Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the asset totals (and break out by type of fund) and market share of managers of money market mutual funds in the U.S. and globally, were sent out to subscribers late last week. The May edition, with data as of April 30, 2015, shows asset decreases for almost all of money fund complexes in the latest month. The vast majority of managers also show losses over the past three months. Assets declined by $89.0 billion overall, or 3.6%, in April; over the last 3 months, assets are down $112.5 billion, or 4.3%. But for the past 12 months through March 31, total assets are flat -- down just $1.3 billion, or 0.1%. Below, we review the latest market share changes and figures. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)
The only gainers in April were First American and Oppenheimer, rising by just $261 million and $713 million, respectively. American Funds was flat, and everyone else was down. Morgan Stanley, Franklin, Vanguard, Oppenheimer, and Northern had the only increases over the 3 months through April 30, 2015, rising by $5.9B, $6.1B, $262M, $214M,and $58M, respectively.
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $394.7 billion, or 15.9% of all assets (down $8.7 billion in April, down $10.2 billion over 3 mos., and down $13.9B over 12 months), followed by JPMorgan's $240.5 billion, or 9.7% (down $7.4B, down $15.5B, and up $156M for the past 1-month, 3-months and 12-months, respectively). BlackRock remained in third with $199.3 billion, or 8.0% of assets (down $16.3B, down $17.2B, and up $7.3B). Federated Investors was fourth with $196.1 billion, or 7.9% of assets (down $9.6B, down $14.5B, and down $14.5B), and Vanguard ranked fifth with $172.3 billion, or 6.9% (down $1.4B, up $262M, and up $191M).
The sixth through tenth largest U.S. managers include: Dreyfus ($165.3B, or 6.6%), Schwab ($153.7B, 6.2%), Goldman Sachs ($140.2B, or 5.6%), Morgan Stanley ($115.3B, or 4.6%), and Wells Fargo ($105.5B, or 4.2%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($82.6B, or 3.3%), SSgA ($78.0B, or 3.1%), Invesco ($53.7B, or 2.2%), BofA ($46.2B, or 1.9%), Western Asset ($43.3B, or 1.7%), First American ($41.3B, or 1.7%), UBS ($35.3B, or 1.4%), Deutsche ($29.0B, or 1.2%), Franklin ($24.8B, or 1.0%), and RBC ($15.4B, or 0.6%).
Crane Data currently tracks 71 managers, down one from last month. Alpine Funds, with $106 million in assets, liquidated its lone money fund, Alpine Municipal Money Market Fund. See our April 14 "News", "Fidelity Operational Update Details More Changes; Alpine Liquidates."
Over the past year through April 30, 2015, Morgan Stanley showed the largest asset increase (up $16.4B, or 16.6%), followed by Goldman Sachs (up $11.9B, or 9.2%), Dreyfus (up $7.4B, or 4.7%), BlackRock (up $7.3B, or 3.8%), Northern Trust (up $7.2B, or 9.5%), and Franklin (up $6.3B, or 33.7%). Other asset gainers for the year include: First American (up $3.4B, or 9.0%), Western (up $2.3B, or 5.5%), BofA (up $2.2B, or 5.1%), HSBC (up $1.9B, 17.4%), and SEI (up $746M, or 6.3%). The biggest decliners over 12 months include: Federated (down $14.5B, or -6.9%), Fidelity (down $13.9B, or -3.4%), Invesco (down $7.4B, or -12.2%), Schwab (down $6.9B, or -4.3%), Deutsche (down $5.4B, or -15.8%, UBS (down $3.8B, or -9.8%), RBC (down $3.8B, or -19.6%), SSgA (down $2.1B, or -2.7%), and T. Rowe Price (down $1.5B, or -9.1%). (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. 10 (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 ($401.2 billion), JPMorgan ($368.5 billion), BlackRock ($308.3 billion), Goldman Sachs ($217.2 billion), and Federated ($203.8 billion). Dreyfus/BNY Mellon ($189.4B), Vanguard ($172.3B), Schwab ($153.7B), Morgan Stanley ($133.5B), and Western ($122.1B) 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. (Note that big moves in the dollar have recently caused volatility in Euro and Sterling balances, which are converted back into USD.)
Finally, our May 2015 Money Fund Intelligence and MFI XLS show that yields remained largely unchanged in April. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 858), remained at 0.02% for both the 7-Day Yield and the 30-Day Yield (annualized, net) Average. The Gross 7-Day Yield went up to 0.15% from 0.14%. Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.03%, the same as last month. Also, our Crane 100 shows a Gross 7-Day Yield of 0.18% (unchanged) and a Gross 30-Day Yield of 0.18% (up from 0.17%). For the 12 month return through 4/30/15, our Crane MF Average returned 0.01% (down from 0.02%) and our Crane 100 returned 0.02% (unchanged).
Our Prime Institutional MF Index (7-day) yielded 0.04% (unchanged), while the Crane Govt Inst Index was at 0.02% (unchanged). 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 7-Day Yields for these indexes were: Prime Inst 0.22% (up from 0.21%), Govt Inst 0.12% (unchanged), Treasury 0.07%, and Tax Exempt 0.12% (up from 0.09%) in April. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.01% for YTD, 0.02% for 1-year, 0.03% for 3-years (annualized), 0.05% for 5-year, and 1.48% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)
