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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 disclose of market net asset values. 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.)
Yesterday, Crane Data published its latest monthly Money Fund Intelligence Family & Global Rankings, which ranks the asset totals and market share of managers of money funds in the U.S. and globally. (It's available to our Money Fund Wisdom subscribers.) The latest reports show big asset gains by the majority of major money fund complexes in September and in the 3rd quarter. Dreyfus, Fidelity and JPMorgan showed the largest gains in September, rising by $6.4 billion, $5.8 billion and $5.3 billion, respectively, while JPMorgan, Fidelity and Dreyfus also led in Q3 (rising by $19.5B, $13.7B and $11.8B). Money fund assets overall rose by $42.7 billion in September, after rising by $26.7 billion in August and $27.8 billion in July (according to our Money Fund Intelligence XLS); they rose a total of $97 billion in Q3.
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $432.7 billion, or 17.1% of all assets (up $5.8 billion in Sept., up $13.7B over 3 mos. and up $18.7B over 12 months), followed by JPMorgan's $244.8 billion, or 9.7% (up $5.3B, up $19.5B, and up $21.7B for 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $226.5 billion, or 9.0% of assets (up $4.1B, up $5.3B, and down $7.9B), Vanguard ranks fourth with $175.9 billion, or 7.0% (up $2.3B, $5.7B, and $14.5B), and Schwab ranks fifth with $163.4 billion, or 6.5% (up $1.5B, $3.2B, and $9.8B) of money fund assets.
The sixth through tenth largest U.S. managers include: Dreyfus ($162.2B, or 6.4%), BlackRock ($146.9B, or 5.8%), Goldman Sachs ($126.9B, or 5.0%), Wells Fargo ($121.4B, or 4.8%), and Morgan Stanley ($97.9B, or 3.9%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA, Northern, Invesco, UBS, BofA, Western Asset, DB Advisors, First American, RBC, and Franklin. Crane Data currently tracks 74 managers, down one from last month. (Hartford liquidated its money fund in September.)
Over the past year, JPMorgan shows the largest asset increase (up $21.7B, or 9.5%), followed by Fidelity (up $18.7B, or 4.5%) and Wells Fargo (up $16.9B, or 15.8%). Other big gainers since Sept. 30, 2012, include: Vanguard (up $14.5B, or 9.0%), SSgA (up $13.9B, or 20.7%), Schwab (up $9.8B, or 6.4%), Dreyfus (up $9.1B, or 6.0%), and Invesco (up $8.2B, or 14.9%). The biggest declines over 12 months include: `Federated (down $7.9B, or 3.4%), UBS (down $7.6B, or 14.2%), First American (down $3.1B, or 7.8%), and DB Advisors (down $2.9B, or 7.0%). (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 Island -- are included, the top 10 managers match the U.S. list, except for BlackRock moving up to No. 3, Goldman moving up to No. 5, and Western Asset appearing on the list at No. 9. (displacing Morgan Stanley 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 families: Fidelity ($437.3 billion), JPMorgan ($369.4 billion), BlackRock ($244.4 billion), Federated ($236.9 billion), and Goldman ($191.0 billion). Dreyfus, Vanguard, Schwab, Western, and Wells Fargo 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 MFI and MFI XLS show net yields remained at record lows and gross yields continued to set new record lows for the month ended Sept. 30, 2013 Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 831), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages <b:>`_. (The Gross 7-Day Yield moved down one bps to a record low 0.14%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low, and down from 0.05% at the start of 2013. (The Gross 7- and 30-Day Yields for the Crane 100 were 0.17%.)
Our Prime Institutional MF Index yielded 0.2% (7-day), the Crane Govt Inst Index, 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 0.20%, Govt 0.10%, Treasury 0.07%, and Tax Exempt 0.14% in Sept.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.02% for YTD, 0.04% for 1-year, 0.05% for 3-years (annualized), 0.19% for 5-year, and 1.68% for 10-years.