Crane Data's latest monthly Money Fund Market Share rankings show assets increasing among most of the largest U.S. money fund complexes in September, after rising in August, July, June and May. Assets fell in March and April. Money market fund assets rose by $155.2 billion, or 2.3%, last month to a record $6.776 trillion. Total MMF assets have increased by $283.2 billion, or 4.4%, over the past 3 months, and they've increased by $676.0 billion, or 11.1%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by SSGA, Fidelity, BlackRock, JPM and Schwab, which grew assets by $45.3 billion, $38.4B, $17.4B, $12.7B and $12.2B, respectively. Declines in September were seen by Allspring, DWS, Western, First American and Columbia, which decreased by $11.7 billion, $3.5B, $3.0B, $301M and $121M, 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 lower in September.
Over the past year through Sept. 30, 2024, Fidelity (up $223.3B, or 18.9%), Schwab (up $131.0B, or 30.0%), Vanguard (up $82.8B, or 15.4%), JPMorgan (up $80.6B, or 13.2%) and BlackRock (up $72.8B, or 14.4%) were the `largest gainers. Fidelity, BlackRock, SSGA, Schwab and JPMorgan, and had the largest asset increases over the past 3 months, rising by $87.3B, $59.6B, $48.7B, $33.7B and $28.7B, respectively. The largest declines over 12 months were seen by: Invesco (down $26.1B), American Funds (down $16.5B), Morgan Stanley (down $13.0B), Goldman Sachs (down $12.6B) and PGIM (down $9.5B). The largest declines over 3 months included: Invesco (down $14.4B), American Funds (down $9.6B) and PGIM (down $4.3B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.405 trillion, or 20.7% of all assets. Fidelity was up $38.4B in September, up $87.3 billion over 3 mos., and up $223.3B over 12 months. JPMorgan ranked second with $691.0 billion, or 10.2% market share (up $12.7B, up $28.7B and up $80.6B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $620.2 billion, or 9.2% of assets (up $5.3B, up $7.9B and up $82.8B). BlackRock ranked fourth with $577.6 billion, or 8.5% market share (up $17.4B, up $59.6B and up $72.8B), while Schwab was the fifth largest MMF manager with $567.3 billion, or 8.4% of assets (up $12.2B, up $33.7B and up $131.0B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $454.2 billion, or 6.7% (up $4.5B, up $1.6B and up $39.4B), while Goldman Sachs was in seventh place with $409.6 billion, or 6.0% of assets (up $11.1B, up $12.9B and down $12.6B). Dreyfus ($282.8B, or 4.2%) was in eighth place (up $8.6B, up $12.4B and up $18.0B), followed by SSGA ($259.8B, or 3.8%; up $45.3B, up $48.7B and up $57.1B). Morgan Stanley was in 10th place ($248.4B, or 3.7%; up $7.4B, up $3.8B and down $13.0B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($197.6B, or 2.9%), Northern ($172.1B, or 2.5%), American Funds ($157.5B, or 2.3%), First American ($148.7B, or 2.2%), Invesco ($126.2B, or 1.9%), UBS ($108.4B, or 1.6%), T. Rowe Price ($50.1B, or 0.7%), HSBC ($39.0B, or 0.6%), DWS ($36.4B, or 0.5%) and Western ($31.5B, or 0.5%). Crane Data currently tracks 61 U.S. MMF managers, down 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: BlackRock moves up to the No. 3 spot, and Vanguard moves down to No. 4. Goldman Sachs moves up 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. 10 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 ($1.422 trillion), JP Morgan ($934.1B), BlackRock ($859.5B), Vanguard ($620.2B) and Schwab ($567.3B). Goldman Sachs ($552.7B) was in sixth, Federated Hermes ($466.3B) was seventh, followed by Morgan Stanley ($335.5B), SSGA ($313.6B) and Dreyfus/BNY Mellon ($308.2B), 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 October issue of our Money Fund Intelligence and MFI XLS, with data as of 9/30/24, shows that yields were lower in September across most Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 713), was 4.65% (down 34 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was also down 16 bps at 4.83%. The MFA's Gross 7-Day Yield was at 5.04% (down 33 bps), and the Gross 30-Day Yield was down 16 bps at 5.21%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 9/30/24 on Tuesday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.75% (down 35 bps) and an average 30-Day Yield at 4.94% (down 16 bps). The Crane 100 shows a Gross 7-Day Yield of 5.01% (down 35 bps), and a Gross 30-Day Yield of 5.21% (down 16 bps). Our Prime Institutional MF Index (7-day) yielded 4.82% (down 34 bp) as of Sept. 30. The Crane Govt Inst Index was at 4.75% (down 35 bps) and the Treasury Inst Index was at 4.73% (down 31 bps). Thus, the spread between Prime funds and Treasury funds is 9 basis points, and the spread between Prime funds and Govt funds is 7 basis points. The Crane Prime Retail Index yielded 4.61% (down 38 bps), while the Govt Retail Index was 4.47% (down 33 bps), the Treasury Retail Index was 4.50% (down 30 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.94% (up 11 bps) as of September.
Gross 7-Day Yields for these indexes to end September were: Prime Inst 5.09% (down 35 bps), Govt Inst 5.01% (down 34 bps), Treasury Inst 5.02% (down 31 bps), Prime Retail 5.11% (down 37 bps), Govt Retail 5.05% (down 30 bps) and Treasury Retail 5.02% (down 30 bps). The Crane Tax Exempt Index rose to 3.34% (up 11 bps). The Crane 100 MF Index returned on average 0.42% over 1-month, 1.28% over 3-months, 3.76% YTD, 5.26% over the past 1-year, 3.36% over 3-years (annualized), 2.17% over 5-years, and 1.50% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 23 in September at 833. There are currently 713 taxable funds, down 22 from the previous month, and 120 tax-exempt money funds (down 1 from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
