Crane Data's latest Money Fund Market Share rankings show about half of U.S. money fund complexes declining in March with overall assets down moderately. Total assets decreased $24.8 billion, or -0.9%, last month. Overall assets decreased by $12.0 billion, or -0.4%, over the past 3 months, and they've increased by $64.2 billion, or 2.4% over the past 12 months through March 31. The biggest gainers in March were Dreyfus/BNY Mellon, whose MMFs rose by $5.3 billion, or 3.5%, Vanguard, whose MMFs rose by $3.2 billion, or 1.2%, and Schwab, whose MMFs rose by $1.4 billion, or 0.9%. First American, Federated, Wells Fargo, HSBC and T Rowe Price also saw assets increase slightly in March, rising by $505M, $457M, $388M, $304M, and $284M, respectively. The biggest declines were seen by BlackRock, Morgan Stanley, Goldman Sachs, SSgA 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 market share totals below, and we also look at money fund yields the past month, which moved higher again.
Over the past year through March 31, 2017, Vanguard (up $82.2B) and Fidelity (up $59.7B) were the largest gainers, but JP Morgan would have been the largest gainer (up $20.6B, or 8.9%) had we adjusted for recently added Vanguard and Fidelity internal fund assets. These were followed by BlackRock (up $15.6B, or 7.0%), First American (up $6.0B, or 14.8%) and Dreyfus/BNY Mellon (up $5.3B). Vanguard, JP Morgan, Dreyfus, UBS, and Northern had the largest money fund asset increases over the past 3 months, rising by $13.4B, $8.6B, $7.8B, $4.5B and $4.0B, respectively.
Other asset gainers for the past year include: PNC (up $4.9B, or 77.9%), UBS (up $4.4B, or 11.6%), Northern (up $3.1B, or 3.4%), T Rowe Price (up $979M, or 6.4%), and American Funds (up $909M, 5.6%) The biggest decliners over 12 months include: Federated (down $28.8B, or -13.4%), Goldman Sachs (down $18.3B, or -9.4%), Wells Fargo (down $17.4B, or -15.5%), SSgA (down $16.2B, or -17.2%), Morgan Stanley (down $13.2B, or -10.1%), and Western (down $10.2B, or -23.8%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $507.9 billion, or 18.5% of all assets (down $1.1 billion in March, up $2.0 billion over 3 mos., and up $59.8B over 12 months). Vanguard is second with $265.4 billion, or 9.7% market share <b:>`_ (up 3.2B, up 13.4B, an up 82.2B), JP Morgan is third with $253.4 billion, or 9.2% market share <b:>`_ (up $56M, up $8.6B, and up $20.6B for the past 1-month, 3-mos. and 12-mos., respectively).`BlackRock ranked fourth with $238.2 billion, or 8.7% of assets <b:>`_ (down $9.9B, down $8.8B, and up $15.6B for the past 1-month, 3-mos. and 12-mos., respectively). Federated is in fifth with $186.2 billion, or 6.8% of assets (up $457M, down $9.8B, and down $28.9B).
Goldman Sachs was in sixth place with $176.6 billion, or 6.4% of assets (down $4.8B, down $22.7B, and down $18.4B), while Schwab was in seventh place with $160.7 billion, or 5.9% (up $1.4B, up $200M, and down $4.8B). Dreyfus ($157.7B, or 5.8%) was in eighth place, followed by Morgan Stanley in ninth place ($117.5B, or 4.3%), and Wells Fargo in tenth place ($95.5B, or 3.5%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($94.8B, or 3.5%), SSGA ($78.4B, or 2.9%), Invesco ($54.4B, or 2.0%), First American ($46.3B, or 1.7%), UBS ($42.8B, or 1.6%), Western ($32.7B, or 1.2%), DFA ($27.9B, or 1.0%), Deutsche ($21.6B, or 0.8%), Franklin ($19.4B, or 0.7%), and American Funds ($17.0B, or 0.6%). The 11th through 20th ranked managers are the same as last month, except Wells Fargo moved ahead of Northern. Crane Data currently tracks 66 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 and BlackRock moving ahead of Vanguard, and Goldman Sachs moving ahead of Federated and Vanguard, Dreyfus/BNY Mellon moving ahead of Schwab, and Northern moving ahead of Wells Fargo into 10th 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 ($516.8 billion), JP Morgan ($412.9B), BlackRock ($358.4B), Goldman Sachs ($268.6B), and Vanguard ($265.4B). Federated ($194.2B) was sixth and Dreyfus/BNY Mellon ($179.8B) was seventh, followed by Schwab ($160.7B), Morgan Stanley ($149.3B), and Northern ($109.0B), 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 April issue of our Money Fund Intelligence and MFI XLS, with data as of 3/31/17, shows that yields inched higher or were flat in March across our Taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 739), was at 0.41% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 6 bps to 0.35%. The MFA's Gross 7-Day Yield increased to 0.82%, while the Gross 30-Day Yield was up 7 bps to 0.76%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.61% (up 13 bps) and an average 30-Day Yield of 0.55% (up 7 bps). The Crane 100 shows a Gross 7-Day Yield of 0.88% (up 13 bps), and a Gross 30-Day Yield of 0.82% (up 7 bps). For the 12 month return through 3/31/17, our Crane MF Average returned 0.18% and our Crane 100 returned 0.32%. The total number of funds, including taxable and tax-exempt, increased to 983, up 1 from last month. There are currently 739 taxable and 244 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.70% (up 13 bps) as of March. 31, while the Crane Govt Inst Index was 0.45% (up 13 bps) and the Treasury Inst Index was 0.43% (up 19 bps). Thus, the spread between Prime funds and Treasury funds is 27 basis points, down 2 bps from last month. The Crane Prime Retail Index yielded 0.50% (up 11 bps), while the Govt Retail Index yielded 0.14% (up 7 bps) and the Treasury Retail Index was 0.20% (up 11 bps). The Crane Tax Exempt MF Index yield increased to 0.35% (up 14 bps).
The Gross 7-Day Yields for these indexes in March were: Prime Inst 1.08% (up 14 bps), Govt Inst 0.74% (up 14 bps), Treasury Inst 0.71% (up 15 bps), Prime Retail 1.04% (up 12 bps), Govt Retail 0.67% (up 8 bps), and Treasury Retail 0.68% (up 13 bps). The Crane Tax Exempt Index increased 15 basis points to 0.84%. The Crane 100 MF Index returned on average 0.04% for 1-month, 0.12% for 3-month, 0.12% for YTD, 0.32% for 1-year, 0.15% for 3-years (annualized), 0.10% for 5-years, and 0.67% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
