Crane Data's latest Money Fund Market Share rankings show assets in U.S. money fund complexes were mixed and overall relatively flat in April. Total assets increased $52.7 billion, or 1.9%, last month, but note that we added $67 billion in new funds. Overall assets increased by $93.0 billion, or 3.4%, over the past 3 months, and they've increased by $172.1 billion, or 6.5% over the past 12 months through April 30. (Note that our numbers are inflated by the addition of a number of internal and other funds over the past 5 months.) The biggest gainers in April were T Rowe Price, whose MMFs rose by $22.9 billion, or 140.9%, Fidelity, whose MMFs rose by $20.9 billion, or 4.1%, BlackRock, whose MMFs rose by $15.0 billion, or 6.3%, and Prudential, whose MMFs rose by $14.3 billion. (We added very large new funds for all of these but BlackRock; see our MFI XLS for details.)
Dreyfus, SSgA, American Funds and Vanguard also saw assets increase in April, rising by $2.3B, $1.0B, $876M, and $870M, respectively. The biggest declines were seen by Wells Fargo, Deutsche, Schwab, Morgan Stanley and Federated. (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 April 30, 2017, Fidelity (up $87.4B), Vanguard (up $87.1B), T. Rowe Price (up $23.7B), and Prudential (up $14.3B) were the largest gainers, but JP Morgan (up $20.4B, or 8.8%) and Dreyfus (up $10.7B, or 7.2%) would have been the largest gainers had we adjusted for recently added internal fund assets. These were followed by Northern (up $5.2B, or 5.9%), First American (up $4.8B, or 11.6%) and PNC (up $4.3B, or 63.6%).
Fidelity, T Rowe Price, Prudential, Vanguard, and BlackRock had the largest money fund asset increases over the past 3 months, rising by $32.4B, $23.2B, $14.3B, $11.5B and $10.9B, respectively. The biggest decliners over 12 months include: Federated (down $23.0B, or -11.2%), Wells Fargo (down $19.0B, or -17.6%), Goldman Sachs (down $18.9B, or -9.7%), Morgan Stanley (down $14.6B, or -11.4%), SSgA (down $14.1B, or -15.0%), and Deutsche (down $10.2B, or -39.0%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $531.9 billion, or 18.9% of all assets (up $20.9 billion in April, up $32.4 billion over 3 mos., and up $87.4B over 12 months). Vanguard is second with $270.6 billion, or 9.6% market share <b:>`_ (up $870M, up $11.5B, an up $87.1B), BlackRock is third with $253.2 billion, or 9.0% market share <b:>`_ (up $15.0B, up $10.9B, and down $3.6B for the past 1-month, 3-mos. and 12-mos., respectively).`JP Morgan ranked fourth with $251.5 billion, or 9.0% of assets <b:>`_ (down $2.8B, up $10.7B, and up $20.4B for the past 1-month, 3-mos. and 12-mos., respectively). Federated is in fifth with $183.3 billion, or 6.5% of assets (down $3.0B, down $4.1B, and down $23.0B).
Goldman Sachs was in sixth place with $175.7 billion, or 6.3% of assets (down $963M, down $16.0B, and down $18.9B), while Dreyfus was in seventh place with $160.1 billion, or 5.7% (up $2.4B, up $10.5B, and up $10.7B). Schwab ($156.3B, or 5.6%) was in eighth place, followed by Morgan Stanley in ninth place ($113.9B, or 4.1%), and Northern in tenth place ($94.4B, or 3.4%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Wells Fargo ($89.1B, or 3.2%), SSGA ($79.4B, or 2.8%), Invesco ($55.0B, or 2.0%), First American ($46.0B, or 1.6%), UBS ($41.2B, or 1.5%), T Rowe Price ($39.2B, or 1.4%), Western ($32.4B, or 1.2%), DFA ($28.8B, or 1.0%), Franklin ($24.1B, or 0.9%), and American Funds ($17.9B, or 0.6%). The 11th through 20th ranked managers are the same as last month, except Northern moved ahead of Wells Fargo. 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 moving ahead of Vanguard and BlackRock, BlackRock moving ahead of Vanguard, Goldman Sachs moving ahead of Federated, and Dreyfus/BNY Mellon moving ahead of Schwab.
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 ($541.3 billion), JP Morgan ($413.8B), BlackRock ($375.3B), Vanguard ($270.6B), and Goldman Sachs ($269.6B). Federated ($191.9B) was sixth and Dreyfus/BNY Mellon ($182.2B) was seventh, followed by Schwab ($156.3B), Morgan Stanley ($147.5B), and Northern ($110.3B), 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 May issue of our Money Fund Intelligence and MFI XLS, with data as of 4/30/17, shows that yields moved higher again in April across our Taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 747), was at 0.46% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 9 bps to 0.44%. The MFA's Gross 7-Day Yield increased to 0.88%, while the Gross 30-Day Yield was up 11 bps to 0.87%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.65% (up 4 bps) and an average 30-Day Yield of 0.63% (up 8 bps). The Crane 100 shows a Gross 7-Day Yield of 0.93% (up 5 bps), and a Gross 30-Day Yield of 0.91% (up 9 bps). For the 12 month return through 4/30/17, our Crane MF Average returned 0.21% and our Crane 100 returned 0.35%. The total number of funds, including taxable and tax-exempt, increased to 992, up 10 from last month. There are currently 747 taxable and 245 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 0.73% (up 3 bps) as of April 30, while the Crane Govt Inst Index was 0.50% (up 5 bps) and the Treasury Inst Index was 0.47% (up 4 bps). Thus, the spread between Prime funds and Treasury funds is 26 basis points, down 1 bps from last month. The Crane Prime Retail Index yielded 0.56% (up 6 bps), while the Govt Retail Index yielded 0.19% (up 5 bps) and the Treasury Retail Index was 0.23% (up 3 bps). The Crane Tax Exempt MF Index yield increased to 0.40% (up 5 bps).
The Gross 7-Day Yields for these indexes in April were: Prime Inst 1.10% (up 2 bps), Govt Inst 0.79% (up 5 bps), Treasury Inst 0.77% (up 6 bps), Prime Retail 1.11% (up 7 bps), Govt Retail 0.78% (up 11 bps), and Treasury Retail 0.77% (up 11 bps). The Crane Tax Exempt Index increased 8 basis points to 0.92%. The Crane 100 MF Index returned on average 0.05% for 1-month, 0.13% for 3-month, 0.17% for YTD, 0.35% for 1-year, 0.15% for 3-years (annualized), 0.11% for 5-years, and 0.63% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
