Crane Data's latest Money Fund Market Share rankings show assets were lower for the majority of U.S. money fund complexes in June. Money fund assets overall fell by $32.5 billion, or 1.1% last month to $3.025 trillion, but assets have risen by $41.0 billion, or 1.4%, over the past 3 months. They have increased by $229.4 billion, or 8.2%, over the past 12 months through June 30, 2018. Increases among the 25 largest managers last month were seen by Goldman Sachs, Vanguard, First American, Dreyfus, UBS and Federated, who increased assets by $7.4 billion, $4.1B, $2.5B, and $2.0B, $720M and $602M, respectively. We review the latest market share totals below, and we also look at money fund yields in June.
Notable declines in June among the largest complexes were seen by JP Morgan, whose MMFs fell by $21.3 billion, or -7.5%, BlackRock, whose MMFs fell by $5.0 billion, or -1.7%, DWS, whose MMFs fell by $4.9 billion, or -16.4%, Schwab, whose MMFs fell by $4.6 billion, or -3.3%, and Morgan Stanley whose MMFs fell by $4.5 billion, or -3.8%,. 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.
Over the past year through June 30, 2018, Fidelity (up $61.1B, or 11.6%), Vanguard (up $42.9B, or 15.8%), BlackRock (up $38.0B, or 14.8%), Goldman Sachs (up $26.9B, or 16.2%), Columbia (up $14.3B, or 1679.6%), JP Morgan (up $13.7B, or 5.5%), and Wells Fargo (up $13.6B, or 14.5%) were the largest gainers. These 1-year gainers were followed by Federated (up $9.2B, or 5.0%), SSgA (up $9.0B, or 11.2%), DWS (up $7.4B, or 42.4%), and UBS (up $6.8B, or 17.4%).
Vanguard, BlackRock, J.P. Morgan, Goldman Sachs, Fidelity, and First American had the largest money fund asset increases over the past 3 months, rising by $19.4B, $15.0B, $13.3B, $8.4B, $7.6B, and $4.1B respectively. The biggest decliners over 12 months include: Schwab (down $21.4B, or -13.9%), T Rowe Price (down $7.5B, or -18.9%), Western (down $4.9B, or -16.9%), Dreyfus (down $1.1B, or -0.7%), and HSBC (down $395M, or -3.2%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $586.9 billion, or 19.4% of all assets. It was down $291 million in June, up $7.6 billion over 3 mos., and up $61.1B over 12 months. Vanguard ranked second with $314.8 billion, or 10.4% market share (up $4.1B, up $19.4B, and up $42.9B). BlackRock was third with $294.2 billion, or 9.7% market share (down $5.0B, up $15.0B, and up $38.0B for the past 1-month, 3-mos. and 12-mos., respectively). JP Morgan ranked fourth with $262.2 billion, or 8.7% of assets (down $21.3B, up $13.3B, and up $13.7B for the past 1-month, 3-mos. and 12-mos., respectively), while Goldman Sachs was ranked fifth with $192.7 billion, or 6.4% of assets (up $7.4B, up $8.4B, and up $26.9B).
Federated was ranked in sixth place with $192.4 billion, or 6.4% of assets (up $602M, down $8.0B, and up $9.2B), while Dreyfus held seventh place with $167.4 billion, or 5.5% (up $2.0B, down $2.4B, and down $1.1B). Schwab ($132.5B, or 4.4%) was in eighth place, followed by Morgan Stanley in ninth place ($132.5B, or 3.8%) and Wells Fargo in tenth place ($107.0B, or 3.5%).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Northern ($99.4B, or 3.3%), SSgA ($89.6B, or 3.0%), Invesco ($62.2B, or 2.1%), First American ($54.1B, or 1.8%), UBS ($46.0B, or 1.5%), T Rowe Price ($32.1B, or 1.1%), DFA ($28.6B, or 0.9%), DWS ($24.8B, or 0.8%), Western ($24.3B, or 0.8%), and Franklin ($23.3B, or 0.8%). The 11th through 20th ranked managers are the same as last month. (Note, however that Deutsche was renamed DWS.) Crane Data currently tracks 67 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 BlackRock and J.P. Morgan move ahead of Vanguard, Morgan Stanley moves ahead of Schwab, and Northern moves ahead of Wells Fargo. 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 ($596.3 billion), BlackRock ($439.2B), J.P. Morgan ($415.6B), Vanguard ($314.8B), and Goldman Sachs ($295.2B). Federated ($200.7B) was sixth and Dreyfus/BNY Mellon ($185.8B) was in seventh, followed by Morgan Stanley ($151.2B), Schwab ($132.5B), and Northern ($126.6B), 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 July issue of our Money Fund Intelligence and MFI XLS, with data as of 6/30/18, shows that yields were up again in June 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 11 bps to 1.53% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 8 bps to 1.47%. The MFA's Gross 7-Day Yield increased 11 bps to 1.98%, while the Gross 30-Day Yield rose to 1.87%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.74% (up 13 bps) and an average 30-Day Yield of 1.68% (up 9 bps). The Crane 100 shows a Gross 7-Day Yield of 2.01% (up 13 bps), and a Gross 30-Day Yield of 1.91% (up 9 bps). For the 12 month return through 6/30/18, our Crane MF Average returned 0.96% and our Crane 100 returned 1.16%. The total number of funds, including taxable and tax-exempt, was up 1 fund to 965. There are currently 766 taxable and 199 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.80% (up 12 bps) as of June 30, while the Crane Govt Inst Index was 1.59% (up 12 bps) and the Treasury Inst Index was 1.59% (up 11 bps). Thus, the spread between Prime funds and Treasury funds is 21 basis points, up 1 bps from last month, while the spread between Prime funds and Govt funds is also 21 basis points, down 1 bps from last month. The Crane Prime Retail Index yielded 1.62% (up 12 bps), while the Govt Retail Index yielded 1.26% (up 10 bps) and the Treasury Retail Index was 1.31% (up 12 bps). The Crane Tax Exempt MF Index yield increased in June to 0.98% (up 29 bps).
Gross 7-Day Yields for these indexes in June were: Prime Inst 2.20% (up 12 bps), Govt Inst 1.91% (up 12 bps), Treasury Inst 1.91% (up 11 bps), Prime Retail 2.17% (up 12 bps), Govt Retail 1.88% (up 9 bps), and Treasury Retail 1.90% (up 12 bps). The Crane Tax Exempt Index increased 29 basis points to 1.51%. The Crane 100 MF Index returned on average 0.14% over 1-month, 0.40% over 3-months, 0.69% YTD, 1.16% over the past 1-year, 0.57% over 3-years (annualized), 0.35% over 5-years, and 0.31% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
