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 record $1.634 trillion, rising from $1.604 trillion the month prior. Yields were mostly lower, while assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2'25). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $48.4 billion over the 30 days through 1/14. The totals are up $49.3 billion (3.1%) year-to-date for 2026. They were up $151.9 billion (10.6%) for 2025, 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.)
Offshore US Dollar money funds increased $26.8 billion over the last 30 days and are up $25.1 billion YTD to $861.1 billion; they increased $92.3 billion in 2025. Euro funds increased E13.3 billion over the past month. YTD, they're up E8.8 billion to E339.2 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L4.7 billion over 30 days, and they're up L10.5 billion YTD at L283.6B, for 2025, they rose L10.5 billion. U.S. Dollar (USD) money funds (313) account for over half (52.7%) of the "European" money fund total, while Euro (EUR) money funds (229) make up 24.1% and Pound Sterling (GBP) funds (206) total 23.2%. 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 3.66% (7-Day) on average (as of 1/14/26), down 18 bps 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 29 months ago, but they broke back below 5.0% 18 months ago. They now yield 3.79%, down 15 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 January MFI International Portfolio Holdings, with data as of 12/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 30% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 24% in Repo, 18% in Treasury securities, 10% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 46.6% of their portfolios maturing Overnight, 4.5% maturing in 2-7 Days, 10.3% maturing in 8-30 Days, 9.0% maturing in 31-60 Days, 8.4% maturing in 61-90 Days, 14.0% maturing in 91-180 Days and 7.2% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (35.9%), Canada (12.4%), France (10.6%), Japan (9.5%), Australia (6.0%), Germany (4.4%), the U.K. (4.2%), the Netherlands (3.6%), Sweden (2.6%) and Finland (2.4%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $157.5B (18.5%), Fixed Income Clearing Corp with $36.9B (4.3%), RBC with $29.7B (3.5%), Wells Fargo with $25.9B (3.0%), Toronto-Dominion Bank with $22.4B (2.6%), Australia & New Zealand Banking Group Ltd with $21.9B (2.6%), Credit Agricole with $21.0B (2.5%), Mizuho Corporate Bank Ltd with $19.0B (2.2%), Nordea Bank with $18.0B (2.1%) and Mitsubishi UFJ Financial Group Inc with $17.7B (2.1%).
Euro MMFs tracked by Crane Data contain, on average 39% in CP, 22% in CDs, 15% in Other (primarily Time Deposits), 19% in Repo, 4% in Treasuries and 1% in Agency securities. EUR funds have on average 33.5% of their portfolios maturing Overnight, 13.6% maturing in 2-7 Days, 12.9% maturing in 8-30 Days, 11.9% maturing in 31-60 Days, 8.2% maturing in 61-90 Days, 13.4% maturing in 91-180 Days and 6.5% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (27.1%), Japan (11.3%), Canada (9.5%), the U.S. (8.8%), Germany (5.8%), the Netherlands (5.7%), the U.K. (4.7%), Australia (4.7%), Belgium (4.4%) and Finland (3.7%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E15.6B (5.3%), BNP Paribas with E14.4B (4.9%), Sumitomo Mitsui Banking Corp with E9.8B (3.3%), Agence Central de Organismes de Securite Sociale with E9.7B (3.3%), Republic of France with E9.5B (3.2%), Mizuho Corporate Bank Ltd with E8.9B (3.0%), JP Morgan with E8.6B (2.9%), Societe Generale with E8.4B (2.9%), ING Bank with E7.8B (2.7%) and Bank of Nova Scotia with E7.2B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 12/31/25): 35% in CDs, 21% in CP, 21% in Other (Time Deposits), 18% in Repo, 4% in Treasury and 1% in Agency. Sterling funds have on average 36.2% of their portfolios maturing Overnight, 8.6% maturing in 2-7 Days, 12.7% maturing in 8-30 Days, 15.3% maturing in 31-60 Days, 8.3% maturing in 61-90 Days, 10.3% maturing in 91-180 Days and 8.6% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (15.2%), Japan (15.2%), Canada (14.7%), the U.K. (12.4%), Australia (8.3%), the U.S. (7.8%), Singapore (4.0%), Germany (3.5%), the Netherlands (3.2%) and Finland (2.8%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L14.5B (6.4%), RBC with L10.6B (4.7%), Mizuho Corporate Bank Ltd with L9.1B (4.1%), BNP Paribas with L8.5B (3.8%), Sumitomo Mitsui Banking Corp with L8.5B (3.8%), Sumitomo Mitsui Trust Bank with L7.4B (3.3%), Bank of Nova Scotia with L6.4B (2.9%), Australia & New Zealand Banking Group Ltd with L6.4B (2.8%), Agence Central de Organismes de Securite Sociale with L6.3B (2.8%) and Mitsubishi UFJ Financial Group Inc with L6.1B (2.7%).
