Crane Data published its most recent monthly Money Fund Intelligence Family & Global Rankings yesterday, which rank the asset totals and market share of managers of money funds in the U.S. and globally. (It's available to our Money Fund Wisdom subscribers.) The latest reports show modest asset declines by the majority of major money fund complexes in January, but large gains over the past quarter and 12 months. SSgA, Morgan Stanley, JP Morgan, and Dreyfus showed some of the few gains in January, rising by $5.0 billion, $3.8 billion, $2.6 billion and $2.1 billion, respectively, while Goldman Sachs, BlackRock, Dreyfus, and Federated led the increases over the 3 months through Jan. 31, 2014, rising by $11.2B, $10.6B, $9.9B and $7.4B. Money fund assets overall rose by $568 million in January, after rising by $35.6 billion in December, $14.7 billion in November and $40.5 billion in October (according to our Money Fund Intelligence XLS). Note that our January figures were inflated by the addition of the PFM funds ($6.8 billion) and Alliance Bernstein funds ($1.5 billion); without these new funds, assets would have declined by $7.7 billion in Jan.
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $421.8 billion, or 16.1% of all assets (down $6.4 billion in Jan., down $6.4B over 3 mos. and up $5.7B over 12 months), followed by JPMorgan's $254.4 billion, or 9.7% (up $2.6B, up $2.3B, and up $3.2B for 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $227.9 billion, or 8.7% of assets (down $1.2B, up $7.4B, and down $11.5B), BlackRock ranks fourth with $202.0 billion, or 7.7% of assets (down $6.2B, up $10.6B, and $44.9B), and Vanguard ranks fifth with $174.7 billion, or 6.7% (down $1.0B, down $711M, and up $9.3B). (BlackRock's totals, and our overall totals, were inflated by the addition of $48 billion in securities lending classes in October 2013.)
The sixth through tenth largest U.S. managers include: Dreyfus ($171.3B, or 6.5%), Schwab ($165.0B, 6.3%), Goldman Sachs ($142.5B, or 5.4%), Wells Fargo ($118.4B, or 4.5%), and Morgan Stanley ($100.8B, or 3.9%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($84.8B, or 3.2%), Northern ($75.7B, or 2.9%), Invesco ($64.8B, or 2.5%), BofA ($48.6B, or 1.9%), UBS ($45.1B, or 1.7%), Western Asset ($41.8B, or 1.6%), First American ($37.8B, or 1.4%), DB Advisors ($36.4B, or 1.4%), RBC ($20.9B, or 0.8%), and Franklin ($18.4B, or 0.7%). Crane Data currently tracks 75 managers, up two from last month and up one from last quarter.
Over the past year, Dreyfus showed the largest asset increase (up $14.4B, or 9.2%), followed by SSgA (up $10.6B, or 15.0%) and Morgan Stanley (up $10.2B, or 11.5%). Other big gainers since Jan. 31, 2013, include: Vanguard (up $9.3B, or 5.5%), Schwab (up $6.2B, or 3.8%), Fidelity (up $5.7B, or 1.3%) and Reich & Tang (up $4.2B, or 56.0%). The biggest declines over 12 months include: `Federated (down $11.5B, or 4.7%), UBS (down $11.0B, or 19.6%) and DB Advisors (down $10.2B, or 23.6%). (Note that money fund assets are very volatile month to month.)
When "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Island -- are included, the top 10 managers 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. (displacing Morgan Stanley from the Top 10). Looking at these largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore), we show these families: Fidelity ($426.9 billion), JPMorgan ($378.6 billion), BlackRock ($299.9 billion), Federated ($237.5 billion), and Goldman ($208.4 billion). Dreyfus ($197.1B), Vanguard ($174.7B), Schwab ($165.0B), Western ($136.5B), and Wells Fargo ($119.3B) round out the top 10. These totals include offshore US dollar funds, as well as Euro and Sterling funds converted into US dollar totals.
In other news, our February 2014 MFI and MFI XLS show net yields remained at record lows and gross yields inched higher in the month ended Jan. 31, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 841), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages. (The Gross 7-Day Yield was also unchanged at 0.14%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low, and down from 0.05% at the start of 2013. (The Gross 7- and 30-Day Yields for the Crane 100 dipped back to 0.16%.) For the 12 month return through 1/31/14, our Crane MF Average returned a record low of 0.02% and our Crane 100 returned 0.03%.
Our Prime Institutional MF Index yielded 0.02% (7-day), the Crane Govt Inst Index yielded 0.01%, and the 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 Gross Yields for these indexes were: Prime 0.20%, Govt 0.11%, Treasury 0.07%, and Tax Exempt 0.14% in Jan.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.00% for YTD, 0.03% for 1-year, 0.05% for 3-years (annualized), 0.09% for 5-year, and 1.66% for 10-years.
