Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds moved higher again over the past 30 days to a record $1.483 trillion, while yields moved lower. Assets for EUR and GBP rose over the past month while USD inched down. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and early in 2025. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $20.4 billion over the 30 days through 2/13. The totals are up $50.7 billion (3.5%) year-to-date for 2025, they were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. dollar cause Euro and Sterling totals to shift when they're translated back into totals in U.S. dollars. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.)
Offshore US Dollar money funds decreased $111 million over the last 30 days and are up $16.6 billion YTD to $760.3 billion; they increased $94.1 billion in 2024. Euro funds increased E11.0 billion over the past month. YTD, they're up E11.4 billion to E329.1 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L6.3 million over 30 days, and they're up L16.2 billion YTD at L270.9B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (260) account for over half (51.3%) of the "European" money fund total, while Euro (EUR) money funds (181) make up 24.5% and Pound Sterling (GBP) funds (171) total 24.2%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Friday), below.
Offshore USD MMFs yield 4.30% (7-Day) on average (as of 2/13/25), down 3 basis points from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 2.67% on average, down 21 bps from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 18 months ago, but they broke back below 5.0% 7 months ago. They now yield 4.50%, down 15 bps from a month ago, but up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's February MFI International Portfolio Holdings, with data as of 1/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 26% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 21% in Repo, 23% in Treasury securities, 12% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 45.0% of their portfolios maturing Overnight, 6.1% maturing in 2-7 Days, 8.5% maturing in 8-30 Days, 9.6% maturing in 31-60 Days, 10.5% maturing in 61-90 Days, 13.8% maturing in 91-180 Days and 6.6% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (38.5%), France (10.9%), Japan (10.2%), Canada (8.5%), Australia (5.3%), the U.K. (4.1%), Sweden (3.7%), Germany (3.4%), the Netherlands (3.2%) and Finland (2.7%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $171.5 billion (23.1% of total assets), Fixed Income Clearing Corp with $33.5B (4.5%), Credit Agricole with $22.0B (3.0%), JP Morgan with $20.1B (2.7%), Barclays PLC with $19.2B (2.6%), Nordea Bank with $18.5B (2.5%), Sumitomo Mitsui Banking Corp with $17.9B (2.4%), Mizuho Corporate Bank Ltd with $16.8B (2.3%), Mitsubishi UFJ Financial Group Inc with $16.2B (2.2%) and Australia & New Zealand Banking Group Ltd with $16.0B (2.1%).
Euro MMFs tracked by Crane Data contain, on average 39% in CP, 23% in CDs, 16% in Other (primarily Time Deposits), 20% in Repo, 2% in Treasuries and 0% in Agency securities. EUR funds have on average 40.0% of their portfolios maturing Overnight, 6.0% maturing in 2-7 Days, 12.2% maturing in 8-30 Days, 9.3% maturing in 31-60 Days, 10.5% maturing in 61-90 Days, 12.5% maturing in 91-180 Days and 9.5% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (30.1%), Japan (11.5%), Canada (9.5%), the U.S. (8.5%), Germany (6.2%), the Netherlands (5.6%), the U.K. (4.7%), Spain (4.0%), Austria (3.6%) and Australia (3.6%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E19.1B (6.8%), BNP Paribas with E15.3B (5.4%), Republic of France with E10.4B (3.7%), JP Morgan with E10.3B (3.7%), Societe Generale with E10.3B (3.6%), Sumitomo Mitsui Banking Corp with E8.8B (3.1%), Toronto-Dominion Bank with E7.8B (2.8%), Bank of Nova Scotia with E7.7B (2.7%), ING Bank with E7.5B (2.7%) and Mizuho Corporate Bank Ltd with E7.0B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 1/31/25): 38% in CDs, 17% in CP, 21% in Other (Time Deposits), 20% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 39.0% of their portfolios maturing Overnight, 7.4% maturing in 2-7 Days, 9.4% maturing in 8-30 Days, 10.5% maturing in 31-60 Days, 10.9% maturing in 61-90 Days, 14.7% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (15.5%), Japan (14.9%), the U.K. (13.5%), Canada (11.7%), the U.S. (11.0%), Australia (9.9%), the Netherlands (3.9%), Singapore (3.6%), Finland (3.0%), and Spain (2.2%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.6B (6.8%), BNP Paribas with L11.7B (4.8%), Mizuho Corporate Bank Ltd with L10.2B (4.2%), RBC with L8.9B (3.7%), Sumitomo Mitsui Trust Bank with L8.8B (3.6%), JP Morgan with L8.6B (3.5%), Mitsubishi UFJ Financial Group Inc with L8.5B (3.5%), Toronto-Dominion Bank with L8.3B (3.4%), Commonwealth Bank of Australia with L7.9B (3.3%) and Goldman Sachs with L7.5B (3.1%).
