Crane Data's latest Money Fund Market Share rankings show assets were up across almost all U.S. money fund complexes in December. Overall assets increased by $57.9 billion, or 1.9%. Total assets have increased by $97.1 billion, or 3.3%, over the past 3 months. They've increased by $286.6 billion, or 10.4%, over the past 12 months through December 31, but note that our asset totals have been inflated by the addition of a number of funds. (Crane Data added batches of previously untracked funds in December 2016, and in February and April 2017. These funds, which total over $200 billion, include a number of internal funds that we hadn't been aware of prior to disclosures of the SEC's Form N-MFP.) The biggest gainers in December were BlackRock, whose MMFs rose by $16.1 billion, or 5.8%, Morgan Stanley, whose MMFs rose by $14.0 billion, or 11.9%, and Federated, whose MMFs rose by $11.7 billion, or 6.2%.
Goldman Sachs, Dreyfus, Fidelity, Vanguard, and Schwab also saw assets increase in December, rising by $10.0B, $6.8B, $5.5B, $3.1B, and $3.0B, respectively. Declines among the 25 largest managers were seen by JPMorgan, Wells Fargo, Invesco, SSgA and UBS. (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 in December.
Over the past year through Dec. 31, 2017, Fidelity (up $68.4B, or 13.5%), BlackRock (up $49.8B, or 20.2%), Vanguard (up $38.0B, or 15.1%), Dreyfus (up $32.9B, or 22.0%), T. Rowe Price (up $20.0B, or 128.4%) and Northern (up $15.0B, or 16.5%) were the largest gainers. These 1-year gainers were followed by Prudential (up $14.3B, or 2097.4%), Columbia (up $13.2B, or 1044.1%), JPMorgan (up $8.5B, or 3.5%) and Invesco (up $6.0B, or 10.7%).
BlackRock, Fidelity, Morgan Stanley, Goldman Sachs, and Federated had the largest money fund asset increases over the past 3 months, rising by $23.1B, $13.7B, $13.3B, $9.4B, and $8.1B, respectively. The biggest decliners over 12 months include: Goldman Sachs (down $19.8B, or -9.9%), Western (down $7.5B, or -20.4%), Morgan Stanley (down $3.7B, or -2.8%), and SSgA (down $1.6B, or -2.0%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $574.4 billion, or 18.9% of all assets. It was up $5.5 billion in Dec., up $13.7 billion over 3 mos., and up $68.4B over 12 months. BlackRock moved into second with $296.9 billion, or 9.8% market share (up $16.1B, up $23.1B, and up $49.8B for the past 1-month, 3-mos. and 12-mos., respectively), while Vanguard fell to third with $290.0 billion, or 9.5% market share (up $3.1B, up $6.2B, and up $38.0B). JP Morgan ranked fourth with $253.3 billion, or 8.3% of assets (down $3.8B, up $6.7B, and up $8.5B for the past 1-month, 3-mos. and 12-mos., respectively), while Federated was ranked fifth with $201.1 billion, or 6.6% of assets (up $11.7B, up $8.1B, and up $5.0B).
Dreyfus was in sixth place with $182.8 billion, or 6.0% of assets (up $6.8B, up $1.9B, and up $32.9B), while Goldman Sachs was in seventh place with $179.5 billion, or 5.9% (up $10.0B, up $9.4B, and down $19.8B). Schwab ($161.4B, or 5.3%) was in eighth place, followed by Morgan Stanley in ninth place ($131.1B, or 4.3%) and Wells Fargo in tenth place ($107.4B, or 3.5%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($105.7B, or 3.5%), SSgA ($81.6B, or 2.7%), Invesco ($62.3B, or 2.0%), First American ($50.0B, or 1.6%), UBS ($42.9B, or 1.4%), T Rowe Price ($35.6B, or 1.2%), Western ($29.2B, or 1.0%), DFA ($29.0B, or 1.0%), Deutsche ($25.8B, or 0.8%), and Franklin ($20.2B, or 0.7%). The 11th through 20th ranked managers are the same as last month, except DFA moved ahead of Deutsche. 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 JPMorgan moves ahead of Vanguard and BlackRock, BlackRock moves ahead of Vanguard, Goldman Sachs moves ahead of Federated and Dreyfus, and Northern moves ahead Wells Fargo.
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") products, the largest money market fund families include: Fidelity ($583.1 billion), BlackRock ($429.0B), JP Morgan ($426.2B), Vanguard ($290.0B), and Goldman Sachs ($282.8B). Federated ($210.3B) was sixth and Dreyfus/BNY Mellon ($210.0B) was in seventh, followed by Morgan Stanley ($169.0B), Schwab ($161.4B), and Northern ($133.4B), 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 12/31/17, shows that yields were up sharply in December across all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 756), was up 16 bps to 0.92% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 10 bps to 0.84%. The MFA's Gross 7-Day Yield increased 15 bps to 1.35%, while the Gross 30-Day Yield was up 10 bps to 1.28%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.12% (up 19 bps) and an average 30-Day Yield of 1.04% (up 12 bps). The Crane 100 shows a Gross 7-Day Yield of 1.38% (up 18 bps), and a Gross 30-Day Yield of 1.30% (up 11 bps). For the 12 month return through 12/31/17, our Crane MF Average returned 0.55% and our Crane 100 returned 0.73%. The total number of funds, including taxable and tax-exempt, was unchanged at 956. There are currently 756 taxable and 200 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.18% (up 19 bps) as of December 31, while the Crane Govt Inst Index was 0.99% (up 17 bps) and the Treasury Inst Index was 1.02% (up 17 bps). Thus, the spread between Prime funds and Treasury funds is 16 basis points, up 1 bp from last month, while the spread between Prime funds and Govt funds is 19 basis points, unchanged from last month. The Crane Prime Retail Index yielded 0.97% (up 18 bps), while the Govt Retail Index yielded 0.63% (up 12 bps) and the Treasury Retail Index was 0.72% (up 15 bps). The Crane Tax Exempt MF Index yield increased to 1.03% (up 53 bps).
Gross 7-Day Yields for these indexes in December were: Prime Inst 1.54% (up 18 bps), Govt Inst 1.28% (up 16 bps), Treasury Inst 1.30% (up 16 bps), Prime Retail 1.52% (up 17 bps), Govt Retail 1.23% (up 11 bps), and Treasury Retail 1.29% (up 14 bps). The Crane Tax Exempt Index increased 53 basis points to 1.52%. The Crane 100 MF Index returned on average 0.08% for 1-month, 0.23% for 3-month, 0.73% for YTD, 0.73% for 1-year, 0.33% for 3-years (annualized), 0.21% for 5-years, and 0.38% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
