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 shareholders last week. The September edition, with data as of August 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 $7.4 billion overall, or 0.3%, in August; over the last 3 months, assets are up $74.1 billion, or 3.0%. For the past 12 months through August 31, total assets are up $92.2 billion, or 3.0%. Below, we review the latest market share changes and figures. (Note: Crane Data's September Money Fund Intelligence and our latest Money Fund Portfolio Holdings were released last week too.)
The biggest gainers in July were Fidelity, Schwab, BlackRock, SSgA, and Morgan Stanley, rising by $6.8 billion, $4.8B, $2.7B, $2.5B, and $2.5B, respectively. Fidelity, Federated, Morgan Stanley, BlackRock, and JP Morgan had the largest increases over the 3 months through August 31, 2015, rising by $18.9 billion, $12.1B, $11.0B, $8.0B, and $7.8B, 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 increased its lead as the largest money fund manager with $417.1 billion, or 16.1% of all assets (up $6.8 billion in August, up $18.9 billion over 3 mos., and up $7.1B over 12 months). Fidelity was followed by JPMorgan with $257.3 billion, or 9.9% market share (up $106M, up $7.8B, and up $18.8B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained the third largest MMF manager with $212.2 billion, or 8.2% of assets (up $2.7B, up $8.0B, and up $23.8B). Federated Investors was fourth with $205.7 billion, or 7.9% of assets (down $602M, up $12.1B, and up $3.3B), and Vanguard ranked fifth with $174.7 billion, or 6.7% (down $668M, up $1.5B, and up $2.7B).
The sixth through tenth largest U.S. managers include: Dreyfus ($167.5B, or 6.5%), Schwab ($160.8B, 6.2%), which moved ahead of Goldman Sachs ($151.6B, or 5.9%), Morgan Stanley ($127.7B, or 4.9%), and Wells Fargo ($108.4B, or 4.2%). The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($80.8B, or 3.1%), SSgA ($79.7B, or 3.1%), Invesco ($52.7B, or 2.0%) which moved ahead of BofA ($49.5B, or 1.9%), Western Asset ($43.5B, or 1.7%), First American ($41.8B, or 1.6%), UBS ($37.0B, or 1.4%), Deutsche ($30.4B, or 1.2%), Franklin ($24.7B, or 1.0%), and American Funds ($15.2B, or 0.6%). Crane Data currently tracks 68 U.S. MMF managers, one fewer than last month.
Over the past year through August 31, 2015, BlackRock showed the largest asset increase (up $23.8B, or 12.6%), followed by Morgan Stanley (up $21.5B, or 20.3%), JP Morgan (up $18.8B, or 7.9%), Goldman Sachs (up $18.3B, or 13.7%), and Dreyfus (up $10.5B, or 6.7%). Other asset gainers for the year include: Fidelity (up $7.1B, or 1.7%), First American (up $5.7B, or 15.9%), Northern (up $4.6B, 6.0%), Franklin ($4.0B, 19.4%), and Federated (up $3.3B, or 1.7%). The biggest decliners over 12 months include: Invesco (down $6.7B, or 11.3%), Wells Fargo (down $3.6B, or 3.2%), SSgA (down $3.5B, or 4.2%), RBC (down $3.3B, or 18.0%), Deutsche (down $1.9B, or 5.8%), and BofA (down $1.2B, or 2.5%). (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 ($424.1 billion), JPMorgan ($382.3 billion), BlackRock ($309.8 billion), Goldman Sachs ($235.6 billion), and Federated ($213.9 billion). Dreyfus/BNY Mellon ($191.5B), Vanguard ($174.7B), Schwab ($160.8B), Morgan Stanley ($146.9B), and Western ($121.8B) 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.
Finally, our September 2015 Money Fund Intelligence and MFI XLS show that yields went up for many indexes in August. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 840), 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 of 0.04%, same as last month, and a 30-Day Yield of 0.05%, up a basis point from last month. Also, our Crane 100 shows a Gross 7-Day and 30-Day Yield of 0.20% (same as last month). For the 12 month return through 8/31/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%.
Our Prime Institutional MF Index (7-day) yielded 0.06% (up a basis point), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, Crane Govt Retail Index, 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 0.24% (same as last month), Govt Inst 0.12% (down from 0.13%), Treasury Inst 0.08% (same), and Tax Exempt 0.11% (down from 0.12%) in August. 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 1.39% for 10-years. (Contact us if you'd like to see our latest MFI XLS or Crane Indexes file.)
