Crane Data's latest Money Fund Market Share rankings show modest asset decreases for the majority of U.S. money fund complexes in January, as total assets decreased by $43.2 billion, or -1.6%. Overall assets rose by $97.0 billion, or 3.7%, over the past 3 months. Over the past 12 months through Jan. 31, they've increased by $50.4 billion, or 1.9%. (Note: December's asset totals were inflated by the addition of $110 billion in "internal" money funds to our collections.) The biggest gainers in January were Northern, whose MMFs rose by $5.6 billion, or 6.2%, UBS, whose MMFs rose by $2.8 billion, or 7.3%, and Vanguard, whose MMFs rose by $2.1 billion, or 0.8%.
Oppenheimer, T Rowe Price and First American also saw assets increase in January, rising by $925M, $365M, and $354M, respectively. The biggest declines were seen by Federated, Morgan Stanley, Fidelity 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 market share totals below, and we also look at money fund yields the past month, which moved higher again for Taxable funds.
Over the past year through Dec. 31, 2016, Vanguard (up $73.4B) and Fidelity (up $50.0B) were the largest gainers, but Goldman Sachs would have been the largest gainer (up $26.0B, or 15.7%) had we adjusted for the added Vanguard ($52.0B) and Fidelity ($42.0B) internal fund assets. These were followed by BlackRock (up $22.3B, or 10.2%), JP Morgan (up $12.0B, or 5.2%), First American (up $6.5B, or 16.1%), PNC (up $6.2B, or 115.3%) and TIAA-CREF (up $5.5B). Vanguard, Fidelity, Goldman Sachs, Dreyfus, and TIAA-CREF had the largest money fund asset increases over the past 3 months, rising by $55.8B, $53.4B, $11.0B, $7.3B and $5.4B, respectively.
Other asset gainers for the past year include: Northern (up $5.2B, or 5.8%) AB (Alliance Bernstein, up $4.1B, or 203.4%), Invesco (up $3.0B, or 5.5%), UBS (up $1.8B, or 4.6%), Oppenheimer (up $983M, 9.6%), and USAA (up $968M, 11.0%). The biggest decliners over 12 months include: Federated (down $24.6B, or -11.6%), Wells Fargo (down $20.3B, or -17.3%), Dreyfus (down $13.2B, or -8.1%), SSGA (down $11.5B, or -12.5%), Deutsche (down $8.3B, or -28.7%), and Schwab (down $7.0B, or -4.2%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $497.9 billion, or 18.4% of all assets (down $8.1 billion in Jan., up $53.4 billion over 3 mos., and up $49.9B over 12 months). Vanguard ranked second with $254.2 billion, or 9.4% of assets (up $2.1B, up $55.8B, and up $73.4B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock is third with $242.4 billion, or 8.9% market share (down $4.7B, down $11.5B, and up $22.3B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan is in fourth with $241.6 billion, or 8.9% of assets (down $3.1B, down $3.9B, and up $12.0B).
Goldman Sachs moved up to 5th with $191.6 billion, or 7.1% of assets (down $7.6B, up $11.0B, and up $25.9B). Federated dropped down to sixth place with $186.8 billion, or 6.9% (down $9.2B, down $5.5B, and down $24.5B). Schwab ($159.5B, or 5.9%) was in seventh place, followed by Dreyfus in eighth place ($149.5B, or 5.5%), Morgan Stanley in ninth place ($126.1B, or 4.7%), and Wells Fargo in tenth place ($97.5B, or 3.6%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($96.4B, or 3.6%), SSGA ($80.0B, or 3.0%), Invesco ($55.9B, or 2.1%), First American ($46.6B, or 1.7%), UBS ($41.1B, or 1.5%), Western ($35.6B, or 1.3%), Deutsche ($20.6B, or 0.8%), Franklin ($18.8B, or 0.7%), 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 UBS moved ahead of Western. 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 and Vanguard, BlackRock and Goldman Sachs moving ahead of Vanguard, Dreyfus/BNY Mellon moving ahead of Schwab to 7th, and Northern and SSGA moving ahead of Wells Fargo into 10th and 11th place.
Looking at our 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 include: Fidelity ($506.9 billion), JP Morgan ($394.8B), BlackRock ($359.7B), Goldman Sachs ($289.0B), and Vanguard ($254.2B). Federated ($195.4B) was sixth and Dreyfus/BNY Mellon ($173.5B) was seventh, followed by Schwab ($159.6B), Morgan Stanley ($156.9B), and Northern ($110.0B), 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 February issue of our Money Fund Intelligence and MFI XLS, with data as of 1/31/17, shows that yields continued rising in January across our Taxable 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 3 bps to 0.29% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 6 bps to 0.28%. The MFA's Gross 7-Day Yield moved higher to 0.67% (up 6 bps), while the Gross 30-Day Yield was up 9 bps to 0.66%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.47% (up 4 bps) and an average 30-Day Yield of 0.46% (up 8 bps). The Crane 100 shows a Gross 7-Day Yield of 0.73% (up 5 bps), and a Gross 30-Day Yield of 0.72% (up 9 bps). For the 12 month return through 1/31/17, our Crane MF Average returned 0.15% and our Crane 100 returned 0.27%. The total number of funds, including taxable and tax-exempt, decreased to 973, down 2 from last month. There are currently 728 taxable and 245 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.55% (up 6 bps) as of Jan. 31, while the Crane Govt Inst Index was 0.31% (up 4 bps) and the Treasury Inst Index was 0.27% (up 3 bps). Thus, the spread between Prime funds and Treasury funds is 28 basis points, up 3 bps from last month. The Crane Prime Retail Index yielded 0.38% (up 3 bps), while the Govt Retail Index yielded 0.07% (up 2 bps) and the Treasury Retail Index was 0.08% (up 1 bp). The Crane Tax Exempt MF Index yield declined to 0.22% (down 4 bps).
The Gross 7-Day Yields for these indexes in January were: Prime Inst 0.92% (up 8 bps), Govt Inst 0.59% (up 6 bps), Treasury Inst 0.55% (up 5 bps), Prime Retail 0.90% (up 6 bps), Govt Retail 0.56% (up 8 bps), and Treasury Retail 0.52% (up 8 bps). The Crane Tax Exempt Index decreased 1 basis point to 0.70%. The Crane 100 MF Index returned on average 0.04% for 1-month, 0.10% for 3-month, 0.04% for YTD, 0.27% for 1-year, 0.11% for 3-years (annualized), 0.08% for 5-years, and 0.76% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
