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 $1.543 trillion, rising from $1.519 trillion the month 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 2025 (after a pause in Q2). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $23.8 billion over the 30 days through 9/12. The totals are up $110.2 billion (7.7%) 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: Register ASAP for our European Money Fund Symposium, which is next week, Sept. 22-23, 2025 in Dublin!)
Offshore US Dollar money funds increased $19.5 billion over the last 30 days and are up $80.0 billion YTD to $823.7 billion; they increased $94.1 billion in 2024. Euro funds increased E2.1 billion over the past month. YTD, they're up E13.6 billion to E331.3 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L1.5 billion over 30 days, and they're up L20.4 billion YTD at L275.0B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (269) account for over half (53.4%) of the "European" money fund total, while Euro (EUR) money funds (190) make up 23.4% and Pound Sterling (GBP) funds (183) total 23.2%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Monday), below.
Offshore USD MMFs yield 4.21% (7-Day) on average (as of 8/13/25), down 1 bp 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 1.91% on average, unchanged 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 25 months ago, but they broke back below 5.0% 14 months ago. They now yield 3.99%, down 4 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 September MFI International Portfolio Holdings, with data as of 8/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 30% in Commercial Paper (CP), 15% in Certificates of Deposit (CDs), 23% in Repo, 19% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 48.7% of their portfolios maturing Overnight, 1.0% maturing in 2-7 Days, 9.6% maturing in 8-30 Days, 10.3% maturing in 31-60 Days, 7.5% maturing in 61-90 Days, 14.8% maturing in 91-180 Days and 8.1% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (39.2%), France (10.4%), Canada (10.2%), Japan (8.6%), the Netherlands (5.2%), Australia (5.1%), the U.K. (4.1%), Germany (3.5%), Sweden (3.1%) and Finland (2.4%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $161.9B (19.7% of total assets), Fixed Income Clearing Corp with $39.2B (4.8%), JP Morgan with $28.0B (3.4%), RBC with $24.5B (3.0%), Credit Agricole with $23.3B (2.8%), Nordea Bank with $18.0B (2.2%), Mizuho Corperate Bank Ltd with $17.8B (2.2%), Australia & New Zealand Banking Group with $16.7B (2.0%), Bank of America with $15.7B (1.9%) and Barclays PLC with $15.0B (1.8%).
Euro MMFs tracked by Crane Data contain, on average 38% in CP, 22% in CDs, 14% in Other (primarily Time Deposits), 23% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 39.2% of their portfolios maturing Overnight, 7.7% maturing in 2-7 Days, 10.5% maturing in 8-30 Days, 11.1% maturing in 31-60 Days, 10.2% maturing in 61-90 Days, 14.9% maturing in 91-180 Days and 6.4% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (28.5%), the U.S. (10.6%), Japan (10.2%), Canada (10.0%), the Netherlands (6.7%), the U.K. (5.4%), Germany (5.4%), Australia (3.9%), Spain (3.3%) and Austria (2.9%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E16.9B (5.8%), BNP Paribas with E15.5B (5.3%), JP Morgan with E14.5B (5.0%), Societe Generale with E10.5B (3.6%), Republic of France with E9.3B (3.2%), ING Bank with E9.3B (3.2%), Sumitomo Mitsui Banking Corp with E8.6B (2.9%), Agence Central de Organismes de Securite Sociale with E8.2B (2.8%), Bank of Nova Scotia with E8.2B (2.8%) and Mitsubishi UFJ Financial Group Inc with E6.8B (2.3%).
The GBP funds tracked by MFI International contain, on average (as of 8/31/25): 38% in CDs, 19% in CP, 20% in Other (Time Deposits), 19% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 32.7% of their portfolios maturing Overnight, 9.7% maturing in 2-7 Days, 9.0% maturing in 8-30 Days, 10.1% maturing in 31-60 Days, 13.4% maturing in 61-90 Days, 17.3% maturing in 91-180 Days and 7.7% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (15.9%), Japan(14.2%), the U.K. (12.1%), Canada (12.1%), the U.S. (10.6%), Australia (8.8%), the Netherlands (5.4%), Singapore (3.6%), Finland (2.9%) and Germany (2.8%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L16.9B (6.8%), BNP Paribas with L11.0B (4.4%), RBC with L10.1B (4.0%), Mizuho Corporate Bank Ltd with L9.6B (3.8%), JP Morgan with L9.4B (3.8%), Sumitomo Mitsui Banking Corp with L8.8B (3.5%), Credit Agricole with L7.9B (3.1%), National Australia Bank Ltd with L7.7B (3.1%), Mitsubishi UFJ Financial Group Inc with L7.7B (3.1%) and Australia & New Zealand Banking Group Ltd with L6.7B (2.7%).
