Crane Data's latest Money Fund Intelligence Family & Global Rankings, which rank the market share of managers of money market mutual funds in the U.S. and globally, were sent out to subscribers yesterday. The June edition, with data as of May 31, 2015, shows asset increases for the majority of money fund complexes in the latest month, led by the largest managers. However, most fund complexes show losses over the past three months due to steep drops in March and April. Assets increased by $26.9 billion overall, or 1.1%, in May; over the last 3 months, assets are down $83.5 billion, or 3.2%. But for the past 12 months through May 31, total assets are up $20.8 billion, or 0.8%. Below, we review the latest market share changes and figures. (Note: Crane Data's June Money Fund Portfolio Holdings were delayed by a day because of technical issues. We'll be sending these out Wednesday.)
The biggest gainers in May were JP Morgan, Goldman Sachs, BlackRock, Fidelity, and Wells Fargo, rising by $9.0 billion, $8.6 billion, $4.9 billion, $3.4 billion, and $2.8 billion, respectively. Morgan Stanley, Goldman Sachs, Franklin, and Vanguard had the only increases over the 3 months through May 31, 2015, rising by $6.5B, $3.2B, $2.1B, and $169M, respectively. (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.)
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $398.1 billion, or 15.8% of all assets (up $3.4 billion in May, down $6.3 billion over 3 mos., and down $10.3B over 12 months), followed by JPMorgan's $249.5 billion, or 9.9% (up $9.0B, down $4.6B, and up $10.7B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained in third with $204.2 billion, or 8.1% of assets (up $4.9B, down $13.3B, and up $14.4B). Federated Investors was fourth with $193.6 billion, or 7.7% of assets (down $2.5B, down $13.5B, and down $10.6B), and Vanguard ranked fifth with $173.1 billion, or 6.9% (up $798M, up $169M, and up $1.3B).
The sixth through tenth largest U.S. managers include: Dreyfus ($164.8B, or 6.6%), Schwab ($153.8B, 6.1%), Goldman Sachs ($148.8B, or 5.9%), Morgan Stanley ($116.7B, or 4.6%), and Wells Fargo ($108.3B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($80.0B, or 3.2%), SSgA ($77.7B, or 3.1%), Invesco ($54.6B, or 2.2%), BofA ($46.4B, or 1.8%), Western Asset ($44.8B, or 1.8%), First American ($41.0B, or 1.6%), UBS ($34.7B, or 1.4%), Deutsche ($31.1B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.3B, or 0.6%), which jumped ahead of RBC. Crane Data currently tracks 71 managers, same as last month.
Over the past year through May 31, 2015, Goldman Sachs showed the largest asset increase (up $15.7B, or 11.8%), followed by Morgan Stanley (up $14.8B, or 14.5%), BlackRock (up $14.4B, or 7.6%), JP Morgan (up $10.7B, or 4.5%), Dreyfus (up $7.8B, or 5.0%), and Franklin (up $6.1B, or 33.1%). Other asset gainers for the year include: Western (up $4.3B, or 10.6%), Northern (up $3.6B, or 4.7%), Vanguard (up $1.3B, or 0.8%), HSBC (up $1.3B, 11.8%), and SEI (up $792M, or 6.8%). The biggest decliners over 12 months include: Federated (down $10.6B, or -5.2%), Fidelity (down $10.3B, or -2.5%), Schwab (down $6.1B, or -3.8%), SSgA (down $4.9B, or -6.0%), Invesco (down $4.7B, or -8.0%), UBS (down $4.2B, or -10.8%), RBC (down $4.0B, or -21.5%), Deutsche (down $3.6B, or -10.3%, and Wells Fargo (down $1.1B, or -1.0%). (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 ($405.1 billion), JPMorgan ($373.3 billion), BlackRock ($311.2 billion), Goldman Sachs ($228.3 billion), and Federated ($201.8 billion).
Dreyfus/BNY Mellon ($188.7B), Vanguard ($173.1B), Schwab ($153.8B), Morgan Stanley ($134.7B), and Western ($123.0B) 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 June 2015 Money Fund Intelligence and MFI XLS show that yields remained largely unchanged in May, though gross yields again inched higher. 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 and 30-Day Yield both remained at 0.15%. 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 and a Gross 30-Day Yield of 0.19% (both up from 0.18%). For the 12 month return through 5/31/15, our Crane MF Average returned 0.02% (up from 0.01%) and our Crane 100 returned 0.03% (up from 0.02%).
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, and Prime Retail Indexes all yielded 0.01%, while Crane Govt Retail Index yielded 0.02% (up from 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% (unchanged), Govt Inst 0.13% (up from 0.12%), Treasury Inst 0.08% (up from 0.07%), and Tax Exempt 0.11% (down from 0.12%) in May. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.01% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.46% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)
