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 shareholders on Thursday. The October edition, with data as of Sept. 30, 2015, shows asset decreases for the majority of US money fund complexes in the latest month, but increases over the past 3 months. Assets decreased by $22.9 billion overall, or 0.9%, in September; over the last 3 months, assets are up $34.3 billion, or 1.4%. For the past 12 months through September 30, total assets are up $36.8 billion, or 1.5%. Below, we review the latest market share changes and figures. (Note: Crane Data's October Money Fund Intelligence was released yesterday, and our latest Money Fund Portfolio Holdings will be released Friday.)
The biggest gainers in September were BlackRock, SSgA, Wells Fargo, Western, and Federated, rising by $4.7 billion, $4.7B, $2.7B, $2.4B, and $973M, respectively. BlackRock, Fidelity, Morgan Stanley, SSgA, and Schwab had the largest increases over the 3 months through Sept. 30, 2015, rising by $11.2 billion, $10.6B, $10.4B, $7.6B, and $6.5B, 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 remains the largest money fund manager with $413.7 billion, or 16.1% of all assets (down $3.4 billion in September, up $10.6B over 3 mos., and up $9.0B over 12 months). Fidelity was followed by JPMorgan with $254.6 billion, or 9.9% market share (down $2.7B, up $4.8B, and up $16.6B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock remained the third largest MMF manager with $217.0 billion, or 8.5% of assets (up $4.7B, up $11.2B, and up $25.6B). Federated Investors was fourth with $206.2 billion, or 8.0% of assets (up $973M, up $5.5B, and down $245M). Vanguard remained in fifth place with $175.8 billion, or 6.8%, (up $1.2B, up $1.2B, and up $3.6B). (Note: We initially reported a drop in Vanguard's Prime MMF Inst class in Sept., but this was incorrect.)
The sixth through tenth largest U.S. managers include: Dreyfus ($164.0B, or 6.4%), Schwab ($160.1B, 6.2%), Goldman Sachs ($137.2B, or 5.3%), Morgan Stanley ($127.2B, or 5.0%), and Wells Fargo ($111.0B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($84.3B, or 3.3%), which moved ahead of Northern ($79.7B, or 3.1%), Invesco ($51.6B, or 2.0%), BofA ($48.3B, or 1.9%), Western Asset ($45.9B, or 1.8%), First American ($42.1B, or 1.6%), UBS ($36.7B, or 1.4%), Deutsche ($31.0B, or 1.2%), Franklin ($24.7B, or 1.0%), and American Funds ($15.7B, or 0.6%). Crane Data currently tracks 68 U.S. MMF managers, same as last month.
Over the past year through Sept. 30, 2015, BlackRock showed the largest asset increase (up $25.6B, or 13.4%), followed by Morgan Stanley (up $18.1B, or 16.6%), JP Morgan (up $16.6B, or 7.0%), Fidelity (up $9.0B, or 2.2%), and Northern (up $4.9B, or 6.6%). Other asset gainers for the year include: First American (up $4.1B, or 10.9%), Vanguard (up $3.6B, 2.1%), Western (up $1.8B, 4.1%), Oppenheimer ($1.5B, 17.0%), HSBC ($1.4B, 11.2%), and Wells Fargo (up $1.4B, or 1.3%). The biggest decliners over 12 months include: Invesco (down $8.9B, or 14.7%), Goldman Sachs (down $6.1B, or 4.2%), Deutsche (down $3.8B, or 10.8%), Schwab (down $2.9B, or 1.8%), and BofA (down $2.7B, or 5.2%). (Note that money fund assets are 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 SSgA appearing on the list at No. 10, displacing Wells Fargo from the domestic Top 10 and dropping Western to 11th in the Global rankings. 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 ($420.6 billion), JPMorgan ($382.5 billion), BlackRock ($317.7 billion), Goldman Sachs ($218.1 billion), and Federated ($214.6 billion).
Dreyfus/BNY Mellon ($198.3B), Vanguard ($175.8B), Schwab ($160.1B), Morgan Stanley ($145.9B), and SSgA ($123.7B) round out the top 10. As previously mentioned, SSgA replaced Western AM in the top 10. These totals include offshore US Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.
Finally, our October 2015 Money Fund Intelligence and MFI XLS show that net yields remained largely unchanged in September but gross yields inched higher. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 822), 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 0.17% (up one basis point from last month). 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 0.04%. Also, our Crane 100 shows a Gross 7-Day and 30-Day Yield of 0.21% (up 1 basis point from last month). For the 12 month return through 9/30/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.03%. It's worth noting that the number of funds plummeted by 18 in September to 822, a drop of 2.1%.
Our Prime Institutional MF Index (7-day) yielded 0.06% (unchanged), 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 0.25% (up from 0.24% last month), Govt Inst 0.13% (up from 0.12%), Treasury Inst 0.09% (up 1 basis point), and Tax Exempt 0.09% (down from 0.11%) 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 1.36% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes file or market share numbers.)
