On Monday, we published our latest Money Fund Intelligence and released our latest Family & Global Rankings for July with data as June 30, 2013. The most recent market share rankings show that Fidelity, Vanguard and Schwab were the only managers among the 10 largest to increase assets in June, as retail assets gained from bond fund outflows but overall money fund assets fell by $26.4 billion in June. (Assets rose by $35.8 billion in May, but they had fallen in every month prior in 2013, dropping by $124.0 billion through April 30.) 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 were also unchanged in order and included -- Vanguard, Schwab, BlackRock, Dreyfus, Goldman Sachs, Wells Fargo, 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 BlackRock moving up to No. 3, Goldman moving up to No. 5, and Western Asset appearing on the list at No. 9.. We review these rankings below and also summarize our Crane Money Fund Indexes for the latest month. (Note: Crane Data's June 30 Money Fund Portfolio Holdings were released yesterday afternoon and that our "Reports & Pivot Tables" should be out this morning. Watch for our News coverage on these tomorrow.)
Our latest domestic U.S. money fund Family Rankings show Fidelity managing $419.0 billion, or 17.2% of all assets (up $5.4 billion in June, up $8.0B in Q2 and up $21.4B over 12 months), followed by JPMorgan's $225.3 billion, or 9.3% (down $5.4B, $11.5B, and $10.5B for 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $221.2 billion, 9.1% (down $2.5B, 8.8B, and 8.9B), Vanguard ranks fourth with $170.3 billion, or 7.0% (up $5.1B, 3.9B, and $10.6B), and Schwab ranks fifth with $160.2 billion, or 6.6% (up $5.1B, $2.3B, and $8.8B) of money fund assets.
The sixth through tenth largest U.S. managers include: BlackRock ($143.8 billion, or 5.9%), Dreyfus ($140.4 billion, or 5.8%), Goldman Sachs ($127.2 billion, or 5.2%), Wells Fargo ($111.5 billion, or 4.6%), and Morgan Stanley ($93.0 billion, or 3.8%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA, Northern, Invesco, UBS, BofA, DB Advisors, Western Asset, First American, Franklin and RBC. Crane Data currently tracks 76 managers, the same number as last month and last quarter. (No. 53 Calvert and No. 60 Hartford recently announced that they will exit the money fund space, but they continued to be listed until their liquidations later this year.)
Over the past year, Fidelity shows the largest asset increase (up $21.4B, or 5.3%), followed by Morgan Stanley (up $15.8B, or 20.5%). (MS's assets continue to be fueled by the shifting of Morgan Stanley Smith Barney brokerage assets away from Western.) Other big gainers since June 30, 2012, include: Vanguard (up $10.6B, or 6.6%), SSgA (up $9.1B, or 13.1%), Schwab (up $8.8B, or 5.8%), and Northern (up $8.6 billion, or 12.4%). The biggest declines over 12 months include: JPM (down $10.5B, or 4.2%), Dreyfus (down $9.3B, or 6.3%), Federated (down $8.9B, or 3.8%), and First American (down $5.0B). (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 ($424.0 billion), JPMorgan ($354.4 billion), BlackRock ($235.9 billion), Federated ($232.3 billion), and Goldman ($196.7 billion). Vanguard, Dreyfus, 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 or our MFI XLS and MFI International products.)
For the month ended June 30, 2013, our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 798), declined to a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized) averages. Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.03%, also a record low, and down from 0.04% last quarter and from 0.05% at the start of 2013. Our Prime Institutional MF Index yielded 0.03% (7-day, down one basis point), the Crane Govt Inst Index, Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%.
The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.02% for YTD, 0.05% for 1-year, 0.06% for 3-years (annualized), 0.30% for 5-year, and 1.70% for 10-years. Our Crane Index Gross 7-Day Yields averaged 0.10% for Treasury Institutional and Treasury Retail funds; 0.13% for Government Institutional and 0.14% for Govt Retail funds; 0.23% for Prime Institutional funds and Prime Retail funds; and, 0.20% for Tax Exempt money funds. These all represent record lows for gross yields for money funds.
Average expense ratios charged inched lower again in June along with gross yields. The Crane 100 and MF Average were 0.16% and 0.17% (flat and down one basis point, respectively). Prime Retail funds charged the higher rates (0.22%) on average, while Treasury Inst charged the lowest rates at 0.09%. 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.
