Reed Smith and Jack Murphy, Partner, Dechert LLP; Regulations III: More Reforms, Hot Topics with Steven Keen and Jack Murphy; and Money Fund Data and Wisdom Demo with Peter Crane. The conference ends with its annual MFU "Graduation" ceremony (where diplomas are given to attendees).
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 Stamford Marriott. 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, Fidelity Investments, Dreyfus/BNY Mellon CIS, J.P. Morgan Asset Management, Invesco, BofA Global Capital, Standard & Poor's Ratings Services, and State Street -- for their support, and we look forward to seeing you in Stamford in January. E-mail Pete Crane (email@example.com) 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 for its big show, Money Fund Symposium, which will be held June 24-26, 2015, at the Minneapolis Hilton in Minneapolis, Minn. Finally, we're also making preparations for our 3rd European Money Fund Symposium. Our "offshore" money fund event is tentatively scheduled for Sept. 17-18, 2015, in Dublin, Ireland. Let us know if you'd like more information on any of our upcoming conferences, and watch for more information in coming weeks.
Crane Data published its latest Money Fund Intelligence Family & Global Rankings Wednesday, which ranks the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The October edition, with data as of Sept. 30, shows asset increases for the majority of money fund complexes in the latest month, as well as modest gains over the past three months. September marked the second straight month of sizeable increases in assets, after several months of decreases. Over the last 12 months, assets overall are flat. Below, we review the latest market share changes and figures. (These "Family" rankings are available to our Money Fund Wisdom subscribers.)
Goldman Sachs, Dreyfus, Federated, Western, Morgan Stanley, and BlackRock were the biggest gainers in September, rising by $9.9 billion, $7.6 billion, $4.1 billion, $3.4 billion, $3.0 billion, and $2.9 billion respectively. Dreyfus, BlackRock, Schwab, Morgan Stanley, Federated, and Goldman Sachs led the increases over the 3 months through September 30, 2014, rising by $10.4B, $7.0B, $4.9B, $4.8B, $4.5B, and $4.5 billion respectively. Money fund assets overall jumped by $32.0 billion in September, increased by $48.0 billion over the last three months, and decreased by $171 million over the past 12 months (according to our Money Fund Intelligence XLS).
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $404.7 billion, or 16.0% of all assets (down $5.2B in Sept., down $375M over 3 mos. and down $27.9B over 12 months), followed by JPMorgan's $238.0 billion, or 9.4% (down $507M, down $253M, and down $6.7B for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $206.4 billion, or 8.2% of assets (up $4.1B, up $4.5B, and down $20.0B), BlackRock ranks fourth with $191.3 billion, or 7.6% of assets (up $2.9B, down $7.0B, and up $45.2B), and Vanguard ranks fifth with $172.2 billion, or 6.8% (up $317M, up $1.4B, and down $3.7B).
The sixth through tenth largest U.S. managers include: Dreyfus ($164.6B, or 6.5%), Schwab ($163.0B, 6.4%), Goldman Sachs ($143.2B, or 5.7%), Wells Fargo ($109.6B, or 4.3%), and Morgan Stanley ($109.1B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($83.4B, or 3.3%), Northern ($74.8B, or 3.0%), Invesco ($60.4B, or 2.4%), BofA ($51.0B, or 2.0%), Western Asset ($44.1B, or 1.7%), First American ($37.9B, or 1.5%), UBS ($36.3B, or 1.4%), Deutsche ($34.7B, or 1.4%), Franklin ($22.2B, or 0.9%), and RBC ($18.0B, or 0.7%). Crane Data currently tracks 73 managers, one less than last month.
Over the past year, BlackRock showed the largest asset increase (up $45.2B, or 30.7%; note that most of this though is due to the addition of securities lending shares to our collections), followed by Goldman Sachs (up $14.8B, or 12.3%), and Morgan Stanley (up $11.2B, or 11.9%). Other gainers since September 30, 2013, include: BofA (up $5.5B, or 13.2%), Franklin (up $4.5B, or 22.3%), American Funds (up $2.8B, or 20.7%), Western (up $2.7B, or 6.6%), SSgA (up $2.5B, or 3.2%), and Dreyfus (up $2.4B, or 1.5%). The biggest declines over 12 months include: Fidelity (down $27.9B, or -6.5%), Federated (down $20.0B, or -9.0%), Wells Fargo (down $11.7B, or -10.0%), UBS (down $9.3B, or -19.6%), and Invesco (down $4.7B, or -7.5%). (Note that money fund assets are very volatile month to month.)
When "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for BlackRock moving up to No. 3, Goldman moving up to No. 4, and Western Asset appearing on the list at No. 9. (displacing Wells Fargo from the Top 10). Looking at these largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore), we show these largest families: Fidelity ($411.0 billion), JPMorgan ($363.7 billion), BlackRock ($313.4 billion), Goldman Sachs ($226.3 billion), and Federated ($215.2 billion). Dreyfus ($191.3B), Vanguard ($172.3B), Schwab ($16308B), Western ($147.4B), and Morgan Stanley ($127.7B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Sterling funds converted into US dollar totals.
In other news, our October 2014 Money Fund Intelligence and MFI XLS show that both net and gross yields remained at record lows for the month ended September 30, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 851), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages. (The Gross 7-Day Yield was also unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low, down from 0.03% a year ago. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 9/30/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.
Our Prime Institutional MF Index yielded 0.02% (7-day), the Crane Govt Inst Index yielded 0.01%, and the Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%. (The Gross Yields for these indexes were: Prime 0.19%, Govt 0.10%, Treasury 0.06%, and Tax Exempt 0.12% in September.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.02% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.60% for 10-years.
The October issue of Crane Data's Money Fund Intelligence was sent out to subscribers Tuesday morning. The latest edition of our flagship monthly newsletter features the articles: "Rates, Reforms Driving Money Fund Consolidation, Changes," an update of fund liquidations and consolidation; "Euro Symposium Recap: Turn Challenges into Opportunities," a look at the highlights from Crane's European Money Fund Symposium; and, "Record Low Expenses, High Waivers, Fee Recapture," which explores fee waivers, low expenses and the possibility of "recapture" as interest rates rise. We also updated our Money Fund Wisdom database query system with September 30, 2014, performance statistics, and sent out our MFI XLS spreadsheet earlier this morning. (MFI, MFI XLS and our Crane Index products are available to subscribers via our Content center.) Our September 30 Money Fund Portfolio Holdings are scheduled to go out on Thursday, Oct. 9.
The latest MFI newsletter's "Consolidation" article comments, "More fund liquidations and consolidation is expected as a result of pending money fund reforms in the U.S. and Europe, andwe are already beginning to see an uptick in activity. Zero yields and fee waivers are driving these trends too, as costs for running money funds continue to move higher. But even though we've seen a slight resurgence in liquidations and we expect to see more consolidation, the majority of fund families continue to soldier on. Below, we discuss consolidation and review recent exits and actions. Just this past month, we've seen two small fund families -- Virtus and Williams Capital -- give up the ghost and withdraw from money fund management. But this follows a relatively long period of inactivity. We saw some exits last year, including GE and Highmark, but 2014 has been relatively uneventful until now."
We also recap our recent London conference. The second annual European Money Fund Symposium had record attendance and featured expert commentary on the European money funds industry. The event -- Sept. 22-23 at the Hilton London Tower Bridge -- attracted some 120 attendees, up from about 100 last year. Despite the challenging environment, there was much optimism. It kicked off with an address by Jonathan Curry, Global CIO for Liquidity at HSBC Global Asset Management, and chairman of IMMFA, on the "State of Money Market Funds in Europe," who told the audience to turn challenges into opportunities. It could lead to new products, consolidation, and outsourcing. "At times I think we all feel a little bit gloomy, a little bit down, but I really believe that we have a real opportunity here."
Curry said, "Change creates opportunity and we're in a period of change in the industry. I think we have to embrace it and move forward and take advantage of the opportunities that are out there today." Curry opened by saying that money market funds have actually been a positive story the past 6 months with assets increasing over that time period. Crane Data's Money Fund Intelligence International shows total European money fund assets currently at $750.6 billion at quarter-end, up from $702.2 billion on March 1, 2014. Also, the CNAV industry is expected to have a larger market share than the VNAV for the first time this year. "That's a testament to the CNAV product to all the providers who offer these products to the investors in Europe and elsewhere in the world," he said.
The October MFI article on fees and waivers says, "The Independent Adviser, a newsletter covering Vanguard funds, recently discussed money fund fee waivers and the possibility of fee "recapture," so we decided to review the article and issues involving expenses below. Adviser Editor Daniel Wiener writes, "Over the most recently-reported six months Vanguard waived a bit less than $9.2 million on Prime Money Market, a fund with approximately $131 billion in assets.... Now, take a look at Charles Schwab's Cash Reserves money fund, with a bit less than $40 billion in assets. Schwab waived $87.7 million to "maintain a positive net yield" as they write in the fine print of their semi-annual report. This makes Vanguard's waiver look like chicken scratch. One thing you won't see in Vanguard's filings, but you do at Schwab (and they aren't alone) is language giving the company the ability to claw back waived fees. To give you a sense of the magnitude of this potential windfall, Schwab says that between 2014 and 2017 it has the right to recoup as much as $522.2 million in fees."
Crane Data's October MFI with September 30, 2014, data shows total assets increasing for the second straight month in September, rising $27.5 billion after jumping $34 billion in August. As of Sept. 30, total money market fund assets stood at $2.508 trillion with 1,246 funds, 1 more than last month. Our broad Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at a record low 0.01% while our Crane 100 Money Fund Index (the 100 largest taxable funds) yielded 0.02% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.13% (Crane MFA, unchanged) and 0.16% (Crane 100) on an annualized basis for both the 7-day and 30-day yield averages. (Charged Expenses averaged 0.12% and 0.14% for the two main taxable averages.) The average WAM for the Crane MFA and the Crane 100 were 41 and 45 days, respectively. The Crane MFA is down 1 day from last month while the Crane 100 is unchanged from the prior month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
The September issue of Crane Data's Money Fund Intelligence was sent out to subscribers Monday morning. The latest edition of our flagship monthly newsletter features the articles: "MMF Assets Jump in August; SEC Reforms Loom in 10/16," which discusses how MMF assets have increased since new regulations were passed; "IMMFA's Susan Hindle Barone on MMFs in Europe," our monthly "profile" with the Secretary General of the Institutional Money Market Fund Association; and, "MFI Intl Review: Sterling, USD MFs Gain; Euro Down," which looks at assets, market share, and trends among "offshore" money market funds. We also updated our Money Fund Wisdom database query system with August 31, 2014, performance statistics, and sent out our MFI XLS spreadsheet this morning. (MFI, MFI XLS and our Crane Index products are available to subscribers via our Content center.) Our August 31 Money Fund Portfolio Holdings are scheduled to go out on Wednesday, Sept. 10.
The latest MFI newsletter's lead article comments, "When the Securities & Exchange Commission adopted money market fund reforms on July 23rd -- and subsequently posted in the Federal Register on August 14 -- there was an expectation among many that the new rules would result in outflows from money market funds. But here we are, about a month and a half later, and we haven't seen any yet. In fact, there have actually been inflows into money market funds, and more specifically, prime institutional MMFs, since July 23. Of course, the new rules have not yet kicked in and won't until October 2016. But still, it's a development that not everyone expected, given the level of concerns about the SEC proposal."
Our monthly "profile" featuring IMMFA's Susan Hindle Barone. "Tell us about the history of IMMFA? How long have you been promoting money funds? IMMFA was set up in 2000. The original thought behind it was, some standardization would be good for the product in the sense that if investors were more familiar with what money funds were, what they represent, than it would be good for the product overall. A lot of the people that were involved then are involved today. Some of the original members are people like Peter Knight and David Hynes; Mark Hannam was involved back then; so was Jonathan [Curry]. So it's a good gang of people. Back in 2000, I was working at Goldman Sachs on the short-term debt desk, but I knew of them. I've only been working for them since June of 2012."
She continued, "We have been hugely focused on the regulatory debate. IMMFA only represents CNAV triple A rated funds yet there's a possibility that they just won't exist in two years, so we're very conscious of that. We've also been thinking about what does IMMFA represent? Does it represent the short term fund industry? Does it represent the funds that are CNAV? Does it represent only Europe? Does it represent anything to do with short-term investing? We've been throwing around a lot of ideas of what we think IMMFA should do and what people want it to do. Does it exist on a standalone basis? Are there other trade associations out there that cover our space but not with the same focus? It's definitely still evolving. We can't really come to any conclusions until we know what the regulations are going to look like."
The September MFI article on international money market trends says, "With Crane's 2nd Annual European Money Fund Symposium just around the corner, we thought we'd look at the international money fund management landscape -- from largest managers, to largest funds, to the regulatory environment. Of course, the international money market industry will be discussed in depth at the Euro Symposium, which will be held Sept. 22-23 at the Hilton London Tower Bridge in London, England. Visit www.euromfs.com for more details."
Crane Data's September MFI with August 31, 2014, data shows total assets increasing $40.1 billion (after decreasing by $20.9 billion in July and decreasing by $20.6 billion in June) to $2.499 trillion (1,245 funds, 7 more than last month). Our broad Crane Money Fund Average 7-Day Yield and 30-Day Yield remained at a record low 0.01% while our Crane 100 Money Fund Index (the 100 largest taxable funds) yielded 0.02% (7-day and 30-day). On a Gross Yield Basis (before expenses were taken out), funds averaged 0.13% (Crane MFA, unchanged) and 0.16% (Crane 100) on an annualized basis for both the 7-day and 30-day yield averages. (Charged Expenses averaged 0.12% and 0.14% for the two main taxable averages.) The average WAM for the Crane MFA and the Crane 100 were 42 and 45 days, respectively, unchanged from the prior month. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
Finally, last-minute preparations are being made for our European Money Fund Symposium, which will take place Sept. 22-23 in London at the Hilton London Tower Bridge. Though there has been no word from European regulators and the newly elected European Parliament has yet to even commence, we expect them to eventually craft legislation similar to the SEC's. This will be a main topic of discussion at Euro MFS, along with other issues impacting Euro, Sterling, USD and "offshore" money market funds domiciled in Dublin, Luxembourg and other European and global financial centers.