With now less than 2 months to go before our big show, Crane's Money Fund Symposium, which will be in Atlanta, Georgia (June 21-23), we are also preparing for our 5th Annual European Money Fund Symposium, the largest money market event in Europe. The preliminary agenda is almost ready for this year's show, which will take place Sept. 25-26 in Paris, France. See below or contact us for details. Also, if you haven't registered yet for Money Fund Symposium, you can still do so via www.moneyfundsymposium.com. (We look forward to seeing many of you in Atlanta in June or Paris in September!)
While the Agenda is still being developed for Crane's European Money Fund Symposium (so speakers and topics are subject to change), registrations are now being accepted. Last year's event in London attracted 120 attendees, sponsors and speakers -- our largest European event ever. Given pending new money fund regulations in Europe and possible plans for "repatriation" of assets, we expect our first show on the Continent in Paris to attract even more interest this year.
"European Money Fund Symposium offers European, Asian and "offshore" money market portfolio managers, investors, issuers, dealers and service providers a concentrated and affordable educational experience, as well as an excellent and informal networking venue," says Crane Data President Peter Crane. "Our mission is to deliver the best possible conference content at an affordable price to money market fund professionals," he added.
EMFS will be held at the Renaissance Paris La Defense hotel. Book your hotel room before Monday, August 1, and receive the discounted room rate of E224. Registration for our 2017 Crane's European Money Fund Symposium is $1,000 (USD or Euro). Visit www.euromfs.com to register or contact us to request the PDF brochure, or for Sponsorship pricing and info, and for more details.
The EMFS agenda features sessions led by many of the leading authorities on money funds in Europe and worldwide. The Day One Agenda for Crane's European Money Fund Symposium includes: "Welcome to European Money Fund Symposium" with Peter Crane of Crane Data; followed by "IMMFA Update: The State of MMFs in Europe" with Reyer Kooy and Jane Lowe of IMMFA; "French Money Fund Update & Outlook," with Thierry Darmon of Amundi, Vanessa Robert of Moody's Investors Service, and Alastair Sewell of Fitch Ratings. "Senior Portfolio Manager Perspectives," with Joe McConnell of JP Morgan AM, Jonathan Curry, of HSBC Global AM, and Deborah Cunningham of Federated Investors.
Day One also includes: "US Money Funds: Adapting to Reforms" with Federated's Cunningham and Peter Crane; "MMFs in Asia: China, Japan, and Beyond" with Andrew Paranthoiene of Standard & Poor's and Fitch Rating's Sewell; "UK, Brexit & Sterling MMF Issues" with Dennis Gepp of Federated UK, Jennifer Gillespie of Legal & General IM," and Paul Mueller of Invesco; and, "Euro and European MMFs with Rudolf Siebel of BVI and Neil Hutchison of JPMAM.
The Day Two Agenda includes: "New Regulations: Coming Soon" with John Hunt of Sullivan & Worcester LLP and Dan Morrissey of William Fry; "LVNAV and New Products Under New Regs," which will discuss the development of new products under the new regulations; and, "Ultra-Short Bond Funds & Separate Accounts," which will review the space beyond money market funds.
The afternoon of Day Two features: "Dealer Supply Outlook & New Products" with Kieran Davis of Barclays, Dan Singer of J.P. Morgan Securities, and David Hynes of Northcross Capital LLP; "Risks and Ratings: Areas of Concern and Changes" with Marc Pinto of Moody's and Alastair Sewell of Fitch Ratings; "Distribution & MMF Investor Issues" with James Finch of UBS Global AM and Jim Fuell of JP Morgan AM.
In related news, Crane Data's Money Fund Intelligence International shows assets in "offshore" money market mutual funds, U.S.-style funds domiciled in Ireland or Luxemburg and denominated in USD, Euro and GBP (sterling), up 48 billion year-to-date to $779 billion as of 4/21/17. U.S. Dollar (USD) funds (156) account for over half ($412.0 billion, or 52.8%) of the total, while Euro (EUR) money funds (97) total E99 billion and Pound Sterling (GBP) funds (107) total L216. USD funds are up $14 billion, YTD, while Euro funds are up E4 billion and GBP funds are up L26B. USD MMFs yield 0.78% (7-Day) on average (4/21/17), up 62 basis points from 12/31/16. EUR MMFs yield -0.49% on average, down 30 basis points YTD, while GBP MMFs yield 0.15%, down 15 bps YTD.
Crane's latest Money Fund Intelligence International Portfolio Holdings data (as of 3/31/17) shows that European-domiciled US Dollar MMFs, on average, consist of 21% in Treasury securities, 24% in Commercial Paper (CP), 25% in Certificates of Deposit (CDs), 15% in Other securities (primarily Time Deposits), 12% in Repurchase Agreements (Repo), and 3% in Government Agency securities. USD funds have on average 33.8% of their portfolios maturing Overnight, 10.6% maturing in 2-7 Days, 24.7% maturing in 8-30 Days, 8.0% maturing in 31-60 Days, 8.6% maturing in 61-90 Days, 9.0% maturing in 91-180 Days, and 5.4% maturing beyond 181 Days. USD holdings are affiliated with the following countries: US (32.8%), France (11.3%), Canada (10.8%), Japan (9.9%), Sweden (5.6%), Australia (5.5%), Germany (5.2%), the Netherlands (4.5%), Great Britain (3.0%), Singapore (3.0%) and China (2.4%).
The 20 Largest Issuers to "offshore" USD money funds include: the US Treasury with $95.1 billion (20.8% of total assets), BNP Paribas with $14.7B (3.2%), Mitsubishi UFJ with $13.0B (2.9%), Federal Reserve Bank of New York with $11.7B (2.6%), Toronto-Dominion Bank with $11.5B (2.5%), Canadian Imperial Bank of Commerce with $9.2B (2.0%), Bank of Montreal with $8.7B (1.9%), RBC with $8.5B (1.9%), Sumitomo Mitsui Trust Bank with $8.2B (1.8%), Societe Generale with $8.0B (1.7%), National Australia Bank Ltd with $7.9B (1.7%), Wells Fargo with $7.6B (1.7%), Credit Agricole with $7.2B (1.6%), Bank of Nova Scotia with $7.1B (1.6%),`Swedbank AB <b:>`_ with $7.0B (1.5%), Rabobank with $6.8B (1.5%), Sumitomo Mitsui Banking Co with $6.6B (1.4%), Bank of America with $6.3B (1.4%), Mizuho Corporate Bank LTD with $6.2B (1.4%), and Svenska Handelsbanken with $6.1B (1.3%).
Euro MMFs tracked by Crane Data contain, on average 44% in CP, 30% in CDs, 17% in Other (primarily Time Deposits), 6% in Repo, 2% in Treasury securities and 1% in Agency securities. EUR funds have on average 21.6% of their portfolios maturing Overnight, 9.9% maturing in 2-7 Days, 15.0% maturing in 8-30 Days, 17.1% maturing in 31-60 Days, 14.6% maturing in 61-90 Days, 18.2% maturing in 91-180 Days and 3.6% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (30.0%), Japan (13.0%), US (12.8%), Sweden (7.6%), Netherlands (6.3%), Germany (6.2%), Belgium (5.8%), United Kingdom (3.9%), Switzerland (3.0%), and China (2.6%).
The 15 Largest Issuers to "offshore" EUR money funds include: BNP Paribas with E4.5B (4.6%), Credit Mutuel with E3.9B (4.0%), Rabobank with E3.8B (3.9%), Proctor & Gamble with E3.8B (3.9%), Svenska Handelsbanken with E3.5B (3.6%), Nordea Bank with E3.4B (3.5%), Credit Agricole with E3.3B (3.4%), Mitsubishi UFJ Financial Group Inc with E3.2B (3.2%), BPCE SA with E3.2B (3.2%), KBC Group NV with E2.8B (2.9%), Sumitomo Mitsui Banking Co. with E2.5B (2.6%), Societe Generale with E2.5B (2.6%), Republic of France with E2.4B (2.5%), DZ Bank AG with E2.4B (2.5%), and JP Morgan with E2.4B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 3/31/17): 43% in CDs, 22% in Other (Time Deposits), 24% in CP, 8% in Repo, 3% in Treasury, and 0% in Agency. Sterling funds have on average 20.3% of their portfolios maturing Overnight, 9.2% maturing in 2-7 Days, 14.2% maturing in 8-30 Days, 16.2% maturing in 31-60 Days, 14.8% maturing in 61-90 Days, 21.2% maturing in 91-180 Days, and 4.2% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: France (16.8%), Japan (16.0%), Great Britain (12.9%), Netherlands (8.8%), Germany (8.2%), Sweden (5.8%), Australia (5.6%), Canada (5.6%), US (4.3%), and Abu Dhabi (2.7%).
The 15 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L8.6B (5.3%), Mitsubishi UFJ Financial Group Inc. with L7.1B (4.3%), Sumitomo Mitsui Banking Co. with L6.7B (4.1%), BNP Paribas with L5.7B (3.5%), ING Bank with L5.6B (3.4%), Nordea Bank with L5.4B (3.3%), Rabobank with L5.3B (3.2%), DZ Bank AG with L5.2B (3.2%), Credit Mutuel with L4.8B (2.9%), BPCE SA with L4.3B (2.6%), National Bank of Abu Dhabi with L4.1B (2.5%), Sumitomo Mitsui Trust Bank with L4.1B (2.5%), Toronto-Dominion Bank with L4.1B (2.5%), Credit Agricole with L4.0B (2.5%), Qatar National Bank with L3.8B (2.3%), Mizuho Corporate Bank Ltd. with L3.6B (2.2%), Commonwealth Bank of Australia with L3.6B (2.2%), Standard Chartered Bank with L3.6B (2.2%), Bank of America with L3.4B (2.1%), and Dexia Group with L3.3B (2.0%).
