"Money fund assets declined by over $215 billion, or 6.0%, during the second quarter of 2009, so the market share winners recently have been fund complexes showing any increases," says the latest issue of Money Fund Intelligence Distribution Survey, Crane Data's quarterly publication that tracks market share and sales trends. MFIDS continues, "Among the largest money fund managers, these included Fidelity (up $6.3B, or 1.3%), Dreyfus (up $2.7B, 1.2%), and JPMorgan (up $2.3B, or 0.6%)."
The quarterly says, "Among fund complexes ranked 11 through 20, SSgA (up $6.0B, or 13.0%), RBC (up $1.2B, or 3.3%), DWS (up $440M, or 0.6%) and AIM (up $374M, or 0.5%) showed rare positive (though modest) growth in Q2, while Oppenheimer ($1.1B, or 11.0%), HSBC (up $2.2B, or 7.2%) and Fifth Third ($496M, or 5.2%) showed gains among those ranked 21-35." (See the full MFI Distribution Survey or our monthly Money Fund Intelligence XLS for the full market share tables.)
The Distribution Survey adds, "Over the past 12 months, the big winners in dollar terms were JPMorgan (up $133.6B, or 53.5%) and Fidelity (up $109.3B, or 27.3%), followed by Federated (up $69.5B, or 30.2%), Dreyfus (up $57.7B, or 31.6%), Goldman Sachs (up $43.7B, or 25.3%), and Wells Fargo (up $22.4B, or 22.0%). The largest percentage increases were shown by RBC (114.2%), JPMorgan (53.5%), American Funds (53.4%), Fifth Third (32.1%), and Dreyfus (31.6%)."
"Overall money fund assets, as measured by our Money Fund Intelligence XLS, grew by $268.4 billion, or 8.3%, in the 12 months through June 30, 2009. Note that these totals only include domestic U.S. money funds tracked by Crane Data.... Among the biggest dollar losers in Q2'09 were Schwab (down $19.4B, or 9.2%), Columbia (down $19.0B, or 13.0%), Federated (down $15.5B, or 4.9%), and Vanguard (down $11.3B, or 5.5%). Some of these names no doubt indicate that retail and brokerage customers led the way in redemptions during the quarter," says MFIDS.
Finally, the publication says, "Concentration of assets has occurred -- the largest 25 complexes account for 94.3% of all money fund assets vs. 91.2% a year ago. But the majority of this can be attributed to the movements of cash from four complexes over the past year -- Neuberger Berman, Janus, Putnam and American Beacon. These fund groups lost $17.9B (75.2%), $12.8B (87.5%), $12.7B (82.1%), and $9.4B (88.4%), respectively, totaling almost $53 billion." Of course, the redistribution of Reserve's assets also contributed.
