Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a new record high $1.519 trillion, increasing from $1.504 trillion the month prior. The previous record high of $1.518 trillion was seen four months prior. Yields inched lower, while assets for `USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and early 2025 but in Q2. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $14.3 billion over the 30 days through 8/13. The totals are up $86.4 billion (6.0%) 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 USD. 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: With just over a month to go, register soon for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
Offshore US Dollar money funds increased $4.8 billion over the last 30 days and are up $60.5 billion YTD to $804.1 billion; they increased $94.1 billion in 2024. Euro funds increased E3.3 billion over the past month. YTD, they're up E11.4 billion to E329.2 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L4.9 billion over 30 days, and they're up L18.9 billion YTD at L273.5B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (260) account for over half (52.9%) of the "European" money fund total, while Euro (EUR) money funds (181) make up 23.6% and Pound Sterling (GBP) funds (173) total 23.4%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Thursday), below.
Offshore USD MMFs yield 4.22% (7-Day) on average (as of 8/13/25), unchanged from a month earli-er. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield terri-tory in the second half of 2022, yield 1.91% on average, down 3 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 24 months ago, but they broke back below 5.0% 13 months ago. They now yield 4.03%, down 16 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 August MFI International Portfolio Holdings, with data as of 7/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 16% in Certificates of De-posit (CDs), 25% in Repo, 17% in Treasury securities, 12% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 49.4% of their portfolios maturing Overnight, 4.8% maturing in 2-7 Days, 5.3% maturing in 8-30 Days, 8.8% maturing in 31-60 Days, 9.0% maturing in 61-90 Days, 14.3% maturing in 91-180 Days and 8.5% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the US (37.2%), France (10.5%), Japan (9.3%), Canada (9.3%), Australia (5.2%), Germany (4.7%), the U.K. (4.2%), the Netherlands (4.1%), Sweden (3.7%) and Finland (2.6%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $134.3B (16.8% of total assets), Fixed Income Clearing Corp with $40.6B (5.1%), JP Morgan with $32.9B (4.1%), Credit Agricole with $23.9B (3.0%), Mizuho Corporate Bank Ltd with $19.9B (2.5%), Nordea Bank with $19.6B (2.5%), Barclays PLC with $18.4B (2.3%), Citi with $17.4B (2.2%), Sumitomo Mitsui Banking Corp with $17.3B (2.2%) and Australia & New Zealand Banking Group Ltd with $16.4B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 37% in CP, 24% in CDs, 13% in Other (primarily Time Deposits), 23% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 38.4% of their portfolios maturing Overnight, 8.1% maturing in 2-7 Days, 9.9% maturing in 8-30 Days, 10.0% maturing in 31-60 Days, 10.1% maturing in 61-90 Days, 16.0% maturing in 91-180 Days and 7.5% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (29.0%), Japan (10.4%), the U.S. (10.4%), Canada (9.8%), the U.K. (5.8%), the Netherlands (5.8%), Germany (4.6%), Australia (4.0%), Spain (3.7%) and Sweden (3.2%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E18.0B (6.2%), BNP Paribas with E15.5B (5.3%), JP Morgan with E14.0B (4.8%), Societe Generale with E10.1B (3.5%), Republic of France with E9.4B (3.2%), ING Bank with E8.7B (3.0%), Sumitomo Mitsui Banking Corp with E8.5B (2.9%), Agence Central de Organismes de Securite Sociale with E7.8B (2.7%), Bank of Nova Scotia with E7.4B (2.6%) and HSBC with E7.2B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 7/31/25): 38% in CDs, 17% in CP, 22% in Other (Time Deposits), 20% in Repo, 2% in Treasury and 1% in Agency. Sterling funds have on aver-age 37.7% of their portfolios maturing Overnight, 8.6% maturing in 2-7 Days, 9.4% maturing in 8-30 Days, 9.4% maturing in 31-60 Days, 9.3% maturing in 61-90 Days, 17.8% maturing in 91-180 Days and 7.9% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (17.1%), Japan (15.7%), the U.K. (11.8%), Canada (11.3%), the U.S. (10.4%), Australia (9.6%), the Netherlands (4.1%), Singapore (3.4%), Spain (2.7%) and Germany (2.7%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.8B (6.8%), Mizuho Corporate Bank Ltd with L13.2B (5.3%), BNP Paribas with L10.9B (4.4%), RBC with L9.2B (3.7%), JP Morgan with L8.7B (3.5%), Sumitomo Mitsui Banking Corp with L8.4B (3.4%), National Australia Bank Ltd with L8.2B (3.3%), Mitsubishi UFJ Financial Group Inc with L7.8B (3.1%), Credit Agricole with L7.8B (3.1%) and Australia & New Zealand Banking Group Ltd with L7.6B (3.0%).
