Last week, we published our latest Money Fund Intelligence along with our recently-launched Family & Global Rankings for March with data as fo Feb. 28, 2013. The most recent market share rankings show that Fidelity Investments remains the largest manager of money market mutual funds both in the U.S. and globally, followed by J.P. Morgan. While money fund assets declined by $31.4 billion in February, the Top 10 managers of domestic U.S. money funds remained the same -- Federated, Vanguard, Schwab, BlackRock, Dreyfus, Goldman Sachs, Wells Faro, and Morgan Stanley round out the 10 largest list. When "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Island -- are included, the top 10 match the U.S. list, except for Western Asset bumping Morgan Stanley, though the order changes slightly. We review these rankings below and also summarize our Crane Money Fund Indexes for the latest month.
Our latest domestic U.S. money fund Family Rankings show Fidelity managing $415.8 billion, or 17.2% of all assets, followed by JPM's $241.2 billion (10.0%). Federated Investors ranks third with $235.3 billion (9.7%), Vanguard ranks fourth with $165.8 billion (6.9%), and Schwab ranks fifth with $158.9 billion (6.6%) of money fund assets. The sixth through tenth largest U.S. managers include: BlackRock ($158.3 billion, or 6.5%), Dreyfus ($152.4 billion, or 6.3%), Goldman Sachs ($140.4 billion, or 5.8%), Wells Fargo ($118.1 billion, or 4.9%), and Morgan Stanley ($89.4 billion, or 3.7%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA, Morgan Stanley, UBS, Invesco, Western, BofA, DB Advisors, First American, RBC, and T Rowe Price. Crane Data currently tracks 77 managers.
Over the past year, Morgan Stanley shows the largest asset increase (up $22.0 billion, or 33.8%), moving from 12th to 10th place, driven primarily by the shifting of Morgan Stanley Smith Barney brokerage assets away from Western Asset. Other big gainers since Feb. 28, 2012, include: BlackRock (up $12.4 billion, or 8.7%), Northern (up $9.1 billion, or 12.7%), Franklin (up $6.9 billion), and Wilmington Trust (up $6.2 billion on the merger with MTB). The biggest declines over 12 months include: JPM (down $15.6 billion), Federated (down $9.1 billion), and UBS (down $7.5 billion). (Note that money fund assets are very volatile month to month.)
Looking at the largest Global Money Fund Manager Rankings, the combined market share assets of our Money Fund Intelligence XLS (domestic U.S.) and our Money Fund Intelligence International ("offshore), we show these families: Fidelity ($422.2 billion), JPMorgan ($392.3 billion), BlackRock ($252.0 billion), Federated ($247.2 billion), and Goldman ($212.0 billion). Dreyfus, Vanguard, Schwab, Western, and Wells Fargo round out the top 10. These totals include offshore US dollar funds, as well as Euro and Sterling funds converted into US dollar totals. For more details, see our latest MFI Family & Global rankings e-mail.
For the month ended Feb. 28, 2013, our Crane Money Fund Average, which includes all taxable funds covered by Crane (currently 802), remained at 0.02% for both the 7-Day and 30-Day Yield (annualized). Our `Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.04% for the second month in a row following a drop in January from 0.05%. Our Prime Instititional MF Index yielded 0.06% (7-day), the Crane Govt Inst index yielded 0.02%, and the Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail indexes all yielded 0.01%. The Crane Tax Exempt MF Index yielded 0.01%.
The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.01% for YTD, 0.06% for 1-year, 0.06% for 3-years (annualized), 0.47% for 5-year, and 1.73% for 10-years. We added Gross 7-Day Yields to our Crane Indexes history file this month as well, and show 0.12% for Treasury Institutional funds and 0.13% for Treasury Retail funds; 0.16% for Government Institutional and Govt Retail funds; 0.27% for Prime Institutional funds and 0.25% for Prime Retail funds; and, 0.19% for Tax Exempt money funds, on average.
Average expense ratios charged moved lower in February along with gross yields. The Crane 100 and MF Average both were 0.18% (down from 0.19% last month and 0.20% in December). Prime Retail funds charged the higher rates (0.24%) on average, while Treasury Inst charged the lowest rates at 0.11%. Finally, WAMs, or weighted average maturities, again lengthened in February, rising to 46 days and 48 days, for the Crane MF Average and Crane 100 Index, respectively. WAMs were 43 days 45 days, respectively, at year-end 2012.
