Crane Data's latest monthly Money Fund Market Share rankings show assets were slightly lower among the largest U.S. money fund complexes in October. Money market fund assets fell by $39.3 billion, or -0.6%, last month to $6.060 trillion, the first decline in 12 months. Total MMF assets have increased by $158.4 billion, or 2.7%, over the past 3 months, and they've increased by $995.8 billion, or 19.7%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Schwab, Fidelity, Federated Hermes, DWS and Vanguard, which grew assets by $18.8 billion, $17.6B, $7.4B, $3.9B and $2.7B, respectively. Declines in October were seen by BlackRock, Goldman Sachs, Dreyfus, Morgan Stanley and Invesco, which decreased by $23.8 billion, $16.2B, $15.3B, $13.9B and $11.5B, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which inched higher in October.
Over the past year through Oct. 31, 2023, Fidelity (up $253.8B, or 26.8%), Schwab (up $221.8B, or 95.1%), JPMorgan (up $201.0B, or 49.2%), Vanguard (up $88.8B, or 19.7%) and Federated Hermes (up $88.0B, or 26.3%) were the `largest gainers. Fidelity, Schwab, Federated Hermes, SSGA and JPMorgan had the largest asset increases over the past 3 months, rising by $61.0B, $52.6B, $27.3B, $23.7B and $17.9B, respectively. The largest declines over 12 months were seen by: American Funds (down $37.8B), HSBC (down $18.7B), Goldman Sachs (down $9.4B), DFA (down $3.7B), and T Rowe Price (down $2.9B). The largest declines over 3 months included: Invesco (down $16.8B), BlackRock (down $13.9B) and Goldman Sachs (down $13.5B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.200 trillion, or 19.8% of all assets. Fidelity was up $17.6B in October, up $61.0 billion over 3 mos., and up $253.8B over 12 months. JPMorgan ranked second with $609.8 billion, or 10.1% market share (down $623M, up $17.9B and up $201.0B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $540.2 billion, or 8.9% of assets (up $2.7B, up $14.3B and up $88.8B). BlackRock ranked fourth with $481.1 billion, or 7.9% market share (down $23.8B, down $13.9B and up $8.6B), while Schwab was the fifth largest MMF manager with $455.1 billion, or 7.5% of assets (up $18.8B, up $52.6B and up $221.8B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $422.3 billion, or 7.0% (up $7.4B, up $27.3B and up $88.0B), while Goldman Sachs was in seventh place with $406.0 billion, or 6.7% of assets (down $16.2B, down $13.5B and down $9.4B). Dreyfus ($249.4B, or 4.1%) was in eighth place (down $15.3B, down $3.8B and up $6.5B), followed by Morgan Stanley ($247.4B, or 4.1%; down $13.9B, down $9.9B and up $8.1B). SSGA was in 10th place ($195.3B, or 3.2%; down $7.4B, up $23.7B and up $23.6B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($189.2B, or 3.1%), American Funds ($173.6B, or 2.9%), Northern ($155.7B, or 2.6%), Invesco ($140.8B, or 2.3%), First American ($134.3B, or 2.2%), UBS ($94.0B, or 1.6%), T. Rowe Price ($47.4B, or 0.8%), HSBC ($44.1B, or 0.7%), DWS ($42.3B, or 0.7%) and Western ($26.1B, or 0.4%). Crane Data currently tracks 60 U.S. MMF managers, unchanged from last month.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers are the same as the domestic list, except: BlackRock moves up to the No. 3 spot, Goldman Sachs moves up to No. 4 and Vanguard moves down to the No. 5 spot. Schwab moves down to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot. Morgan Stanley moves up to the No. 8 spot while Dreyfus moves down to the No. 9 spot. Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($1.211 trillion), JP Morgan ($832.7B), BlackRock ($708.7B), Goldman Sachs ($544.2B) and Vanguard ($540.2B). Schwab ($455.1B) was in sixth, Federated Hermes ($434.1B) was seventh, followed by Morgan Stanley ($326.6B), Dreyfus/BNY Mellon ($271.5B) and SSGA ($235.9B), which round out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The November issue of our Money Fund Intelligence and MFI XLS, with data as of 10/31/23, shows that yields increased again in October across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 752), rose to 5.08% (up 1 bp) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield increased to 5.07% (up 1 bp). The MFA's Gross 7-Day Yield rose to 5.35% (up 1 bps), and the Gross 30-Day Yield also moved up to 5.34% (up 1 bp). (Gross yields will be revised Thursday at noon, though, once we download the SEC's Form N-MFP data for 10/31/23.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 5.19% (up 1 bp) and an average 30-Day Yield at 5.18% (up 1 bp). The Crane 100 shows a Gross 7-Day Yield of 5.26% (up 1 bp), and a Gross 30-Day Yield of 5.25% (up 1 bp). Our Prime Institutional MF Index (7-day) yielded 5.27% (up 1 bp) as of Oct. 31. The Crane Govt Inst Index was at 5.14% (up 1 bp) and the Treasury Inst Index was at 5.14% (up 2 bps). Thus, the spread between Prime funds and Treasury funds is 13 basis points, and the spread between Prime funds and Govt funds is 13 basis points. The Crane Prime Retail Index yielded 5.09% (up 1 bp), while the Govt Retail Index was 4.87% (down 1 bp), the Treasury Retail Index was 4.90% (up 2 bp from the month prior). The Crane Tax Exempt MF Index yielded 3.59% (down 11 bps) as of October.
Gross 7-Day Yields for these indexes to end October were: Prime Inst 5.44% (up 1 bp), Govt Inst 5.37% (up 1 bp), Treasury Inst 5.36% (up 2 bps), Prime Retail 5.40% (unchanged), Govt Retail 5.33% (down 1 bp) and Treasury Retail 5.13% (up 1 bp). The Crane Tax Exempt Index fell to 3.99% (down 11 bps). The Crane 100 MF Index returned on average 0.44% over 1-month, 1.30% over 3-months, 3.98% YTD, 4.65% over the past 1-year, 1.82% over 3-years (annualized), 1.64% over 5-years, and 1.05% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 2 in October to 881. There are currently 752 taxable funds, down 2 from the previous month, and 129 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
