Crane Data's latest Money Fund Market Share rankings show modest asset declines for the majority U.S. money fund complexes in October as total assets fell by $10.0 billion, or 0.4%. Overall assets also inched lower, falling $32.2 billion, or 1.2%, over the past 3 months. Over the past 12 months through Oct. 31, they fell by $43.0 billion, or 1.6%. The biggest gainers in October were JP Morgan, whose MMFs rose by $12.6 billion, or 5.4%, and BlackRock, whose MMFs rose by $8.6 billion, or 3.5%. Vanguard, Invesco, Northern and First American also saw assets increase, rising by $3.2 billion, $2.0 billion, $1.3B, and $1.2B, respectively. The biggest declines were seen by Dreyfus, Wells Fargo, Federated and Goldman Sachs. (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 for Taxable funds but down for Tax Exempts.
JP Morgan, BlackRock, Vanguard, and First American had the largest money fund asset increases over the past 3 months, rising by $11.8B, $9.2B, $8.5B and $5.9B, respectively. Over the past year through Oct. 31, 2016, Goldman Sachs was the largest gainer (up $34.4B, or 23.5%), followed by BlackRock (up $28.5B, or 12.6%), Fidelity (up $22.9B, or 5.4%), Vanguard (up $21.1B, or 11.9%), Northern (up $11.7B, or 14.5%), and PNC (up $6.5B, or 137.9%). (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: Alliance Bernstein (up $5.0B, or 271.7%), First American (up $3.3B, 7.8%), Invesco (up $2.5B, 4.6%), USAA (up $1.0B, 11.9%), and American Beacon (up $664M, 155.5%). The biggest decliners over 12 months include: Dreyfus (down $19.6B, or -12.1%), JP Morgan (down $16.7B, or -6.4%), Federated (down $15.5B, or -7.5%), Deutsche (down $13.8B, or -42.6%), Western (down $13.2B, or -28.8%), and Wells Fargo (down $13.2B, or -10.9%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $444.5 billion, or 17.2% of all assets (up $298 million in Oct., down $9.2 billion over 3 mos., and up $22.9B over 12 months). BlackRock is second with $253.9 billion, or 9.8% of assets (up $8.6B, up $9.2B, and up $28.5B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan is third with $245.6 billion, or 9.5% market share (up $12.6B, up $11.8B, and down $16.7B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard is in fourth with $198.3 billion, or 7.7% of assets (up $3.2B, up $8.5B, and up $21.1B).
Federated ranked 5th with $192.4 billion, or 7.4% of assets (down $6.6B, down $11.9B, and down $15.5B). Goldman Sachs held onto sixth place with $180.7 billion, or 7.0% (down $5.4B, down $4.7B, and up $34.4B). Schwab ($157.9B, or 6.1%) was in seventh place, followed by Dreyfus in eighth place ($142.3B, or 5.5%), Morgan Stanley in ninth place ($124.7B, or 4.8%), and Wells Fargo in tenth place ($108.5B, or 4.2%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($92.6B, or 3.6%), SSGA ($85.3B, or 3.3%), Invesco ($57.8B, or 2.2%), First American ($45.6B, or 1.8%), UBS ($37.3B, or 1.4%), Western Asset ($32.6B, or 1.3%), Deutsche ($18.6B, or 0.7%), Franklin ($18.4B, or 0.7%), American Funds ($16.3B, or 0.6%), and T. Rowe Price ($15.3B, or 0.6%). The 11th through 20th ranked managers are the same as last month. 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, 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 ($453.6 billion), JP Morgan ($387.0B), BlackRock ($374.5B), Goldman Sachs ($273.9B) and Federated ($200.8B). Vanguard ($198.3.7B) was sixth, followed by Dreyfus/BNY Mellon ($165.6B), Schwab ($157.9B), Morgan Stanley ($152.2B), and Wells Fargo ($109.6B), 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 October across most of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 722), was up 1 bp to 0.15% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 2 bps to 0.15%. The MFA's Gross 7-Day Yield inched higher to 0.47% (up one bps), while the Gross 30-Day Yield was up two bps to 0.47%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.28% (up 3 bps) and an average 30-Day Yield of 0.27% (up 4 bps). The Crane 100 shows a Gross 7-Day Yield of 0.52% (up 3 bps), and a Gross 30-Day Yield of 0.52% (up 4 bps). For the 12 month return through 10/31/16, our Crane MF Average returned 0.11% (up 1 bp) and our Crane 100 returned 0.20% (up 2 bps). The total number of funds, including taxable and tax-exempt, fell to 966, down 10 from last month. There are currently 722 taxable and 244 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.29% (flat) as of Oct. 31, while the Crane Govt Inst Index was 0.16% (down 1 bp) and the Treasury Inst Index was 0.12% (up one bp). Thus, the spread between Prime funds and Treasury funds is 17 basis points, down from 18 bps last month. The Crane Prime Retail Index yielded 0.22% (up 7 bps), while the Govt Retail Index yielded 0.03% (down one bp) and the Treasury Retail Index was 0.03% (unchanged). The Crane Tax Exempt MF Index yield declined to 0.20% (down 9 bps).
The Gross 7-Day Yields for these indexes in October were: Prime Inst 0.60% (up 3 bps), Govt Inst 0.41% (down 1 bp), Treasury Inst 0.38% (up 1 bps), Prime Retail 0.66% (up 6 bps), Govt Retail 0.42% (up 1 bp), and Treasury Retail 0.35% (unchanged). Also, the Crane Tax Exempt Index declined 10 basis points to 0.63%. The Crane 100 MF Index returned on average 0.03% for 1-month, 0.07% for 3-month, 0.19% for YTD, 0.20% for 1-year, 0.09% for 3-years (annualized), 0.07% for 5-years, and 0.88% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
