Crane Data's latest Money Fund Market Share rankings show asset declines for most U.S. money fund complexes in September as money market fund assets fell by $54.6 billion, or 2.1%. Overall assets inched lower, falling $17.6 billion, or 0.7%, over the past 3 months. But over the past 12 months through Sept. 30, they rose by $13.8 billion, or 0.5%. The biggest gainer in September was Vanguard, whose MMFs rose by $2.6 billion, or 1.3%. Dreyfus, First American, BlackRock, and Wells Fargo also saw assets increase, rising by $1.4 billion, $1.0 billion, $905 million, and $297 million, respectively. The biggest declines were seen by SSGA, Fidelity, JPMorgan and Western. (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 review these below, and we also look at money fund yields the past month, which were up across the board (especially in the Tax Exempt sector).
Vanguard, JP Morgan, Wells Fargo, and First American had the largest money fund asset increases over the past 3 months, rising by $9.6B, $7.5B, $7.3B and $2.9B, respectively. Over the past year through Sept. 30, 2016, Goldman Sachs was the largest gainer (up $48.9B, or 35.6%), followed by BlackRock (up $28.2B, or 13.0%), Fidelity (up $26.6B, or 6.4%), Vanguard (up $19.5B, or 11.1%), Northern (up $11.3B, or 14.1%), and PNC (up $7.0B, or 146%). (Note: BlackRock was buoyed by its acquisition of BofA's money funds -- a deal which closed in April.)
Other asset gainers for the past year include: Invesco (up $4.2B, or 8.1%), Wells Fargo (up $4.1B, 3.7%), First American (up $2.4B, 5.6%), Morgan Stanley (up $1.9B, 1.5%), and UBS (up $1.7B, 4.5%). (AB, or Alliance Bernstein, was also up by $5.1B, but we added a large fund to this complexes' listings.) The biggest decliners over 12 months include: JP Morgan (down $22.5B, or -8.9%), Deutsche (down $10.7B, or -34.7%), Western (down $9.0B, or -19.6%), SSGA (down $8.1B, or 9.6%), Dreyfus (down $8.0B, or -4.9%), and Federated (down $7.2B, or -3.5%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $444.2 billion, or 17.1% of all assets (down $12.2 billion in Sept., down $3.8 billion over 3 mos., and up $26.6B over 12 months). BlackRock is second with $245.3 billion, or 9.5% of assets (up $905M, up $1.0B, and up $28.2B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan is third with $232.1 billion, or 8.9% market share (down $11.7B, up $7.5B, and down $22.5B for the past 1-month, 3-mos. and 12-mos., respectively). Federated Investors remained fourth with $199.0 billion, or 7.7% of assets (down $4.0B, down $9.3B, and down $7.2B).
Vanguard ranked 5th with $195.3 billion, or 7.5% of assets (up $2.5B, up $9.6B, and up $19.5B). Goldman Sachs held onto sixth place with $186.1 billion, or 7.2%, (down $579M, down $3.9B, and up $48.9B). Schwab ($157.6B, 6.1%) was in seventh place, followed by Dreyfus in eighth place with $156.0B (6.0%), Morgan Stanley was in ninth place with $129.2B (5.0%), and Wells Fargo was in tenth place with $115.2B (4.4%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($91.0B, or 3.5%), SSGA ($76.3B, or 2.9%), Invesco ($55.8B, or 2.1%), First American ($44.4B, or 1.7%), UBS ($38.3B, or 1.5%), Western Asset ($36.9B, or 1.4%), Deutsche ($20.2B, or 0.8%), Franklin ($19.5B, or 0.8%), American Funds ($16.3B, or 0.6%), and T. Rowe Price ($15.1B, or 0.6%). The 11th through 20th ranked managers are the same as last month, except: Northern moved ahead of SSGA and Deutsche moved ahead of Franklin. Crane Data currently tracks 64 U.S. MMF managers, the same number as last month.
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for JPMorgan moving ahead of BlackRock to No. 2, and Goldman Sachs moving up to #4 ahead of Federated and Vanguard, and Dreyfus/BNY Mellon moving ahead of Schwab.
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 ($453.2 billion), JPMorgan ($369.3B), BlackRock ($368.3B), Goldman Sachs ($273.7B), and Federated ($207.7B). Vanguard ($195.3B) was sixth, followed by Dreyfus/BNY Mellon ($179.0B), Schwab ($157.6B), Morgan Stanley ($156.2B), and Wells Fargo ($116.3B), 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 October Money Fund Intelligence and MFI XLS show that yields were up slightly in September across most of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 730), was up 2 bps to 0.14% for the 7-Day Yield (annualized, net) Average, while the 30-Day Yield was up one bp to 0.13%. The MFA's Gross 7-Day Yield inched higher to 0.46% (up one bps), while the Gross 30-Day Yield was also up one bps to 0.45% (unchanged).
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.24% (up 2 bps) and an average 30-Day Yield of 0.23% (up one bps). The Crane 100 shows a Gross 7-Day Yield of 0.49% (up one bp), and a Gross 30-Day Yield of 0.48% (flat). For the 12 month return through 9/30/16, our Crane MF Average returned 0.10% (up 1 bp) and our Crane 100 returned 0.18% (up 2 bps). The total number of funds, including taxable and tax-exempt, fell to 976, down 22 from last month. There are currently 730 taxable and 246 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.29% (up4 bps) as of Sept. 30, while the Crane Govt Inst Index was 0.17% (up 2 bps) and the Treasury Inst Index was 0.11% (unchanged). Thus, the spread between Prime funds and Treasury funds is 18 basis points, up from 13 bps last month. The Crane Prime Retail Index yielded 0.15% (up 4 bps), while the Govt Retail Index yielded 0.04% (up one bp) and the Treasury Retail Index was 0.03% (unchanged). The Crane Tax Exempt MF Index yield jumped to 0.29% (up 14 bps).
The Gross 7-Day Yields for these indexes in September were: Prime Inst 0.57% (up 3 bps), Govt Inst 0.42% (up 1 bps), Treasury Inst 0.37% (up 1 bps), Prime Retail 0.60% (up 4 bps), Govt Retail 0.41% (up 2 bps), and Treasury Retail 0.35% (unchanged). Also, the Crane Tax Exempt Index jumped 22 basis points to 0.73%. The Crane 100 MF Index returned on average 0.02% for 1-month, 0.06% for 3-month, 0.16% for YTD, 0.18% for 1-year, 0.08% for 3-years (annualized), 0.06% for 5-years, and 0.93% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
