Crane Data's latest Money Fund Market Share rankings show assets were mixed among U.S. money fund complexes in January. Money fund assets overall fell by $40.9 billion, or -1.4% last month, but assets have increased by $54.2 billion, or 1.9%, over the past 3 months. They've also increased by $271.0 billion, or 10.0%, over the past 12 months through January 31, 2018, but note that our asset totals have been inflated somewhat by the addition of a number of funds. (Crane Data added some previously untracked funds in February and April 2017.) The biggest gainers in January were Northern, whose MMFs rose by $5.4 billion, or 5.1%, State Street Global, whose MMFs rose by $3.7 billion, or 4.5%, and Invesco, whose MMFs rose by $3.4 billion, or 5.5%.
First American, UBS, Vanguard, T. Rowe Price, Wells Fargo and JPMorgan also saw assets increase in January, rising by $1.4B, $1.2B, $832M, $620M, $526M and $226M, respectively. Big declines among the 25 largest managers were seen by Morgan Stanley, Goldman Sachs, Dreyfus, Schwab, Federated, BlackRock, Fidelity 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. 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 continued higher in January.
Over the past year through Jan. 31, 2018, Fidelity (up $73.2B, or 14.7%), BlackRock (up $49.5B, or 20.4%), Dreyfus (up $24.4B, or 16.3%), Vanguard (up $24.3B, or 9.4%), T. Rowe Price (up $17.9B, or 112.0%) and Northern (up $14.9B, or 15.5%) were the largest gainers. These 1-year gainers were followed by Columbia (up $13.5B, or 1187.6%), Prudential (up $13.4B, or 2194.4%), JPMorgan (up $12.8B, or 5.3%) and Invesco (up $9.2B, or 16.5%).
BlackRock, Fidelity, Morgan Stanley, Northern, and Federated had the largest money fund asset increases over the past 3 months, rising by $20.5B, $14.8B, $8.3B, $8.2B, and $5.0B, respectively. The biggest decliners over 12 months include: Goldman Sachs (down $25.4B, or -13.2%), Morgan Stanley (down $9.6B, or -7.6%), Western (down $9.1B, or -25.6%), and Schwab (down $3.9B, or -2.4%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $572.7 billion, or 19.2% of all assets. It was down $3.1 billion in Jan., up $14.8 billion over 3 mos., and up $73.2B over 12 months. BlackRock remained in second with $291.8 billion, or 9.8% market share (down $5.1B, up $20.5B, and up $49.5B for the past 1-month, 3-mos. and 12-mos., respectively), while Vanguard remained in third with $283.4 billion, or 9.5% market share (up $832M, down $2.7B, and up $24.3B). JP Morgan ranked fourth with $253.6 billion, or 8.5% of assets (up $226M, up $1.7B, and up $13.0B for the past 1-month, 3-mos. and 12-mos., respectively), while Federated was ranked fifth with $195.8 billion, or 6.6% of assets (down $5.3B, up $5.0B, and up $8.4B).
Dreyfus was in sixth place with $174.0 billion, or 5.8% of assets (down $8.5B, down $3.1B, and up $24.4B), while Goldman Sachs was in seventh place with $166.3 billion, or 5.6% (down $13.3B, down $3.2B, and down $25.4B). Schwab ($155.7B, or 5.2%) was in eighth place, followed by Morgan Stanley in ninth place ($116.5B, or 3.9%) and Northern in tenth place ($111.1B, or 5.4%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Wells Fargo ($107.9B, or 3.6%), SSgA ($85.3B, or 2.9%), Invesco ($65.1B, or 2.2%), First American ($51.4B, or 1.7%), UBS ($44.1B, or 1.5%), T Rowe Price ($33.8B, or 1.1%), DFA ($27.0B, or 0.9%), Western ($26.5B, or 0.9%), Deutsche ($25.9B, or 0.9%), and Franklin ($19.2B, or 0.6%). The 11th through 20th ranked managers are the same as last month, except Northern moved ahead of Wells. 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 Goldman Sachs moves ahead of Federated and Dreyfus. Our Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore") products.
The largest Global money market fund families include: Fidelity ($581.8 billion), BlackRock ($430.8B), JP Morgan ($428.4B), Vanguard ($283.4B), and Goldman Sachs ($271.4B). Federated ($205.2B) was sixth and Dreyfus/BNY Mellon ($199.4B) was in seventh, followed by Schwab ($155.7B), Morgan Stanley ($155.6B), and Northern ($141.9B), 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 1/31/18, shows that yields were up again in January across all of our Crane Money Fund Indexes (except Tax Exempt). The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 760), was up 6 bps to 0.98% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 11 bps to 0.95%. The MFA's Gross 7-Day Yield increased 8 bps to 1.43%, while the Gross 30-Day Yield was up 11 bps to 1.38%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.17% (up 5 bps) and an average 30-Day Yield of 1.15% (up 12 bps). The Crane 100 shows a Gross 7-Day Yield of 1.45% (up 7 bps), and a Gross 30-Day Yield of 1.42% (up 11 bps). For the 12 month return through 1/31/18, our Crane MF Average returned 0.61% and our Crane 100 returned 0.79%. The total number of funds, including taxable and tax-exempt, was up 3 funds to 959. There are currently 760 taxable and 199 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.24% (up 6 bps) as of January 31, while the Crane Govt Inst Index was 1.05% (up 6 bps) and the Treasury Inst Index was 1.07% (up 5 bps). Thus, the spread between Prime funds and Treasury funds is 17 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 1.03% (up 6 bps), while the Govt Retail Index yielded 0.71% (up 8 bps) and the Treasury Retail Index was 0.78% (up 5 bps). After spiking in December, the Crane Tax Exempt MF Index yield fell back down to 0.67% (down 36 bps).
Gross 7-Day Yields for these indexes in January were: Prime Inst 1.63% (up 9 bps), Govt Inst 1.35% (up 7 bps), Treasury Inst 1.36% (up 6 bps), Prime Retail 1.60% (up 8 bps), Govt Retail 1.35% (up 12 bps), and Treasury Retail 1.36% (up 8 bps). The Crane Tax Exempt Index decreased 32 basis points to 1.20%. The Crane 100 MF Index returned on average 0.10% for 1-month, 0.26% for 3-month, 0.10% for YTD, 0.79% for 1-year, 0.36% for 3-years (annualized), 0.23% for 5-years, and 0.34% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
