Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched lower over the past 30 days to $1.506 trillion, after hitting a record high $1.518 trillion the month prior, while yields were flat or lower. Assets for USD and EUR MMFs fell while GBP MMFs were flat over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and early in 2025 but have paused in recent weeks. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $12.6 billion over the 30 days through 5/13. The totals are up $73.1 billion (5.1%) 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 $9.4 billion over the last 30 days and are up $39.0 billion YTD to $782.7 billion; they increased $94.1 billion in 2024. Euro funds decreased E6.2 billion over the past month. YTD, they're up E16.3 billion to E334.1 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L2.7 million over 30 days, and they're up L21.1 billion YTD at L275.7B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (260) account for over half (52.0%) of the "European" money fund total, while Euro (EUR) money funds (181) make up 24.2% and Pound Sterling (GBP) funds (171) total 23.8%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below.
Offshore USD MMFs yield 4.23% (7-Day) on average (as of 5/13/25), 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 2.17% on average, down 22 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 21 months ago, but they broke back below 5.0% 10 months ago. They now yield 4.29%, down 13 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 May MFI International Portfolio Holdings, with data as of 4/30/25, show that European-domiciled US Dollar MMFs, on average, consist of 26% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 25% in Repo, 18% in Treasury securities, 14% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 50.6% of their portfolios maturing Overnight, 5.6% maturing in 2-7 Days, 8.4% maturing in 8-30 Days, 8.1% maturing in 31-60 Days, 7.7% maturing in 61-90 Days, 12.5% maturing in 91-180 Days and 7.1% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (37.8%), France (11.3%), Japan (9.5%), Canada (8.4%), Australia (5.2%), Germany (4.3%), Sweden (3.8%), the U.K. (3.6%), the Netherlands (3.1%) and Finland (2.7%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $146.3 billion (18.5% of total assets), Fixed Income Clearing Corp with $47.5B (6.0%), JP Morgan with $29.3B (3.7%), Credit Agricole with $21.5B (2.7%), Nordea Bank with $20.9B (2.6%), BNP Paribas with $20.7B (2.6%), Sumitomo Mitsui Banking Corp with $17.6B (2.2%), Mizuho Corporate Bank Ltd with $17.3B (2.2%), Australia & New Zealand Banking Group Ltd with $16.4B (2.1%), and Toronto-Dominion Bank with $15.7B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 38% in CP, 21% in CDs, 19% in Other (primarily Time Deposits), 20% in Repo, 2% in Treasuries and 0% in Agency securities. EUR funds have on average 17.9% of their portfolios maturing Overnight, 28.8% maturing in 2-7 Days, 12.1% maturing in 8-30 Days, 11.0% maturing in 31-60 Days, 9.7% maturing in 61-90 Days, 11.4% maturing in 91-180 Days and 9.1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (29.2%), Japan (10.5%), the U.S. (9.3%), Canada (8.5%), Germany (7.2%), the Netherlands (5.2%), the U.K. (5.0%), Spain (3.7%), Austria (3.4%) and Australia (3.3%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E20.6B (6.1%), BNP Paribas with E17.0B (5.1%), JP Morgan with E13.8B (4.1%), Societe Generale with E13.5B (4.0%), DZ Bank AG with E10.7B (3.2%), Sumitomo Mitsui Banking Corp with E10.0B (3.0%), Agence Central de Organismes de Securite Sociale with E9.8B (2.9%), BPCE SA with E8.7B (2.6%), ING Bank with E8.6B (2.6%) and Bank of Nova Scotia with E7.9B (2.3%).
The GBP funds tracked by MFI International contain, on average (as of 4/30/25): 38% in CDs, 18% in CP, 22% in Other (Time Deposits), 19% in Repo, 2% in Treasury and 1% in Agency. Sterling funds have on average 35.1% of their portfolios maturing Overnight, 10.7% maturing in 2-7 Days, 11.1% maturing in 8-30 Days, 8.5% maturing in 31-60 Days, 12.1% maturing in 61-90 Days, 13.0% maturing in 91-180 Days and 9.5% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Japan (15.1%), France (14.5%), the U.K. (12.2%), Canada (12.1%), the U.S. (10.6%), Australia (10.3%), the Netherlands (4.2%), Germany (3.7%), Singapore (3.5%) and Abu Dhabi (2.4%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L15.9B (6.3%), BNP Paribas with L12.8B (5.0%), Mizuho Corporate Bank Ltd with L11.2B (4.4%), RBC with L9.7B (3.8%), Sumitomo Mitsui Banking Corp with L9.6B (3.8%), JP Morgan with L8.9B (3.5%), Toronto-Dominion Bank with L8.5B (3.4%), National Australia Bank Ltd with L8.4B (3.3%), Commonwealth Bank of Australia with L8.0B (3.2%), and Mitsubishi UFJ Financial Group Inc with L7.6B (3.0%).
