Crane Data will publish its latest Money Fund Intelligence Family & Global Rankings Tuesday, which rank the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The February edition, with data as of Jan. 31, 2015, shows asset decreases for a majority of money fund complexes in the latest month. However, most managers show strong gains over the past three months (due to a strong Q4 2014). Assets declined by $50.3 billion, or 1.9%, in January; over the last 3 months, assets are up $60.8 billion, or 2.4%. For the past 12 months through Jan. 31, total assets are down $19.6 billion, or 0.7%. Below, we review the latest market share changes and figures. These "Family" rankings are available to our Money Fund Wisdom subscribers.
Northern, HSBC, UBS and Invesco were among the few gainers in January, rising by $1.9 billion, $1.4 billion, $1.3 billion, and $935 million, respectively. (Northern moved ahead of SSgA into 11th place). BlackRock, JP Morgan, Goldman Sachs, Northern, and Dreyfus led the increases over the 3 months through Jan. 31, 2015, rising by $19.3B, $9.6B, $7.9B, $6.4B, and $5.8B billion, respectively. The only other complexes among the 25 largest seeing gains in January were: Rydex ($378M), SSgA ($374M) and Reich & Tang ($44M), 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 $404.9 billion, or 15.6% of all assets (down $8.9 billion in January, up $992M over 3 mos., and down $16.9B over 12 months), followed by JPMorgan's $256.0 billion, or 9.8% (down $3.4B, up $9.6B, and up $1.7B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained in third with $216.4 billion, or 8.3% of assets (down $5.4B, up $19.3B, and up $14.4B). Federated Investors was fourth with $210.6 billion, or 8.1% of assets (down $5.3B, up $3.2B, and down $17.3B), and Vanguard ranks fifth with $172.1 billion, or 6.6% (down $1.6B, down $86M, and down $2.6B).
The sixth through tenth largest U.S. managers include: Dreyfus ($166.9B, or 6.4%), Schwab ($164.2B, 6.3%), Goldman Sachs ($151.0B, or 5.8%), Wells Fargo ($115.6B, or 4.4%), and Morgan Stanley ($109.4B, or 4.2%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($82.4B, or 3.2%), SSgA ($82.3B, or 3.2%), Invesco ($60.9B, or 2.3%), BofA ($48.5B, or 1.9%), Western Asset ($45.1B, or 1.7%), First American ($42.1B, or 1.6%), UBS ($39.0B, or 1.5%), Deutsche ($32.7B, or 1.3%), Franklin ($18.7B, or 0.7%), and RBC ($16.7B, or 0.6%). Crane Data currently tracks 72 managers, the same number as last month.
Over the past year through January 31, 2015, BlackRock showed the largest asset increase (up $14.4B, or 7.1%), followed by Goldman Sachs (up $9.1B, or 6.4%), Morgan Stanley (up $8.6B, or 8.5%), Northern (up $6.7B, or 8.8%), and First American (up $4.2B, or 11.2%) <b:>`_. Other asset gainers for the year include: HSBC (up $3.7B, or 34.8%), Western (up $3.2B, or 7.7%), American Funds (up $2.2B, or 16.0%), JP Morgan (up $1.7B, or 0.7%), and SEI (up $1.4B, or 11.8%). The biggest decliners over 12 months include: Federated (down $17.3B, or -7.6%), Fidelity (down $16.9B, or -4.0%), UBS (down $6.1B, or -13.4%), Dreyfus (down $4.4B, or -2.6%), and RBS (down $4.2B, or -20.1%). (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 the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($411.3 billion), JPMorgan ($384.3 billion), BlackRock ($339.5 billion), Goldman Sachs ($232.5 billion), and Federated ($219.3 billion). Dreyfus/BNY Mellon ($193.2B), Vanguard ($172.1B), Schwab ($164.2B), Western ($132.2B), and Morgan Stanley ($127.2B) 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.
Also, our February 2015 Money Fund Intelligence and MFI XLS show that yields remained largely unchanged in January. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 836), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield moved up a tick to 0.14%. Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.03%, same as last month. (The Gross 7- and 30-Day Yields for the Crane 100 remained at 0.17%.) For the 12 month return through 1/31/15, 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 back 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 Inst. 0.21% (up from 0.20%), Govt Inst. 0.10% (same as last month), Treasury 0.07% (up from 0.06%), and Tax Exempt 0.11% in January.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.00% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.54% for 10-years.
