Crane Data published its latest Money Fund Intelligence Family & Global Rankings yesterday, which ranks the asset totals and market share of managers of money funds in the U.S. and globally. The August edition, with data as of July 31, shows continued moderate asset decreases for the majority of money fund complexes in the latest month, and over the past three months, but assets have been virually flat over the past year. (These "Family" rankings are available to our Money Fund Wisdom subscribers.) Schwab, Northern, Franklin, and BofA were some of the few that showed gains in July, rising by $1.4 billion, $1.4 billion, $1.3 billion, and $1.3 billion respectively, while Goldman Sachs, BofA Funds, Morgan Stanley, Wells Fargo and SSgA led the increases over the 3 months through July 31, 2014, rising by $6.6B, $4.3B, $2.5B, $1.9B, and $1.8B, respectively. Money fund assets overall decreased by $21.8 billion in July, decreased by $29.5 billion over the last three months, but fell by just $2.4 billion over the past 12 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 $404.7 billion, or 16.5% of all assets (down $440M in July, down $3.9B over 3 mos. and down $14.9B over 12 months), followed by JPMorgan's $231.2 billion, or 9.4% (down $7.0B, down $9.2B, and up 2.1B for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $196.9 billion, or 8.0% of assets (down $5.0B, down $13.7B, and down $23.4B), BlackRock ranks fourth with $181.6 billion, or 7.4% of assets (down $2.7B, down $10.4B, and up $35.4B), and Vanguard ranks fifth with $171.3 billion, or 7.0% (up $495M, down $797M, and up $148M).
The sixth through tenth largest U.S. managers include: Schwab ($159.6B, 6.5%), Dreyfus ($153.4B, or 6.2%), Goldman Sachs ($135.0B, or 5.5%), Wells Fargo ($108.5B, or 4.4%), and Morgan Stanley ($101.4B, or 4.1%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($82.0B, or 3.3%), Northern ($75.9B, or 3.1%), Invesco ($59.3B, or 2.4%), BofA ($48.0B, or 2.0%), Western Asset ($40.1B, or 1.6%), UBS ($37.2B, or 1.5%), First American ($36.6B, or 1.5%), Deutsche ($33.1B, or 1.3%), Franklin ($19.7B, or 0.8%), and RBC ($18.7B, or 0.8%). Crane Data currently tracks 74 managers, down one from last month.
Over the past year, BlackRock showed the largest asset increase (up $35.4B, or 24.7%; note that most of this is due to the addition of securities lending shares to our collections), followed by Goldman Sachs (up $6.9B, or 4.9%), and Morgan Stanley (up $6.7B, or 7.2%). Other gainers since July 31, 2013, include: BofA (up $5.9B, or 13.9%), SSgA (up $5.6B, or 7.4%) American Funds (up $4.0B, or 30.0%), and JPMorgan (up $2.1B, or 0.9%). The biggest declines over 12 months include: Federated (down $23.4B, or -10.6%), Fidelity (down $14.9B, or -3.6%), UBS (down $11.6B, or -22.4%), and Deutsche (down $9.0B, or -21.4%). (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. 4, 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 ($410.7 billion), JPMorgan ($354.3 billion), BlackRock ($297.5 billion), Goldman Sachs ($214.9 billion), and Federated ($206.3 billion). Dreyfus ($178.2B), Vanguard ($171.3B), Schwab ($159.6B), Western ($132.7B), and Morgan Stanley ($120.4B) 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 August 2014 MFI and MFI XLS show that both net and gross yields remained at record lows for the month ended July 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 0.13%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low, 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 7/31/14, 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 0.10%, Treasury 0.06%, and Tax Exempt 0.13% in July.) 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 1.62% for 10-years.
In other news, ICI released its latest "Money Market Fund Assets" report, which showed money funds increasing for the second week in a row (up $23.3 billion in 2 weeks). It says, "Total money market fund assets increased by $10.51 billion to $2.58 trillion for the week ended Wednesday, August 13, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) increased by $8.15 billion and prime funds increased by $2.93 billion. Tax-exempt money market funds decreased by $570 million." Year-to-date, money fund assets have declined by $141 billion, or 5.2 percent.
The release continues, "Assets of retail money market funds increased by $1.22 billion to $906.60 billion. Among retail funds, Treasury money market fund assets increased by $220 million to $202.88 billion, prime money market fund assets increased by $1.33 billion to $517.03 billion, and tax-exempt fund assets decreased by $340 million to $186.69 billion. Assets of institutional money market funds increased by $9.30 billion to $1.67 trillion. Among institutional funds, Treasury money market fund assets increased by $7.93 billion to $714.58 billion, prime money market fund assets increased by $1.60 billion to $884.46 billion, and tax-exempt fund assets decreased by $240 million to $71.80 billion."
