Crane Data's latest Money Fund Market Share rankings show modest asset increases for the majority of U.S. money fund complexes in December, as total assets increased by $116.3 billion, or 4.2%. (Note: December's asset totals were inflated by the addition of $110 billion in "internal" money funds to our collections.) Overall assets rose by $159.8 billion, or 6.1%, over the past 3 months. Over the past 12 months through Dec. 31, they've increased by $79.1 billion, or 2.9%. (Both totals were also inflated by our added assets though.) The biggest gainers in December were Vanguard, whose MMFs rose by $55.8 billion, or 27.3%, and Fidelity, whose MMFs rose by $42.9 billion, or 9.3%. (Note: These two complexes were inflated by the addition of the $49.6 billion Vanguard Liquidity Fund, the $2.4B Vanguard Muni Cash Management, the $34.6B Fidelity Cash Central Fund, the $5.6B Fidelity NC Capital Mmgt Govt Port and the $1.8B Fidelity Money Market Central Fund. TIAA-CREF and PFM's totals were also inflated by the addition of new funds to our collections.)
Goldman Sachs, Dreyfus, and Western also saw (unadulterated) assets increase, rising by $6.0 billion, $5.8B, and $4.0B, respectively. The biggest declines were seen by JPMorgan, Wells Fargo and Invesco. (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 market share totals below, and we also look at money fund yields the past month, which jumped for Taxable and Tax Exempt funds.
Over the past year through Dec. 31, 2016, Vanguard (up $81.0B) and Fidelity (up $60.4B) were the largest gainers, but Goldman Sachs would have been the largest gainer (up $31.5B, or 18.8%) had we adjusted for the added Vanguard ($52.0B) and Fidelity ($42.0B) assets. These were followed by BlackRock (up $22.0B, or 9.8%), First American (up $6.3B, or 15.8%), PNC (up $6.2B, or 117.8%), TIAA-CREF (up $5.5B, but all was due to the addition of the $5.5B TIAA-CREF Money Market Account to MFI XLS), and Northern (up $5.1B, or 6.0%). Vanguard, Fidelity, Goldman Sachs, JP Morgan, and Morgan Stanley had the largest money fund asset increases over the past 3 months, rising by $65.2B, $61.7B, $13.2B, $11.1B and $5.6B, respectively.
Other asset gainers for the past year include: AB (Alliance Bernstein) (up $4.3B; we added AB Govt MM in late 2016), UBS (up $1.4B, 3.9%), American Funds (up $1.1B, 7.2%), USAA (up $1.1B, or 12.2%), Oppenheimer (up $1.1B, 11.5%), and American Beacon (up $1.0B, 254.3%). The biggest decliners over 12 months include: Wells Fargo (down $21.3B, or -17.4%), Federated (down $15.8B, or -7.4%), Dreyfus (down $13.1B, or -8.0%), SSGA (down $12.5B, or -13.0%), Deutsche (down $10.1B, or -33.4%), and Franklin (down $6.2B, or -26.3%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $505.9 billion, or 18.3% of all assets (up $42.9 billion in Dec., up $61.7 billion over 3 mos., and up $60.4B over 12 months). Vanguard is now second with $260.3 billion, or 9.4% of assets (up $55.8B, up $65.2B, and up $81.0B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock is third with $247.1 billion, or 8.9% market share (down $1.3B, up $1.8B, and up $22.0B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan is in fourth with $244.0 billion, or 8.8% of assets (up $6.9B, up $11.1B, and down $664M).
Goldman Sachs moved up to 5th with $199.3 billion, or 7.2% of assets (up $6.0B, up $13.2B, and up $31.5B). Federated dropped down to sixth place with $196.1 billion, or 7.1% (up $2.0B, down $2.9B, and down $15.8B). Schwab ($160.5B, or 5.8%) was in seventh place, followed by Dreyfus in eighth place ($150.0B, or 5.4%), Morgan Stanley in ninth place ($134.8B, or 4.9%), and Wells Fargo in tenth place ($101.5B, or 3.7%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($90.4B, or 3.3%), SSGA ($83.2B, or 3.0%), Invesco ($52.0B, or 1.9%), First American ($46.3B, or 1.7%), Western ($38.4B, or 1.4%), UBS ($38.3B, or 1.4%), Deutsche ($20.2B, or 0.7%), Franklin ($17.4B, or 0.6%), American Funds ($16.8B, or 0.6%), and T. Rowe Price ($15.9B, or 0.6%). The 11th through 20th ranked managers are the same as last month, except Western moved ahead of UBS. Crane Data currently tracks 64 U.S. MMF managers, one more than last month. (We added Jackson National Life's JNL Money Market Fund this 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 and Vanguard, BlackRock and Goldman Sachs moving ahead of Vanguard, Dreyfus/BNY Mellon and Morgan Stanley moving ahead of Schwab to 7th and 8th, and SSGA moving ahead of Wells Fargo into 10th place.
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 ($514.0 billion), JP Morgan ($393.4B), BlackRock ($363.6B), Goldman Sachs ($300.3B) and Vanguard ($260.3B). Federated ($204.4B) was sixth, followed by Dreyfus/BNY Mellon ($173.7B), Morgan Stanley ($164.1B), Schwab ($160.5B), and SSGA ($108.6B), 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.
The January issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/16, shows that yields jumped across all of the Crane Money Fund Indexes following the Fed hike on Dec. 14. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 728), was up 9 bps to 0.26% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 6 bps to 0.22%. The MFA's Gross 7-Day Yield moved higher to 0.61% (up 11 bps), while the Gross 30-Day Yield was up 8 bps to 0.57%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.43% (up 13 bps) and an average 30-Day Yield of 0.38% (up 9 bps). The Crane 100 shows a Gross 7-Day Yield of 0.68% (up 14 bps), and a Gross 30-Day Yield of 0.57% (up 8 bps). For the 12 month return through 12/31/16, our Crane MF Average returned 0.13% and our Crane 100 returned 0.25%. The total number of funds, including taxable and tax-exempt, increased to 975, up 5 from last month. There are currently 728 taxable and 247 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.49% (up 17 bps) as of Dec. 31, while the Crane Govt Inst Index was 0.27% (up 11 bps) and the Treasury Inst Index was 0.24% (up 10 bps). Thus, the spread between Prime funds and Treasury funds is 25 basis points, up 7 bps from last month. The Crane Prime Retail Index yielded 0.35% (up 10 bps), while the Govt Retail Index yielded 0.06% (up 3 bps) and the Treasury Retail Index was 0.07% (up 3 bps). The Crane Tax Exempt MF Index yield rose to 0.26% (up 11 bps).
The Gross 7-Day Yields for these indexes in December were: Prime Inst 0.84% (up 19 bps), Govt Inst 0.53% (up 12 bps), Treasury Inst 0.50% (up 10 bps), Prime Retail 0.84% (up 12 bps), Govt Retail 0.48% (up 5 bps), and Treasury Retail 0.45% (up 8 bps). Also, the Crane Tax Exempt Index increased 14 basis points to 0.71%. The Crane 100 MF Index returned on average 0.03% for 1-month, 0.08% for 3-month, 0.25% for YTD, 0.25% for 1-year, 0.10% for 3-years (annualized), 0.08% for 5-years, and 0.80% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
