Crane Data's latest monthly Money Fund Market Share rankings show assets increasing among most of the largest U.S. money fund complexes in November, after rising in October, September, August, July, June and May. Assets fell in March and April. Money market fund assets rose by $196.1 billion, or 2.9%, last month to a record $7.064 trillion. Total MMF assets have increased by $443.5 billion, or 6.7%, over the past 3 months, and they've increased by $777.2 billion, or 12.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by BlackRock, JPMorgan, Vanguard, Morgan Stanley and Fidelity, which grew assets by $32.8 billion, $31.2B, $27.6B, $27.1B and $19.9B, respectively. Declines in November were seen by SSGA and HSBC, which decreased by $4.3 billion and $1.2B, 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 November.
Over the past year through Nov. 30, 2024, Fidelity (up $195.7B, or 15.8%), Schwab (up $117.0B, or 25.0%), BlackRock (up $110.8B, or 22.1%), Vanguard (up $92.9B, or 16.9%) and JPMorgan (up $78.3B, or 11.9%) were the `largest gainers. Fidelity, JPMorgan, BlackRock, Morgan Stanley and SSGA had the largest asset increases over the past 3 months, rising by $67.4B, $58.0B, $51.4B, $44.6B and $42.7B, respectively. The largest declines over 12 months were seen by: American Funds (down $21.3B), Invesco (down $11.8B), HSBC (down $10.2B), PGIM (down $5.1B) and RBC (down $37M). The largest declines over 3 months included: American Funds (down $5.2B) and Columbia (down $1.1B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.434 trillion, or 20.3% of all assets. Fidelity was up $19.9B in November, up $67.4 billion over 3 mos., and up $195.7B over 12 months. JPMorgan ranked second with $736.3 billion, or 10.4% market share (up $31.2B, up $58.0B and up $78.3B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $644.1 billion, or 9.1% of assets (up $27.6B, up $29.1B and up $92.9B). BlackRock ranked fourth with $611.6 billion, or 8.7% market share (up $32.8B, up $51.4B and up $110.8B), while Schwab was the fifth largest MMF manager with $585.7 billion, or 8.3% of assets (up $10.5B, up $30.5B and up $117.0B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $463.5 billion, or 6.6% (up $4.3B, up $13.8B and up $37.5B), while Goldman Sachs was in seventh place with $437.2 billion, or 6.2% of assets (up $7.1B, up $38.6B and up $13.0B). Dreyfus ($289.7B, or 4.1%) was in eighth place (up $1.6B, up $15.5B and up $28.5B), followed by Morgan Stanley ($285.5B, or 4.0%; up $27.1B, up $44.6B and up $33.3B). SSGA was in 10th place ($257.2B, or 3.6%; down $4.3B, up $42.7B and up $44.5B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($215.1B, or 3.0%), Northern ($179.1B, or 2.5%), First American ($158.4B, or 2.2%), American Funds ($151.3B, or 2.1%), Invesco ($135.6B, or 1.9%), UBS ($112.5B, or 1.6%), T. Rowe Price ($51.8B, or 0.7%), DWS ($44.6B, or 0.6%), HSBC ($40.6B, or 0.6%) and Western ($33.9B, or 0.5%). Crane Data currently tracks 61 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, 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. 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 ($1.453 trillion), JP Morgan ($992.7B), BlackRock ($931.7B), Vanguard ($644.1B) and Schwab ($585.7B). Goldman Sachs ($584.8B) was in sixth, Federated Hermes ($475.8B) was seventh, followed by Morgan Stanley ($379.3B), Dreyfus/BNY Mellon ($319.1B) and SSGA ($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 December issue of our Money Fund Intelligence and MFI XLS, with data as of 11/30/24, shows that yields were lower in November across most Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 723), was 4.34% (down 21 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was also down 19 bps at 4.39%. The MFA's Gross 7-Day Yield was at 4.71% (down 21 bps), and the Gross 30-Day Yield was down 20 bps at 4.76%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 11/30/24 on Monday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.44% (down 20 bps) and an average 30-Day Yield at 4.50% (down 18 bps). The Crane 100 shows a Gross 7-Day Yield of 4.71% (down 20 bps), and a Gross 30-Day Yield of 4.77% (down 18 bps). Our Prime Institutional MF Index (7-day) yielded 4.57% (down 23 bps) as of Nov. 30. The Crane Govt Inst Index was at 4.45% (down 21 bps) and the Treasury Inst Index was at 4.40% (down 19 bps). Thus, the spread between Prime funds and Treasury funds is 17 basis points, and the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 4.29% (down 24 bps), while the Govt Retail Index was 4.15% (down 22 bps), the Treasury Retail Index was 4.17% (down 18 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.63% (down 45 bps) as of November.
Gross 7-Day Yields for these indexes to end November were: Prime Inst 4.79% (down 23 bps), Govt Inst 4.71% (down 21 bps), Treasury Inst 4.69% (down 20 bps), Prime Retail 4.79% (down 24 bps), Govt Retail 4.68% (down 24 bps) and Treasury Retail 4.70% (down 18 bps). The Crane Tax Exempt Index fell to 3.02% (down 46 bps). The Crane 100 MF Index returned on average 0.38% over 1-month, 1.19% over 3-months, 4.68% YTD, 5.15% over the past 1-year, 3.63% over 3-years (annualized), 2.27% over 5-years, and 1.57% over 10-years.
The total number of funds, including taxable and tax-exempt, was unchanged in October at 838. There are currently 723 taxable funds, up 5 from the previous month, and 115 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.)
