Crane Data's most recent monthly Money Fund Intelligence Family & Global Rankings, which rank the asset totals and market share of managers of money funds in the U.S. and globally, shows asset increases for roughly half of the major money fund complexes in May, but decreases for the majority over the past three months ended May 31. (These "Family" rankings are available to our Money Fund Wisdom subscribers.) Goldman Sachs, Morgan Stanley, Bank of America, Wells Fargo, First American, and SSgA showed solid gains in May, rising by $4.7 billion, $3.0 billion, $3.0 billion, $2.8 billion, $2.5 billion, and $2.4 billion respectively, while SSgA, First American, Morgan Stanley, and American Funds led the increases over the 3 months through May 31, 2014, rising by $4.0B, $2.9B, $1.6B, and $1.6B, respectively. Money fund assets overall increased by $4.5 billion in May, but fell by $81.9 billion over the last three months (according to our Money Fund Intelligence XLS).
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $408.4 billion, or 16.4% of all assets (down $159M in May, down $11.6B over 3 mos. and down $5.1B over 12 months), followed by JPMorgan's $238.8 billion, or 9.6% (down $1.6B, down $10.6B, and up $8.1B for 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $204.2 billion, or 8.2% of assets (down $6.4B, down $14.2B, and down $19.4B), BlackRock ranks fourth with $189.9 billion, or 7.6% of assets (down $2.1B, down $11.7B, and up $39.2B), and Vanguard ranks fifth with $171.8 billion, or 6.9% (down $330M, down $2.1B, and up $6.6B).
The sixth through tenth largest U.S. managers include: Schwab ($159.9B, 6.4%), Dreyfus ($157.0B, or 6.3%), Goldman Sachs ($133.1B, or 5.3%), Wells Fargo ($109.4B, or 4.4%), and Morgan Stanley ($101.9B, or 4.1%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($82.6B, or 3.3%), Northern ($76.4B, or 3.1%), Invesco ($59.3B, or 2.4%), BofA ($46.9B, or 1.9%), Western Asset ($40.5B, or 1.6%), First American ($40.4B, or 1.6%), UBS ($39.0B, or 1.6%), Deutsche ($34.7B, or 1.4%), RBC ($18.9B, or 0.8%), and Franklin ($18.4B, or 0.7%). Crane Data currently tracks 75 managers, unchanged from last month and up one from last quarter.
Over the past year, BlackRock showed the largest asset increase (up $39.2B, or 27.1%; note that most of this is due to the addition of securities lending shares to our collections), followed by SSgA (up $9.9B, or 13.7%), Morgan Stanley (up $8.8B, or 10.4%), and JP Morgan (up $8.1B, or 3.5%. Other big gainers since May 31, 2013, include: Vanguard (up $6.6B, or 4.0%), Dreyfus (up $6.6B, or 4.5%), Schwab (up $4.8B, or 3.1%), Reich & Tang (up $3.8B, or 50.1%), and BofA (up $3.5B, or 7.8%). The biggest declines over 12 months include: Federated (down $19.4B, or 8.7%), Wells Fargo (down 13.2B, or 11.2%) and UBS (down $11.0B, or 21.7%). (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 Islands -- 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 Wells Fargo 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 largest families: Fidelity ($415.0 billion), JPMorgan ($367.5 billion), BlackRock ($301.8 billion), Federated ($213.9 billion), and Goldman ($213.6 billion). Dreyfus ($182.6B), Vanguard ($171.8B), Schwab ($159.9B), Western ($125.2B), and Morgan Stanley ($118.4B) 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 June 2014 MFI and MFI XLS show that both net and gross yields remained at record lows for the month ended May 31, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 856), 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 0.13%.) 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 0.03% a year ago. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 5/31/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.
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 0.18%, Govt 0.9%, Treasury 0.07%, and Tax Exempt 0.14% in May.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.01% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.06% for 5-year, and 1.63% for 10-years.
