Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in December, after also jumping in November. Assets have increased in 17 of the past 18 months (only April 2025 saw declines). Money market fund assets rose by $123.5 billion, or 1.5%, last month to a record $8.111 trillion. Total MMF assets have increased by $398.8 billion, or 5.2%, over the past 3 months, and they've increased by $930.2 billion, or 13.0%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by JPMorgan, Fidelity, BlackRock, Federated Hermes and Morgan Stanley, which grew assets by $40.7 billion, $36.1B, $28.4B, $16.1B and $14.3B, respectively. Declines in December were seen by American Funds, Vanguard, Allspring, PGIM and Columbia, which decreased by $31.5 billion, $7.5B, $6.8B, $1.6B and $876M, respectively. Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were lower in December.
Over the past year through Dec. 31, 2025, Fidelity (up $206.4B, or 14.1%), JPMorgan (up $135.6B, or 17.7%), BlackRock (up $100.4B, or 16.3%), Schwab (up $97.7B, or 16.4%) and Vanguard (up $88.0B, or 13.7%) were the largest gainers. JPMorgan, Goldman Sachs, Fidelity, BlackRock and Morgan Stanley had the largest asset increases over the past 3 months, rising by $72.6B, $53.9B, $52.9B, $50.2B and $46.7B, respectively. The largest decline over 12 months was seen by: Columbia (down $921M). The largest declines over 3 months included: American Funds (down $25.0B), Western (down $2.6B), Allspring (down $1.3B), Invesco (down $1.1B) and RBC (down $849M).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.673 trillion, or 20.6% of all assets. Fidelity was up $36.1B in December, up $52.9B over 3 mos., and up $206.4B over 12 months. JPMorgan ranked second with $900.5 billion, or 11.1% market share (up $40.7B, up $72.6B and up $135.6B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $732.7 billion, or 9.0% of assets (down $7.5B, up $21.3B and up $88.0B). BlackRock ranked fourth with $715.9 billion, or 8.8% market share (up $28.4B, up $50.2B and up $100.4B), while Schwab was the fifth largest MMF manager with $694.3 billion, or 8.6% of assets (up $8.7B, up $27.7B and up $97.7B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $525.5 billion, or 6.5% (up $16.1B, up $19.8B and up $45.3B), while Goldman Sachs was in seventh place with $478.2 billion, or 5.9% of assets (up $3.9B, up $53.9B and up $14.6B). BNY Dreyfus ($342.0B, or 4.2%) was in eighth place (up $1.4B, up $16.4B and up $51.3B), followed by Morgan Stanley ($324.6B, or 4.0%; up $14.3B, up $46.7B and up $17.5B). SSIM was in 10th place ($303.6B, or 3.7%; up $6.3B, up $39.5B and up $52.1B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring ($229.5B, or 2.8%), Northern ($196.2B, or 2.4%), First American ($186.9B, or 2.3%), Invesco ($154.9B, or 1.9%), American Funds ($134.8B, or 1.7%), UBS ($124.1B, or 1.5%), HSBC ($53.7B, or 0.7%), T Rowe Price ($52.6B, or 0.6%), DWS ($39.6B, or 0.5%) and Western ($37.9B, or 0.5%). Crane Data currently tracks 60 U.S. MMF managers, unchanged from last month.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers are the same as the domestic list, except: BlackRock moves up to the No. 3 spot and Vanguard moves down to the No. 4 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot. Morgan Stanley moves up to the No. 8 spot while BNY Dreyfus moves down to the No. 9 spot. Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($1.696 trillion), JP Morgan ($1.186 trillion), BlackRock ($1.078 trillion), Vanguard ($732.7B) and Schwab ($694.3B). Goldman Sachs ($646.9B) was in sixth, Federated Hermes ($538.5B) was seventh, followed by Morgan Stanley ($435.2B), Dreyfus/BNY ($404.8B) and SSIM ($352.8B), which round out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The January issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/25, shows that yields were down in December across all the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 727), was 3.48% (down 18 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was down 15 bps to 3.52%. The MFA's Gross 7-Day Yield was at 3.85% (down 18 bps), and the Gross 30-Day Yield was down 15 bps at 3.89%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 12/31/25 on Friday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 3.58% (down 19 bps) and an average 30-Day Yield at 3.62% (down 16 bps). The Crane 100 shows a Gross 7-Day Yield of 3.85% (down 19 bps), and a Gross 30-Day Yield of 3.89% (down 16 bps). Our Prime Institutional MF Index (7-day) yielded 3.69% (down 20 bps) as of December 31. The Crane Govt Inst Index was at 3.59% (down 20 bps) and the Treasury Inst Index was at 3.54% (down 18 bps). Thus, the spread between Prime funds and Treasury funds is 15 basis points, and the spread between Prime funds and Govt funds is 10 basis points. The Crane Prime Retail Index yielded 3.47% (down 18 bp), while the Govt Retail Index was 3.31% (down 16 bps), the Treasury Retail Index was 3.31% (down 17 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.67% (up 23 bps) at the end of December.
Gross 7-Day Yields for these indexes to end December were: Prime Inst 3.92% (down 20 bps), Govt Inst 3.84% (down 20 bps), Treasury Inst 3.83% (down 18 bps), Prime Retail 3.96% (down 18 bps), Govt Retail 3.85% (down 17 bps) and Treasury Retail 3.83% (down 17 bps). The Crane Tax Exempt Index rose to 3.06% (up 23 bps). The Crane 100 MF Index returned on average 0.31% over 1-month, 0.96% over 3-months, 4.12% YTD, 4.11% over the past 1-year, 4.68% over 3-years annualized), 3.08% over 5-years, and 2.02% over 10-years.
The total number of funds, including taxable and tax-exempt, was up 5 in December at 838. There are currently 727 taxable funds, up 5 from the previous month, and 111 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
