Crane Data's latest monthly Money Fund Market Share rankings show assets increasing among most of the largest U.S. money fund complexes in January, after rising in December, November, October, September, August, July, June and May. Assets fell in March and April. Money market fund assets rose by $47.8 billion, or 0.7%, last month to a record $7.229 trillion. Total MMF assets have increased by $360.8 billion, or 5.3%, over the past 3 months, and they've increased by $820.8 billion, or 12.8%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by JPMorgan, Schwab, American Funds, Dreyfus and Fidelity, which grew assets by $19.0 billion, $14.0B, $12.6B, $9.0B and $8.6B, respectively. Declines in January were seen by BlackRock, Goldman Sachs and Morgan Stanley, which decreased by $17.6 billion, $15.5B and $12.3B, 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 lower again in January.
Over the past year through Jan. 31, 2025, Fidelity (up $185.5B, or 14.4%), JPMorgan (up $127.4B, or 19.4%), Schwab (up $118.3B, or 24.0%), BlackRock (up $87.9B, or 17.2%) and Vanguard (up $75.6B, or 13.2%) were the `largest gainers. JPMorgan, Fidelity, Morgan Stanley, Schwab and Vanguard had the largest asset increases over the past 3 months, rising by $78.7B, $60.7B, $36.4B, $35.3B and $31.4B, respectively. The largest declines over 12 months were seen by: American Funds (down $35.7B), RBC (down $2.0B), Columbia (down $1.8B), PGIM (down $1.8B) and Wilmington Trust (down $153M). The largest declines over 3 months included: SSGA (down $8.6B) and American Funds (down $8.4B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.475 trillion, or 20.4% of all assets. Fidelity was up $8.6B in January, up $60.7 billion over 3 mos., and up $185.5B over 12 months. JPMorgan ranked second with $783.8 billion, or 10.8% market share (up $19.0B, up $78.7B and up $127.4B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $647.9 billion, or 9.0% of assets (up $3.2B, up $31.4B and up $75.6B). Schwab ranked fourth with $610.5 billion, or 8.4% market share (up $14.0B, up $35.3B and up $118.3B), while BlackRock was the fifth largest MMF manager with $597.8 billion, or 8.3% of assets (down $17.6B, up $19.0B and up $87.9B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $483.3 billion, or 6.7% (up $3.1B, up $24.1B and up $39.5B), while Goldman Sachs was in seventh place with $448.2 billion, or 6.2% of assets (down $15.5B, up $18.1B and up $65.6B). Dreyfus ($299.8B, or 4.1%) was in eighth place (up $9.0B, up $11.7B and up $23.1B), followed by Morgan Stanley ($294.8B, or 4.1%; down $12.3B, up $36.4B and up $56.8B). SSGA was in 10th place ($252.9B, or 3.5%; up $1.4B, down $8.6B and up $14.9B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring (formerly Wells Fargo) ($212.1B, or 2.9%), Northern ($183.2B, or 2.5%), First American ($165.1B, or 2.3%), Invesco ($151.5B, or 2.1%), American Funds ($138.7B, or 1.9%), UBS ($114.0B, or 1.6%), T. Rowe Price ($51.2B, or 0.7%), HSBC ($50.2B, or 0.7%), DWS ($39.8B, or 0.6%) and Western ($32.1B, or 0.4%). 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, Vanguard moves down to No. 4 and Schwab moves down to the No. 5 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot and Morgan Stanley moves up to the No. 8 spot while Dreyfus fall 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 ($1.495 trillion), JP Morgan ($1.047 trillion), BlackRock ($942.5B), Vanguard ($647.9B) and Schwab ($610.5B). Goldman Sachs ($597.9B) was in sixth, Federated Hermes ($494.5B) was seventh, followed by Morgan Stanley ($394.7B), Dreyfus/BNY Mellon ($324.5B) and SSGA ($300.9B), 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 February issue of our Money Fund Intelligence and MFI XLS, with data as of 1/31/25, shows that yields were lower in January across most Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 724), was 4.09% (down 10 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was also down 30 bps at 3.95%. The MFA's Gross 7-Day Yield was at 4.46% (down 12 bps), and the Gross 30-Day Yield was down 31 bps at 4.33%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 1/31/25 on Monday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.19% (down 9 bps) and an average 30-Day Yield at 3.76% (down 59 bps). The Crane 100 shows a Gross 7-Day Yield of 4.46% (down 9 bps), and a Gross 30-Day Yield of 4.03% (down 59 bps). Our Prime Institutional MF Index (7-day) yielded 4.31% (down 8 bps) as of Jan. 31. The Crane Govt Inst Index was at 4.19% (down 12 bps) and the Treasury Inst Index was at 4.14% (down 11 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 4.07% (down 8 bps), while the Govt Retail Index was 3.91% (down 11 bps), the Treasury Retail Index was 3.92% (down 9 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.18% (down 103 bps) as of January.
Gross 7-Day Yields for these indexes to end January were: Prime Inst 4.53% (down 8 bps), Govt Inst 4.45% (down 16 bps), Treasury Inst 4.43% (down 10 bps), Prime Retail 4.57% (down 8 bps), Govt Retail 4.46% (down 11 bps) and Treasury Retail 4.44% (down 10 bps). The Crane Tax Exempt Index fell to 2.59% (down 102 bps). The Crane 100 MF Index returned on average 0.36% over 1-month, 1.11% over 3-months, 0.36% YTD, 4.99% over the past 1-year, 3.88% over 3-years annualized), 2.37% over 5-years, and 1.65% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 1 in January at 837. There are currently 724 taxable funds, up 1 from the previous month, and 113 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.)
