Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched higher over the past 30 days to $1.504 trillion, after hitting a record high $1.518 trillion three months prior, while yields were lower. Assets for USD MMFs rose while EUR and GBP MMFs fell 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, increased by $2.2 billion over the 30 days through 7/14. The totals are up $71.5 billion (5.0%) 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.) (Note too: We're gearing up for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin. Register and make hotel reservations soon!)
Offshore US Dollar money funds increased $13.4 billion over the last 30 days and are up $55.7 billion YTD to $799.3 billion; they increased $94.1 billion in 2024. Euro funds decreased E9.5 billion over the past month. YTD, they're up E8.2 billion to E325.9 billion, for 2024, they increased by E82.9 billion. GBP money funds decreased L643 million over 30 days, and they're up L13.9 billion YTD at L268.5B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (260) account for over half (53.1%) of the "European" money fund total, while Euro (EUR) money funds (181) make up 23.6% and Pound Sterling (GBP) funds (172) total 23.2%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Tuesday), below.
Offshore USD MMFs yield 4.22% (7-Day) on average (as of 7/14/25), unchanged 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 1.94% on average, down 15 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 23 months ago, but they broke back below 5.0% 12 months ago. They now yield 4.19%, down 2 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 June MFI International Portfolio Holdings, with data as of 6/30/25, show that European-domiciled US Dollar MMFs, on average, consist of 29% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 26% in Repo, 16% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 49.5% of their portfolios maturing Overnight, 5.7% maturing in 2-7 Days, 7.9% maturing in 8-30 Days, 7.0% maturing in 31-60 Days, 7.3% maturing in 61-90 Days, 14.5% maturing in 91-180 Days and 8.0% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (38.7%), Canada (11.2%), France (10.3%), Japan (8.2%), Australia (5.2%), Germany (4.3%), the Netherlands (4.2%), the U.K. (3.5%), Sweden (3.4%) and Finland (2.8%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $132.5 billion (16.3% of total assets), Fixed Income Clearing Corp with $59.0B (7.2%), RBC with $27.3B (3.4%), JP Morgan with $21.3B (2.6%), Nordea Bank with $21.0B (2.6%), Credit Agricole with $19.1B (2.3%), BNP Paribas with $17.0B (2.1%), Canadian Imperial Bank of Commerce with $16.8B (2.1%), Australia & New Zealand Banking Group Ltd with $16.3B (2.0%) and Mizuho Corporate Bank Ltd with $15.7B (1.9%).
Euro MMFs tracked by Crane Data contain, on average 38% in CP, 24% in CDs, 15% in Other (primarily Time Deposits), 20% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 40.7% of their portfolios maturing Overnight, 7.2% maturing in 2-7 Days, 9.7% maturing in 8-30 Days, 10.5% maturing in 31-60 Days, 8.5% maturing in 61-90 Days, 14.5% maturing in 91-180 Days and 9.1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (29.4%), Japan (11.1%), Canada (9.8%), the U.S. (9.3%), Germany (5.9%), the Netherlands (5.6%), the U.K. (5.5%), Australia (3.9%), Sweden (3.4%) and Spain (3.0%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E15.7B (5.5%), BNP Paribas with E14.0B (4.9%), JP Morgan with E12.0B (4.2%), Societe Generale with E11.3B (4.0%), Republic of France with E10.3B (3.6%), Sumitomo Mitsui Banking Corp with E10.2B (3.6%), Agence Central de Organismes de Securite Sociale with E8.1B (2.8%), ING Bank with E7.9B (2.8%), BPCE SA with E7.4B (2.6%) and Bank of Nova Scotia with E7.1B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 6/30/25): 39% in CDs, 17% in CP, 21% in Other (Time Deposits), 20% in Repo, 3% in Treasury and 0% in Agency. Sterling funds have on average 36.3% of their portfolios maturing Overnight, 7.7% maturing in 2-7 Days, 8.9% maturing in 8-30 Days, 14.3% maturing in 31-60 Days, 8.9% maturing in 61-90 Days, 15.6% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (16.3%), Japan (15.7%), the U.K. (11.9%), Canada (11.8%), the U.S. (10.3%), Australia (9.6%), Singapore (3.8%), the Netherlands (3.7%), Abu Dhabi (2.7%) and Germany (2.7%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.4B (6.6%), BNP Paribas with L13.1B (5.3%), Mizuho Corporate Bank Ltd with L12.3 (5.0%), RBC with L10.1B (4.1%), Sumitomo Mitsui Banking Corp with L8.8B (3.6%), JP Morgan with L8.7B (3.5%), National Australia Bank Ltd with L7.9B (3.2%), Mitsubishi UFJ Financial Group Inc with L7.5B (3.0%), Sumitomo Mitsui Trust Bank with L7.3B (3.0%) and Commonwealth Bank of Australia with L7.2B (2.9%).
