On Friday, we published our latest Money Fund Intelligence and on Monday we released our latest Family & Global Rankings for April with data as March 31, 2013. The most recent market share rankings show that Vanguard was the only manager among the 10 largest to increase assets in March, as money fund assets declined by $46.2 billion in March after declining $39.1 billion in February. Fidelity Investments remained the largest money fund manager, followed by J.P. Morgan and Federated Investors. The rest of the Top 10 managers of domestic U.S. money funds also included -- Vanguard, Schwab, BlackRock, Dreyfus, Goldman Sachs, Wells Faro, and Morgan Stanley. 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, which moves to No. 8 and bumps Morgan Stanley down to No. 12. 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 $410.9 billion, or 16.8% of all assets, followed by JPMorgan's $236.9 billion (9.7%). Federated Investors ranks third with $229.9 billion (9.4%), Vanguard ranks fourth with $166.4 billion (6.8%), and Schwab ranks fifth with $157.9 billion (6.4%) of money fund assets. The sixth through tenth largest U.S. managers include: BlackRock ($148.1 billion, or 6.0%), Dreyfus ($147.6 billion, or 6.0%), Goldman Sachs ($134.4 billion, or 5.5%), Wells Fargo ($114.9 billion, or 4.7%), and Morgan Stanley ($83.7 billion, or 3.4%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern, SSgA, Invesco, UBS, BofA, DB Advisors, Western Asset, First American, RBC, and Franklin. Crane Data currently tracks 76 managers.
Over the past year, Morgan Stanley shows the largest asset increase (up $14.5 billion, or 21.5%), fueled by the shifting of Morgan Stanley Smith Barney brokerage assets away from Western Asset. Other big gainers since March 31, 2012, include: Northern (up $10.8 billion, or 15.5%), Franklin (up $7.7 billion), Vanguard (up $5.6 billion), and Schwab (up $5.3 billion). The biggest declines over 12 months include: JPM (down $9.7 billion), Federated (down $8.5 billion), and Western (down $6.5 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 ($417.5 billion), JPMorgan ($379.8 billion), BlackRock ($245.1 billion), Federated ($241.2 billion), and Goldman ($203.9 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 March 31, 2013, our Crane Money Fund Average, which includes all taxable funds covered by Crane (currently 798), 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 third month in a row following a drop in January from 0.05%. Our Prime Institutional MF Index yielded 0.05% (7-day, down one basis point), the Crane Govt Inst Index yielded 0.01% (down one bps), 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, 0.05% for 1-year, 0.06% for 3-years (annualized), 0.42% for 5-year, and 1.72% for 10-years. We added Gross 7-Day Yields to our Crane Indexes history file last month, and show 0.11% for Treasury Institutional and Treasury Retail funds; 0.14% for Government Institutional and 0.15% for Govt Retail funds; 0.24% for Prime Institutional funds and Prime Retail funds; and, 0.19% for Tax Exempt money funds, on average.
Average expense ratios charged inched lower again in March along with gross yields. The Crane 100 and MF Average were 0.17% and 0.18% (down from 0.20% in December). Prime Retail funds charged the higher rates (0.23%) on average, while Treasury Inst charged the lowest rates at 0.10%. Finally, WAMs, or weighted average maturities, remained the same or lengthened slightly, at 46 days and 49 days, for the Crane MF Average and Crane 100 Index, respectively. WAMs were 43 days 45 days, respectively, at year-end 2012.
