Crane Data published its latest Money Fund Intelligence Family & Global Rankings Wednesday, which ranks the asset totals and market share of managers of money funds in the U.S. and globally. The September edition, with data as of August 31, shows sizeable asset increases for the majority of money fund complexes in the latest month, and modest gains over the past three months and year. This comes after several months of decreases. (These "Family" rankings are available to our Money Fund Wisdom subscribers.) JP Morgan, BlackRock, Federated, Fidelity, and Morgan Stanley were the biggest gainers in August, rising by $7.3 billion, $6.9 billion, $5.5 billion, $5.3 billion, and $4.8 billion respectively, while Morgan Stanley, BofA Funds, Wells Fargo, Franklin, and Fidelity led the increases over the 3 months through August 31, 2014, rising by $4.2B, $3.8B, $2.5B, $2.3B, and $1.5 billion respectively. Money fund assets overall jumped by $40.8 billion in August, increased by $6.6 billion over the last three months, and increased by $15.2 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 $410.0 billion, or 16.4% of all assets (up $5.3B in August, up $1.5B over 3 mos. and down $16.9B over 12 months), followed by JPMorgan's $238.5 billion, or 9.5% (up $7.3B, down $269M, and down $908M for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $202.4 billion, or 8.1% of assets (up $5.5B, down $1.8B, and down $20.0B), BlackRock ranks fourth with $188.4 billion, or 7.5% of assets (up $6.9B, down $1.4B, and up $41.4B), and Vanguard ranks fifth with $171.9 billion, or 6.9% (up $592M, down $125M, and down $1.7B).
The sixth through tenth largest U.S. managers include: Schwab ($159.6B, 6.5%), Dreyfus ($157.0B, or 6.3%), Goldman Sachs ($133.3B, or 5.3%), Wells Fargo ($111.9B, or 4.5%), and Morgan Stanley ($106.1B, or 4.2%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($83.1B, or 3.3%), Northern ($76.2B, or 3.0%), Invesco ($59.5B, or 2.4%), BofA ($50.7B, or 2.0%), Western Asset ($40.7B, or 1.6%), UBS ($36.3B, or 1.5%), First American ($36.1B, or 1.4%), Deutsche ($32.2B, or 1.3%), Franklin ($20.7B, or 0.8%), and RBC ($18.2B, or 0.7%). Crane Data currently tracks 74 managers, the same number as last month.
Over the past year, BlackRock showed the largest asset increase (up $41.4B, or 28.3%; note that most of this though is due to the addition of securities lending shares to our collections), followed by Goldman Sachs (up $12.8B, or 10.0%), and Morgan Stanley (up $11.4B, or 12.1%). Other gainers since August 31, 2013, include: BofA (up $9.4B, or 22.2%), SSgA (up $6.6B, or 8.6%), American Funds (up $4.3B, or 30.9%), and SEI (up $1.7B, or 14.8%). The biggest declines over 12 months include: Federated (down $20.0B, or -9.1%), Fidelity (down $16.9B, or -4.0%), UBS (down $11.1B, or -22.8%), and Deutsche (down $7.8B, or -18.6%). (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 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 ($416.4 billion), JPMorgan ($361.4 billion), BlackRock ($311.2 billion), Goldman Sachs ($213.8 billion), and Federated ($210.9 billion). Dreyfus ($180.9B), Vanguard ($171.9B), Schwab ($160.8B), Western ($137.6B), and Morgan Stanley ($125.3B) 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 August 2014 Money Fund Intelligence and MFI XLS show that both net and gross yields remained at record lows for the month ended August 31, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 848), 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 8/31/14, 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 0.06%, and Tax Exempt 0.12% in August.) 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), 0.05% for 5-year, and 1.61% for 10-years.
