Crane Data's latest monthly Money Fund Market Share rankings show assets increased among most of the largest U.S. money fund complexes in July, after rising in June and May and falling in March and April. Money market fund assets rose by $16.7 billion, or 0.3%, last month to a record $6.509 trillion. Total MMF assets have increased by $124.0 billion, or 1.9%, over the past 3 months, and they've increased by $607.2 billion, or 10.3%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, Schwab, BlackRock, HSBC and JPMorgan, which grew assets by $12.2 billion, $11.2B, $8.8B, $7.3B and $5.6B, respectively. Declines in July were seen by Invesco, Goldman Sachs, Vanguard, Federated Hermes and Morgan Stanley, which decreased by $13.1 billion, $6.8B, $5.8B, $4.9B and $3.3B, 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 were flat in July.
Over the past year through July 31, 2024, Fidelity (up $191.7B, or 16.8%), Schwab (up $142.3B, or 35.3%), Vanguard (up $80.6B, or 15.3%), JPMorgan (up $76.1B, or 12.9%) and Federated Hermes (up $52.8B, or 13.4%) were the `largest gainers. Schwab, Fidelity, JPMorgan, BlackRock and Vanguard had the largest asset increases over the past 3 months, rising by $29.4B, $26.6B, $19.7B, $16.9B and $14.3B, respectively. The largest declines over 12 months were seen by: Invesco (down $30.1B), Goldman Sachs (down $29.5B), Morgan Stanley (down $16.1B), American Funds (down $10.9B) and PGIM (down $7.8B). The largest declines over 3 months included: Dreyfus (down $6.8B), Invesco (down $5.1B) and PGIM (down $4.0B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.330 trillion, or 20.4% of all assets. Fidelity was up $12.2B in July, up $26.6 billion over 3 mos., and up $191.7B over 12 months. JPMorgan ranked second with $668.0 billion, or 10.3% market share (up $5.6B, up $19.7B and up $76.1B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $606.5 billion, or 9.3% of assets (down $5.8B, up $14.3B and up $80.6B). Schwab ranked fourth with $544.8 billion, or 8.4% market share (up $11.2B, up $29.4B and up $142.3B), while BlackRock was the fifth largest MMF manager with $526.9 billion, or 8.1% of assets (up $8.8B, up $16.9B and up $31.9B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $447.8 billion, or 6.9% (down $4.9B, up $771M and up $52.8B), while Goldman Sachs was in seventh place with $390.0 billion, or 6.0% of assets (down $6.8B, up $7.5B and down $29.5B). Dreyfus ($270.0B, or 4.1%) was in eighth place (down $384M, down $6.8B and up $16.8B), followed by Morgan Stanley ($241.2B, or 3.7%; down $3.3B, down $657M and down $16.1B). SSGA was in 10th place ($215.3B, or 3.3%; up $4.3B, up $5.0B and up $43.7B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($199.0B, or 3.1%), American Funds ($168.4B, or 2.6%), Northern ($167.2B, or 2.6%), First American ($145.3B, or 2.2%), Invesco ($127.5B, or 2.0%), UBS ($103.3B, or 1.6%), T. Rowe Price ($47.4B, or 0.7%), DWS ($40.1B, or 0.6%), HSBC ($36.4B, or 0.6%) and Western ($27.7B, or 0.4%). Crane Data currently tracks 62 U.S. MMF managers, up 1 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: Vanguard moves up to the No. 3 spot, Schwab moves up to the No. 4 spot and BlackRock moves down to No. 5. Federated Hermes moves up to the No. 6 spot, while Goldman Sachs moves down to the No. 7 spot. Dreyfus moves up to the No. 8 spot while Morgan Stanley 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 ($1.346 trillion), JP Morgan ($905.5B), BlackRock ($794.9B), Vanguard ($606.5B) and Schwab ($544.8B). Goldman Sachs ($522.0B) was in sixth, Federated Hermes ($459.2B) was seventh, followed by Morgan Stanley ($323.8B), Dreyfus/BNY Mellon ($293.4B) and SSGA ($261.9B), 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 August issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/24, shows that yields were mostly unchanged in July across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 756), was 5.02% (unchanged) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was also unchanged at 5.02%. The MFA's Gross 7-Day Yield was at 5.40% (up 1 bp), and the Gross 30-Day Yield was unchanged at 5.39%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 7/31/24. It should be Thursday, but we're still adjusting to the SEC's new data formats.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 5.13% (unchanged) and an average 30-Day Yield at 5.12% (unchanged). The Crane 100 shows a Gross 7-Day Yield of 5.40% (unchanged), and a Gross 30-Day Yield of 5.39% (unchanged). Our Prime Institutional MF Index (7-day) yielded 5.17% (unchanged) as of July 31. The Crane Govt Inst Index was at 5.12% (up 1 bp) and the Treasury Inst Index was at 5.08% (unchanged). Thus, the spread between Prime funds and Treasury funds is 9 basis points, and the spread between Prime funds and Govt funds is 5 basis points. The Crane Prime Retail Index yielded 5.01% (down 1 bp), while the Govt Retail Index was 4.84% (up 1 bp), the Treasury Retail Index was 4.84% (up 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 3.30% (down 33 bps) as of July.
Gross 7-Day Yields for these indexes to end July were: Prime Inst 5.46% (unchanged), Govt Inst 5.38% (up 1 bp), Treasury Inst 5.36% (unchanged), Prime Retail 5.50% (unchanged), Govt Retail 5.39% (up 1 bp) and Treasury Retail 5.36% (unchanged). The Crane Tax Exempt Index fell to 3.70% (down 32 bps). The Crane 100 MF Index returned on average 0.43% over 1-month, 1.29% over 3-months, 2.90% YTD, 5.27% over the past 1-year, 3.10% over 3-years (annualized), 2.08% over 5-years, and 1.43% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 4 in July at 876. There are currently 756 taxable funds, down 4 from the previous month, and 120 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.)
