Crane Data's latest Money Fund Market Share rankings show assets rose for the majority of U.S. money fund complexes in February. Money fund assets overall rose by $36.9 billion, or 1.2% last month, and assets have increased by $43.9 billion, or 1.9%, over the past 3 months. They've also increased by $259.8 billion, or 9.4%, over the past 12 months through February 28, 2018, but note that our asset totals have been inflated slightly by the addition of a number of funds. The biggest gainers in February were J.P. Morgan, whose MMFs rose by $19.5 billion, or 7.7%, Vanguard, whose MMFs rose by $8.2 billion, or 2.9%, and BlackRock, whose MMFs rose by $7.6 billion, or 2.6%.
SSGA, Goldman Sachs, Federated, Wells Fargo and Fidelity also saw assets increase in February, rising by $6.1B, $5.0B, $2.9B, $2.8B, $1.5B, respectively. Declines among the 25 largest managers were seen by Morgan Stanley, Schwab, First American, Dreyfus and AB. (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 February.
Over the past year through Feb. 28, 2018, Fidelity (up $65.0B, or 12.8%), BlackRock (up $51.3B, or 20.7%), Vanguard (up $30.8B, or 11.7%), Dreyfus (up $20.1B, or 13.2%), J.P. Morgan (up $19.9B, or 7.9%), T. Rowe Price (up $19.3B, or 120.7%) and Wells Fargo (up $15.6B, or 16.4%) were the largest gainers. These 1-year gainers were followed by Columbia (up $13.9B, or 1305.0%), Prudential (up $13.1B, or 2233.7%), Federated (up $12.9B, or 6.9%), Northern (up $11.8B, or 12.3%) and SSgA (up $10.7B, or 13.2%).
BlackRock, J.P. Morgan, Federated, SSgA, Vanguard and Northern had the largest money fund asset increases over the past 3 months, rising by $18.7B, $16.2B, $9.3B, $8.6B, $6.1B, and $6.1 respectively. The biggest decliners over 12 months include: Morgan Stanley (down $14.0B, or -11.0%), Goldman Sachs (down $10.1B, or -5.6%), Western (down $8.7B, or -24.6%), Schwab (down $7.5B, or -4.7%), and RBC (down $2.7B, or -30.5%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $574.1 billion, or 19.0% of all assets. It was up $1.5 billion in Feb., up $5.2 billion over 3 mos., and up $65.0B over 12 months. BlackRock remained in second with $299.4 billion, or 9.9% market share (up $7.6B, up $18.7B, and up $51.3B for the past 1-month, 3-mos. and 12-mos., respectively), while Vanguard remained in third with $293.0 billion, or 9.7% market share (up $8.2B, up $6.1B, and up $30.8B). JP Morgan ranked fourth with $273.3 billion, or 9.0% of assets (up $19.5B, up $16.2B, and up $19.9B for the past 1-month, 3-mos. and 12-mos., respectively), while Federated was ranked fifth with $198.7 billion, or 6.6% of assets (up $2.9B, up $9.3B, and up $12.9B).
Dreyfus was in sixth place with $172.5 billion, or 5.7% of assets (down $1.6B, down $3.5B, and up $20.1B), while Goldman Sachs was in seventh place with $171.3 billion, or 5.7% (up $5.0B, up $1.7B, and down $10.1B). Schwab ($151.8B, or 5.0%) was in eighth place, followed by Morgan Stanley in ninth place ($112.4B, or 3.7%) and Wells Fargo in tenth place ($110.7B, or 3.7%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($108.2B, or 3.6%), SSgA ($92.0B, or 3.0%), Invesco ($64.1B, or 2.1%), First American ($49.7B, or 1.6%), UBS ($43.6B, or 1.4%), T Rowe Price ($35.2B, or 1.2%), DFA ($26.8B, or 0.9%), Western ($26.7B, or 0.9%), Deutsche ($26.7B, or 0.9%), and Franklin ($20.3B, or 0.7%). The 11th through 20th ranked managers are the same as last month, except Wells 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 JPMorgan moves ahead of BlackRock and 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 ($583.0 billion), JP Morgan ($446.7B), BlackRock ($431.5B), Vanguard ($293.0B), and Goldman Sachs ($271.1B). Federated ($207.4B) was sixth and Dreyfus/BNY Mellon ($197.6B) was in seventh, followed by Schwab ($151.8B), Morgan Stanley ($149.2B), and Northern ($136.8B), 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 March issue of our Money Fund Intelligence and MFI XLS, with data as of 2/28/18, shows that yields were up again in February 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 758), was up 7 bps to 1.05% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 7 bps to 1.02%. The MFA's Gross 7-Day Yield increased 6 bps to 1.50%, while the Gross 30-Day Yield was up 4 bps to 1.45%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.24% (up 7 bps) and an average 30-Day Yield of 1.21% (up 6 bps). The Crane 100 shows a Gross 7-Day Yield of 1.52% (up 6 bps), and a Gross 30-Day Yield of 1.46% (up 5 bps). For the 12 month return through 2/28/18, our Crane MF Average returned 0.66% and our Crane 100 returned 0.85%. The total number of funds, including taxable and tax-exempt, was down 1 funds to 958. There are currently 758 taxable and 200 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.31% (up 6 bps) as of February 28, while the Crane Govt Inst Index was 1.11% (up 6 bps) and the Treasury Inst Index was 1.17% (up 9 bps). Thus, the spread between Prime funds and Treasury funds is 14 basis points, down 3 bps from last month, while the spread between Prime funds and Govt funds is 20 basis points, up one bps from last month. The Crane Prime Retail Index yielded 1.11% (up 8 bps), while the Govt Retail Index yielded 0.78% (up 7 bps) and the Treasury Retail Index was 0.86% (up 8 bps). After spiking in December, the Crane Tax Exempt MF Index yield fell again in February to 0.63% (down 3 bps).
Gross 7-Day Yields for these indexes in February were: Prime Inst 1.69% (up 6 bps), Govt Inst 1.43% (up 6 bps), Treasury Inst 1.46% (up 9 bps), Prime Retail 1.64% (up 4 bps), Govt Retail 1.40% (up 4 bps), and Treasury Retail 1.44% (up 7 bps). The Crane Tax Exempt Index decreased 3 basis points to 1.14%. The Crane 100 MF Index returned on average 0.09% for 1-month, 0.28% for 3-month, 0.18% for YTD, 0.85% for 1-year, 0.40% for 3-years (annualized), 0.25% for 5-years, and 0.33% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
