Crane Data published its latest Money Fund Intelligence Family & Global Rankings earlier this week, which rank the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The December edition, with data as of Nov. 30, shows asset increases for about half of money fund complexes in the latest month, as well as modest gains over the past three months. Assets were basically flat in November, increasing only 0.8%. Over the last 3 months, assets were up 2.6%, and over the last 12 months, assets are relatively flat, down 0.8%. Below, we review the latest market share changes and figures. (These "Family" rankings are available to our Money Fund Wisdom subscribers.)
BlackRock, Dreyfus, Wells Fargo, Northern, Goldman Sachs, and Invesco were the biggest gainers in November, rising by $11.8 billion, $5.1 billion, $3.8 billion, $2.9 billion, $2.8 billion, and $2.0 billion, respectively. BlackRock, Goldman Sachs, JP Morgan, Dreyfus, First American, and Wells Fargo led the increases over the 3 months through Nov. 30, 2014, rising by $20.5B, $12.6B, $9.7B, $9.2B, $4.4B, and $3.3B billion, respectively. Money fund assets overall jumped by $21.0 billion in November, increased by $63.5 billion over the last three months, and decreased by $20.9 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 $405.3 billion, or 15.8% of all assets (up $1.4 billion in November, down $4.6B over 3 mos. and down $24.6B over 12 months), followed by JPMorgan's $248.2 billion, or 9.7% (up $1.7B, up $9.7B, and down $1.8B for the past 1-month, 3-months and 12-months, respectively). BlackRock moved up to third with $209.0 billion, or 8.2% of assets (up $11.8B, up $20.5B, and up $4.0B). Federated Investors fell to fourth with $205.1 billion, or 8.0% of assets (down $2.3B, up $2.7B, and down $16.0B), and Vanguard ranks fifth with $172.4 billion, or 6.7% (up $202M, up $422M, and down $2.8B).
The sixth through tenth largest U.S. managers include: Dreyfus ($166.2B, or 6.5%), which moved ahead of Schwab ($161.8B, 6.3%), followed by Goldman Sachs ($145.9B, or 5.7%), Wells Fargo ($115.2B, or 4.5%), and Morgan Stanley ($108.7B, or 4.2%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($79.8B, or 3.1%), Northern ($78.8B, or 3.1%), Invesco ($60.7B, or 2.4%), BofA ($50.7B, or 2.0%), Western Asset ($43.7B, or 1.7%), First American ($40.5B, or 1.6%), UBS ($36.2B, or 1.4%), Deutsche ($31.6B, or 1.2%), Franklin ($19.8B, or 0.8%), and RBC ($17.8B, or 0.7%). Crane Data currently tracks 72 managers, same as last month.
Over the past year, Goldman Sachs showed the largest asset increase (up $14.7B, or 11.3%; followed by Morgan Stanley (up $14.1B, or 14.6%), Northern (up $5.5B, or 6.8%), BlackRock (up $4.0B, or 2.1%), and First American (up $3.9B, or 10.8%). Other gainers since Nov. 30, 2013, include: American Funds (up $2.9B, or 21.8%), BofA (up $2.0B, or 4.0%), SEI (up $1.8B, or 15.7%), Western (up $1.3B, or 3.1%), and Franklin (up $1.0B, or 5.3%). The biggest declines over 12 months include: Fidelity (down $24.6B, or -5.6%), Federated (down $16.0B, or -7.2%), UBS (down $8.9B, or -19.7%), SSgA (down $5.0B, or -6.0%), and Deutsche (down $4.6B, or -12.2%). (Note that money fund assets are very volatile month to month.)
When European and "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 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 ($412.2 billion), JPMorgan ($380.3 billion), BlackRock ($328.9 billion), Goldman Sachs ($228.3 billion), and Federated ($214.8 billion). Dreyfus ($190.5B), Vanguard ($172.4B), Schwab ($161.8B), Western ($133.3B), and Morgan Stanley ($126.9B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.
In other news, our December 2014 Money Fund Intelligence and MFI XLS show that yields have begun climbing for the first time since June 2013 in the month ended November 30, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 838), moved up a tick to 0.02% for the 7-Day Yield and remained at 0.01% for the 30-Day Yield (annualized, net) Average. (The Gross 7-Day Yield was unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average 7-Day Yield of 0.03%, up from 0.02%, and a 30-Day Yield of 0.02%, same as last month. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 11/30/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.
Our Prime Institutional MF Index yielded 0.03% (7-day), while the Crane Govt Inst Index moved up to 0.02% (from 0.01%). 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 0.19%, Govt 0.09% (down from 0.10%), Treasury 0.06%, and Tax Exempt 0.11% in November.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.02% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.58% for 10-years.
