Crane Data's latest Money Fund Market Share rankings show asset declines for the vast majority of U.S. money fund complexes in April with the notable exception of BlackRock, which saw assets spike on the acquisition of BofA's money fund business. Overall, money market fund assets decreased by $41.4 billion, or 1.6%, in April, and they've decreased by $24.0 billion, or 0.9%, over the past 3 months. For the past 12 months through April 30, total assets are up $149.5 billion, or 6.0%. The biggest gainer in the past month was BlackRock, which rose by $34.2 billion, or 15.3%. Invesco, First American, Vanguard, UBS, and Deutsche also increased, rising by $1.2 billion, $833M, $518M, $320M, and $238M, 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 Money Fund Wisdom subscribers.) We also look at money fund yields in April, which inched lower for the first time since the Fed hike in December.
BlackRock, Goldman Sachs, Invesco, Vanguard, and Western had the largest money fund asset increases over the past 3 months, rising by $36.8 billion, $28.8B, $4.5B, $3.0B, and $2.6B, respectively. Over the past year through April 30, 2016, BlackRock completed the trifecta, showing the largest asset increase (up $57.5B, or 28.9%), followed by Goldman Sachs (up $54.3B, or 38.7%), Fidelity (up $49.9B, or 12.6%), SSGA (up $15.5B, or 19.8%), and Morgan Stanley (up $13.1B, or 11.4%). Other asset gainers for the past year include: Vanguard (up $11.4B, 6.6%), Federated (up $10.2B, or 5.2%), Schwab ($7.9B, 5.1%), Northern (up $6.6B, 8.0%), and Invesco (up $3.8B, or 7.1%). The biggest decliners over 12 months include: Dreyfus (down $15.9B, or -9.6%), JP Morgan (down $9.4B, or -3.9%), RBC (down $4.3B, or -23.1%), Deutsche (down $2.8B, or -9.7%), and Western (down $2.3B, or -5.4%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $444.6 billion, or 16.9% of all assets (down $3.6 billion in April, down $3.4B over 3 mos., and up $49.9B over 12 months. With the acquisition of BofA's assets, BlackRock moved into second place with $256.8 billion, or 9.7% of assets (up $34.2B, up $36.8B, and up $57.5B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan is now third with $231.1 billion, or 8.8% market share (down $1.7B, up $1.5B, and down $9.4B for the past 1-month, 3-mos. and 12-mos., respectively). Federated Investors remained fourth with $206.3 billion, or 7.8% of assets (down $8.8B, down $5.1B, and up $10.2B). Goldman Sachs stayed in 5th place with $194.5 billion, or 7.4% of assets (down $499M, up $28.8B, and up $54.3B).
Vanguard held sixth place with $183.8 billion, or 7.0%, (up $518M, up $3.0B, and up $11.4B). Schwab ($161.6B, 6.1%) was in seventh place, followed by Dreyfus in eighth place with $149.4B (5.7%), Morgan Stanley in ninth place with $128.5B (4.9%), and Wells Fargo in tenth place with $108.1B (4.1%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSGA ($93.5B, or 3.5%), Northern ($89.1B, or 3.4%), Invesco ($57.5B, or 2.2%), First American ($41.2B, or 1.6%), Western Asset ($40.9B, or 1.6%), UBS ($38.7B, or 1.5%), Deutsche ($26.1B, or 1.0%), Franklin ($23.9B, or 0.9%), American Funds ($16.0B, or 0.6%), and T. Rowe Price ($15.5B, or 0.6%).
BofA, which had been the 14th largest manager with $43.5 billion in assets in our April XLS, has been removed from our database as its assets have either been liquidated or transferred over to BlackRock. First American jumped ahead of Western to move into 14th. Also, T. Rowe Price appears on the list at number 20. Crane Data currently tracks 64 U.S. MMF managers, one less than last 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 6) and SSGA breaking into the top 10. Also, BlackRock moved ahead of JP Morgan to become the second largest global money market fund manager.
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 ($452.6 billion), BlackRock ($358.8 billion), JPMorgan ($351.3 billion), Goldman Sachs ($277.4 billion), and Federated ($215.0 billion). Vanguard ($183.8B) was sixth, followed by Dreyfus/BNY Mellon ($174.3B), Schwab ($161.6B), Morgan Stanley ($148.3B), and SSGA ($113.4B), which round out 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 May Money Fund Intelligence and MFI XLS show that after steady increases across the board over the past 4 months, we saw net yields inch lower in April. However, gross yields continued to move upward across most indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 767), fell 1 basis point to 0.11% for the 7-Day Yield (annualized, net) Average, while the 30-Day Yield was unchanged at 0.11%. The Gross 7-Day Yield was 0.42% (up 2 basis points), while the Gross 30-Day Yield was 0.43% (up 4 basis points). (Note that expense ratios likely were impacted by the removal of the 2-month "lag" in Form N-MFP gross yield data, which Crane Data uses to estimate some expense information.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.21 (down 1 basis point) and an average 30-Day Yield of 0.21% (down from 0.22%). The Crane 100 shows a Gross 7-Day Yield of 0.46% (unchanged), and a Gross 30-Day Yield of 0.47% (up 1 basis point). For the 12 month return through 4/30/16, our Crane MF Average returned 0.05% (up 1 basis point) and our Crane 100 returned 0.10% (up 2 basis point). The total number of funds, including taxable and tax-exempt, fell to 1,063, down 40 from last month and down 98 over the last two months.
Our Prime Institutional MF Index (7-day) yielded 0.25% (down 1 bps) as of April 30, while the Crane Govt Inst Index was 0.13% (up 1 basis point) and the Treasury Inst Index was 0.10% (unchanged). (Thus Prime funds are yielding 0.15% over Treasury funds.) The Crane Prime Retail Index yielded 0.08% (unchanged), while the Govt Retail Index yielded 0.02% (down 1 basis point) and the Treasury Retail Index was 0.02% (unchanged). The Crane Tax Exempt MF Index yielded 0.05% (up 2 bps).
The Gross 7-Day Yields for these indexes in April were: Prime Inst 0.55% (up 1 basis point from last month), Govt Inst 0.37% (up 1 bp), Treasury Inst 0.34% (up 2 bps), Prime Retail 0.50% (up 6 bps), Govt Retail 0.37% (up 5 bps), and Treasury Retail 0.32% (up 5 bps). Also, the Crane Tax Exempt Index skyrocketed 15 basis points to 0.34%. The Crane 100 MF Index returned on average 0.02% for 1-month, 0.05% for 3-month, 0.06% for YTD, 0.10% for 1-year, 0.05% for 3-years (annualized), 0.05% for 5-year, and 1.13% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
