Crane Data's latest Money Fund Market Share rankings show assets were mixed for U.S. money fund complexes in April. Money fund assets overall rose by just $117 million, or 0.0% last month to $2.984 trillion, but assets have fallen by $5.3 billion, or -0.2%, over the past 3 months. They have increased by $179.4 billion, or 6.4%, over the past 12 months through April 30, 2018. Increases among the 25 largest managers were seen by BlackRock, J.P. Morgan, Morgan Stanley, Deutsche and Western. The biggest losers in April were Northern, whose MMFs fell by $10.8 billion, or -10.1%, Goldman Sachs, whose MMFs fell by $10.6 billion, or -5.7%, and Federated, whose MMFs fell by $9.2 billion, or -4.6%.
Schwab, Wells Fargo, SSgA, Fidelity, and T Rowe Price also saw assets decrease in April, falling by $4.1B, $2.9B, $2.0B, $2.0B, and $1.3B, respectively. (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 April.
Over the past year through April 30, 2018, Fidelity (up $46.1B, or 8.7%), BlackRock (up $44.1B, or 17.4%), Vanguard (up $20.6B, or 7.5%), Columbia (up $14.2B, or 1519.6%), Deutsche (up $13.1B, or 82.4%), Wells Fargo (up $12.3B, or 13.8%) and Invesco (up $10.4B, or 18.9%) were the largest gainers. These 1-year gainers were followed by SSgA (up $9.4B, or 11.8%), Dreyfus (up $9.1B, or 5.7%), Morgan Stanley (up $7.8B, or 6.9%), and J.P. Morgan (up $7.9B, or 3.1%).
Vanguard, Goldman Sachs, BlackRock, Morgan Stanley, Fidelity and J.P. Morgan had the largest money fund asset increases over the past 3 months, rising by $11.4B, $7.5B, $5.6B, $5.2B, $4.8B, and $4.3 respectively. The biggest decliners over 12 months include: Schwab (down $16.9B, or –10.8%), Northern (down $14.8B, or -13.4%), Wells Fargo (down $6.B, or -6.0%), Dreyfus (down $4.9B, or -2.8%), and Federated (down $4.6B, or -2.4%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $577.4 billion, or 19.3% of all assets. It was down $2.0 billion in April, down $4.8 billion over 3 mos., and up $46.1B over 12 months. BlackRock moved into second with $297.4 billion, or 10.0% market share (up $18.2B, up $5.6B, and up $44.1B for the past 1-month, 3-mos. and 12-mos., respectively), while Vanguard was third with $296.2 billion, or 9.9% market share (up $818M, up $11.4B, and up $20.6B). JP Morgan ranked fourth with $258.1 billion, or 8.6% of assets (up $9.1B, up $4.3B, and up $7.9B for the past 1-month, 3-mos. and 12-mos., respectively), while Federated was ranked fifth with $191.1 billion, or 6.4% of assets (down $9.2B, down $4.6B, and up $7.8B).
Goldman Sachs was ranked in to sixth place with $173.8 billion, or 5.8% of assets (down $10.6B, up $7.5B, and down $1.9B), while Dreyfus held seventh place with $169.2 billion, or 5.7% (down $608M, down $4.9B, and up $9.1B). Schwab ($138.8B, or 4.7%) was in eighth place, followed by Morgan Stanley in ninth place ($121.7B, or 4.1%) and Wells Fargo in tenth place ($101.4B, or 3.4%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($96.3B, or 3.2%), SSgA ($88.8B, or 3.0%), Invesco ($65.3B, or 2.2%), First American ($51.4B, or 1.7%), UBS ($45.3B, or 1.5%), T Rowe Price ($30.7B, or 1.0%), DFA ($30.5B, or 1.0%), Deutsche ($29.1B, or 1.0%), Western ($26.1B, or 0.9%), and Franklin ($23.4B, or 0.8%). The 11th through 20th ranked managers are the same as last month. 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 J.P. Morgan moves ahead of Vanguard, Goldman Sachs moves ahead of Federated, and Morgan Stanley moves ahead of Schwab. 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 ($586.5 billion), BlackRock ($437.8.5B), J.P. Morgan ($417.7B), Vanguard ($296.2B), and Goldman Sachs ($271.4B). Federated ($199.3B) was sixth and Dreyfus/BNY Mellon ($190.0B) was in seventh, followed by Morgan Stanley ($157.9B), Schwab ($138.8B), and Northern ($126.9B), 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 May issue of our Money Fund Intelligence and MFI XLS, with data as of 4/30/18, shows that yields were up again in April across all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 766), was up 6 bps to 1.35% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 14 bps to 1.31%. The MFA's Gross 7-Day Yield increased 6 bps to 1.80%, while the Gross 30-Day Yield was up 13 bps to 1.73%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.55% (up 8 bps) and an average 30-Day Yield of 1.53% (up 17 bps). The Crane 100 shows a Gross 7-Day Yield of 1.84% (up 8 bps), and a Gross 30-Day Yield of 1.77% (up 16 bps). For the 12 month return through 4/30/18, our Crane MF Average returned 0.80% and our Crane 100 returned 0.98%. The total number of funds, including taxable and tax-exempt, was up 2 funds to 965. There are currently 766 taxable and 199 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.64% (up 11 bps) as of April 30, while the Crane Govt Inst Index was 1.41% (up 5 bps) and the Treasury Inst Index was 1.41% (up 4 bps). Thus, the spread between Prime funds and Treasury funds is 23 basis points, up 7 bps from last month, while the spread between Prime funds and Govt funds is 23 basis points, up 6 bps from last month. The Crane Prime Retail Index yielded 1.44% (up 10 bps), while the Govt Retail Index yielded 1.07% (up 4 bps) and the Treasury Retail Index was 1.14% (up 6 bps). The Crane Tax Exempt MF Index yield rose in April to 1.19% (up 24 bps).
Gross 7-Day Yields for these indexes in April were: Prime Inst 2.03% (up 10 bps), Govt Inst 1.72% (up 4 bps), Treasury Inst 1.73% (up 5 bps), Prime Retail 2.00% (up 10 bps), Govt Retail 1.70% (up 4 bps), and Treasury Retail 1.73% (up 6 bps). The Crane Tax Exempt Index increased 24 basis points to 1.72%. The Crane 100 MF Index returned on average 0.12% for 1-month, 0.29% for 3-month, 0.42% for YTD, 0.98% for 1-year, 0.47% for 3-years (annualized), 0.29% for 5-years, and 0.31% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
