Our June issue of Money Fund Intelligence XLS Fund Family rankings show the market share trends which started last August continuing in May -- asset floods into larger funds, into instutional funds, and into funds with reputations for quality and/or deep pockets. The largest U.S. money fund manager, Fidelity Investments with $401.8 billion, remains the largest asset gainer over 12 months with an increased of $112.9 billion. But its 39.1% gain even trailed slightly the overall market's increase of 42.4%.
No. 2 BlackRock, with $267.9 billion, showed a huge 71.0%, or $111.2 billion jump, while No. 3 JPMorgan ($251.1 billion) and No. 4 Federated ($237.8 billion) showed big increases of $85.8 billion (51.9%) and $79.4 billion (50.1%), respectively. Retail-heavy complexes, like No. 5 Schwab ($190.2 billion), which increased $44.7 billion (30.8%) and No. 6 Vanguard ($189.4 billion), which increased a "mere" $29.8 billion (18.6%), showed healthy gains but paled when comparison to the institutional increases.
No. 7 Dreyfus ($186.2 billion) and No. 8 Goldman Sachs ($177.5 billion) were among the biggest winners, with percentage increases of 107.3% ($96.3 billion) and 98.2% ($87.9 billion), respectively. No. 9 Columbia ($148.5 billion) and No. 10 Western ($111.2 billion) trailed the marketplace with gains of $21.5 billion (16.9%) and $27.3 billion (32.5%). Like many others, they continue to assuage customer concerns after taking steps to support and protect their money funds from troubled SIV holdings.
Among other notable movers, No. 13 Reserve ($85.2 billion), with an increase of $49.1 billion (136.3%), and No. 21 HSBC ($28.3 billion), with an increase of $17.1 billion (151.8%), continue racking up huge percentage gains. Among the few decliners: Oppenheimer ($23.4 billion) dropped $7.6 billion due to a $10 billion shift of Wachovia Securities' (A.G. Edwards) cash to banks from the Centennial Money Market Trust, and No. 40 Credit Suisse continues its slow painful decline, down $2.3 billion to $7.0 billion.
