Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched lower over the past 30 days to $1.704 trillion; assets were at a record high $1.719 trillion the prior month. Yields were up. Assets for EUR MMFs and GBP MMFs rose, while USD MMFs declined over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $14.8 billion over the 30 days through 10/14. The totals are up $119.8 billion (7.6%) 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 decreased $28.1 billion over the last 30 days and are up $57.3 billion YTD to $893.2 billion; they increased $92.3 billion in 2025. Euro funds increased E11.0 billion over the past month. YTD, they're up E30.0 billion to E360.4 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L314 million over 30 days, and they're up L14.0 billion YTD at L287.1B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (330) account for over half (52.4%) of the "European" money fund total, while Euro (EUR) money funds (250) make up 24.8% and Pound Sterling (GBP) funds (221) total 22.8%. 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 3.81% (7-Day) on average (as of 10/14/26), up 19 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 2.45% on average, up 19 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 38 months ago, but they broke back below 5.0% 27 months ago. They now yield 3.81%, up 2 bps from a month ago, and up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's October MFI International Portfolio Holdings, with data as of 9/30/26, show that European-domiciled US Dollar MMFs, on average, consist of 30% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 27% in Repo, 15% in Treasury securities, 10% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 50.7% of their portfolios maturing Overnight, 5.6% maturing in 2-7 Days, 10.0% maturing in 8-30 Days, 6.4% maturing in 31-60 Days, 6.7% maturing in 61-90 Days, 12.2% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (33.3%), Canada (13.4%), France (11.1%), Japan (7.1%), the U.K. (6.0%), Germany (4.7%), Australia (4.6%), the Netherlands (4.4%), Finland (3.6%) and Sweden (3.4%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $132.4B (14.9%), Fixed Income Clearing Corp with $50.0B (5.6%), RBC with $40.2B (4.5%), Nordea Bank with $30.5B (3.4%), JP Morgan with $27.1B (3.1%), BNP Paribas with $23.3B (2.6%), Toronto-Dominion Bank with $20.3B (2.3%), Wells Fargo with $19.7B (2.2%), Barclays PLC with $19.5B (2.2%) and Credit Agricole with $19.2B (2.2%).
Euro MMFs tracked by Crane Data contain, on average 38% in CP, 22% in CDs, 13% in Other (primarily Time Deposits), 23% in Repo, 4% in Treasuries and 0% in Agency securities. EUR funds have on average 40.1% of their portfolios maturing Overnight, 6.6% maturing in 2-7 Days, 10.9% maturing in 8-30 Days, 10.2% maturing in 31-60 Days, 7.1% maturing in 61-90 Days, 16.4% maturing in 91-180 Days and 8.6% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (23.5%), Canada (11.1%), the U.S. (8.9%), Japan (8.7%), the Netherlands (7.6%), the U.K. (6.0%), Germany (5.5%), Belgium (4.4%), Australia (4.4%) and Sweden (3.9%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E13.5B (4.6%), BNP Paribas with E13.4B (4.5%), Republic of France with E10.9B (3.7%), JP Morgan with E9.4B (3.2%), ING Bank with E8.9B (3.0%), RBC with E8.5B (2.9%), Mizuho Corporate Bank Ltd with E7.8B (2.6%), Bank of Nova Scotia with E7.7B (2.6%), Nordea Bank with E7.5B (2.5%) and Kingdom of the Netherlands with E7.5B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 9/30/26): 35% in CDs, 22% in CP, 20% in Other (Time Deposits), 19% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 37.3% of their portfolios maturing Overnight, 7.0% maturing in 2-7 Days, 9.6% maturing in 8-30 Days, 9.9% maturing in 31-60 Days, 7.8% maturing in 61-90 Days, 19.3% maturing in 91-180 Days and 9.2% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: the U.K. (15.0%), Canada (14.5%), France (14.2%), Japan (10.1%), the U.S. (9.2%), Australia (8.3%), the Netherlands (5.3%), Singapore (4.4%), Spain (3.6%) and Finland (3.1%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L13.5B (5.2%), BNP Paribas with L12.8B (4.9%), RBC with L12.3B (4.8%), Citi with L9.2B (3.5%), Mizuho Corporate Bank Ltd with L8.2B (3.2%), Banco Santander with L7.7B (3.0%), Nordea Bank with L7.4B (2.8%), Australia & New Zealand Banking Group Ltd with L7.3B (2.8%), Toronto-Dominion Bank with L6.9B (2.7%) and Bank of Nova Scotia with L6.4B (2.5%).
In other news, ICI released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds.
It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in September, prime money market funds held 42.7 percent of their portfolios in daily liquid assets and 61.1 percent in weekly liquid assets, while government money market funds held 74.6 percent of their portfolios in daily liquid assets and 86.2 percent in weekly liquid assets." Prime DLA was down from 43.1% in August, and Prime WLA was up from 60.8%. Govt MMFs' DLA fell from 75.2% and Govt WLA was down from 87.0% for the previous month.
ICI explains, "At the end of September, prime funds had a weighted average maturity (WAM) of 30 days and a weighted average life (WAL) of 56 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 37 days and a WAL of 95 days." Prime WAMs were down while WALs were up from the previous month, WAMs were 5 days shorter and WALs were 1 day longer. Govt WAMs were 1 day shorter and WALs were 1 day longer from the previous month.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas declined from $763.99 billion in August to $751.71 billion in September. Government money market funds’ holdings attributable to the Americas rose from $6,088.39 billion in August to $6,094.53 billion in September."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $751.7 billion, or 61.3%; Asia and Pacific at $174.1 billion, or 14.2%; Europe at $285.0 billion, or 23.3%; and, Other (including Supranational) at $14.5 billion, or 1.2%. The Government Money Market Funds by Region of Issuer table shows Americas at $6.095 trillion, or 93.3%; Asia and Pacific at $92.8 billion or 1.4%; Europe at $313.6 billion, 4.8%, and Other (Including Supranational) at $33.1 billion, or 0.5%.
