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, will be sent out to subscribers later this week. The August edition, with data as of July 31, 2015, shows asset increases for the majority of US money fund complexes in the latest month, as well as over the past 3 months. Assets increased by $49.9 billion overall, or 1.9%, in July; over the last 3 months, assets are up $94.1 billion, or 3.8%. For the past 12 months through June 30, total assets are up $122.2 billion, or 5.0%. Below, we review the latest market share changes and figures. (Note: Crane Data's August Money Fund Portfolio Holdings will be released later on Tuesday, and our August Money Fund Intelligence was released last Friday.)
The biggest gainers in July were Goldman Sachs, JP Morgan, Fidelity, Federated, BofA, and Dreyfus, rising by $10.3 billion, $7.3B, $7.2 billion, $5.6B, $4.9B, and $4.5B, respectively. JP Morgan, Goldman Sachs, Fidelity, BlackRock, Federated, and Morgan Stanley had the largest increases over the 3 months through July 31, 2015, rising by $16.6 billion, $15.8B, $15.6B, $10.2B, $10.2B, and $9.9B, 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 by far with $410.3 billion, or 15.9% of all assets (up $7.2 billion in June, up $15.6 billion over 3 mos., and up $5.6B over 12 months). Fidelity was followed by JPMorgan's $257.2 billion, or 10.0% (up $7.3B, up $16.6B, and up $25.9B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $209.5 billion, or 8.1% of assets (up $3.7B, up $10.2B, and up $27.9B). Federated Investors was fourth with $206.3 billion, or 8.0% of assets (up $5.6B, up $10.2B, and up $9.4B), and Vanguard ranked fifth with $174.0 billion, or 6.7% (down $644M, up $1.7B, and up $2.6B).
The sixth through tenth largest U.S. managers include: Dreyfus ($170.9B, or 6.6%), Goldman Sachs ($156.0B, or 6.0%), Schwab ($155.9B, 6.0%), Morgan Stanley ($125.2B, or 4.9%), and Wells Fargo ($110.0B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($79.7B, or 3.1%), SSgA ($77.2B, or 3.0%), BofA ($55.7B, or 2.2%) which moved ahead of Invesco, Invesco ($55.3B, or 2.1%), Western Asset ($43.2B, or 1.7%), First American ($41.8B, or 1.6%), UBS ($36.8B, or 1.4%), Deutsche ($30.1B, or 1.2%), Franklin ($24.5B, or 1.0%), and American Funds ($15.0B, or 0.6%). Crane Data currently tracks 69 U.S. MMF managers, down one from last month. (Reich & Tang was liquidated last month.)
Over the past year through July 31, 2015, BlackRock showed the largest asset increase (up $27.9B, or 15.4%), followed by JP Morgan (up $25.9B, or 11.2%), Morgan Stanley (up $23.8B, or 23.5%), Goldman Sachs (up $21.0B, or 15.6%), Dreyfus (up $17.5B, or 11.4%), and Federated (up $9.4B, or 4.8%). Other asset gainers for the year include: BofA (up $7.4B, or 15.3%), Fidelity (up $5.6B, or 1.4%), First American (up $5.2B, or 14.3%), Franklin ($4.8B, 24.3%), and Northern (up $3.8B, 5.0%). The biggest decliners over 12 months include: SSgA (down $4.8B, or -5.9%), RBC (down $4.3B, or -22.8%), Schwab (down $3.6B, or -2.3%), Deutsche (down $3.0B, or -9.2%), American Funds (down $2.9B, or -16.2%), and T. Rowe Price (down $1.3B, or -8.1%). (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 (dropping Vanguard to 7), 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 ($416.9 billion), JPMorgan ($382.3 billion), BlackRock ($308.7 billion), Goldman Sachs ($235.4 billion), and Federated ($214.6 billion). Dreyfus/BNY Mellon ($195.3B), Vanguard ($174.0B), Schwab ($155.9B), Morgan Stanley ($143.9B), and Western ($119.4B) 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 August 2015 Money Fund Intelligence and MFI XLS show that yields went up for many indexes in July. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 842), 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 were 0.16% (unchanged). Our Crane 100 Money Fund Index shows an average 7-Day Yield and 30-Day Yield of 0.04%, up from 0.03% last month. Also, our Crane 100 shows a Gross 7-Day Yield of 0.20% (up from 0.19%) and a Gross 30-Day Yield of 0.19% (same as last month). For the 12 month return through 7/31/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.
Our Prime Institutional MF Index (7-day) yielded 0.05% (unchanged), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, and Crane Govt Retail Index Indexes all yielded 0.01%, while Prime Retail 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 0.24% (up from 0.23%), Govt Inst 0.13% (same as last month), Treasury Inst 0.08% (same), and Tax Exempt 0.12% (down from 0.13%) in July. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.02% for YTD, 0.03% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.41% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)
