Crane Data's latest Money Fund Market Share rankings show assets were lower for the majority of U.S. money fund complexes in September, but big gains in a handful of complexes pushed the overall totals positive. Money fund assets rose by $1.6 billion, or 0.1%, last month to $3.071 trillion, and assets have risen by $63.3 billion, or 2.1%, over the past 3 months. They have increased by $127.7 billion, or 4.3%, over the past 12 months through Sept. 30, 2018. The biggest increases among the 25 largest managers last month were seen by JP Morgan, Vanguard, Northern, Fidelity, and Morgan Stanley, who increased assets by $10.5 billion, $5.7B, $3.5B, $2.8B, and $1.7B, respectively. We review the latest market share totals below, and we also look at money fund yields in September.
Declines in assets among the largest complexes in September were seen by Dreyfus, whose MMFs fell by $6.8 billion, or –4.0%, Wells Fargo, whose MMFs fell by $6.1 billion, or -5.4%, DWS, whose MMFs fell by $3.6 billion, or -12.5%, BlackRock, whose MMFs fell by $2.4 billion, or -0.8%, and Invesco, whose MMFs fell by $1.9 billion, or -3.2%. 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 Sept. 30, 2018, Fidelity (up $48.0B, or 8.6%), Vanguard (up $35.9B, or 12.6%), JP Morgan (up $33.3B, or 13.5%), Goldman Sachs (up $28.8B, or 16.9%), BlackRock (up $14.4B, or 5.3%), Federated (up $11.2B, or 5.8%), and Northern (up $8.1B, or 8.0%) were the largest gainers. These complexes were followed by First American (up $6.2B, or 12.5%), Wells Fargo (up $5.4B, or 5.3%), DWS (up $2.5B, or 11.1%), and PGIM (up $1.5B, or 9.4%).
Fidelity, JP Morgan, Vanguard, Federated, Northern, and UBS had the largest money fund asset increases over the past 3 months, rising by $21.9B, $17.6B, $16.6B, $11.9B, $10.1B, and $7.7B respectively. The biggest decliners over 3 months include: Morgan Stanley (down $12.9B, or -11.2%), SSgA (down $7.9B, or -8.1%), BlackRock (down $5.9B, or -2.0%), Schwab (down $5.7B, or -4.3%), and Invesco (down $4.4B, or -7.1%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $608.7 billion, or 19.8% of all assets. It was up $2.8 billion in September, up $21.9 billion over 3 mos., and up $48.0B over 12 months. Vanguard ranked second with $319.7 billion, or 10.4% market share (up $5.7B, up $16.6B, and up $35.9B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock was third with $288.2 billion, or 9.4% market share (down $2.4B, down $5.9B, and up $14.4B). JP Morgan ranked fourth with $279.9 billion, or 9.1% of assets (up $10.5B, up $17.6B, and up $33.3B for the past 1-month, 3-mos. and 12-mos., while Federated remains at fifth with $204.2 billion, or 6.6% of assets (up $690M, up $11.8B, and up $11.2B).
Goldman Sachs also remained in sixth place with $198.9 billion, or 6.5% of assets (down $885M, up $6.0B, and up $28.8B), while Dreyfus held seventh place with $164.6 billion, or 5.4% (down $6.8B, down $2.4B, and down $16.3B). Schwab ($126.6B, or 4.1%) was in eighth place (down $1.8, down $5.7B and down $30.3B), followed by Northern in ninth place ($109.5B, or 3.6%, up $3.5B, up $10.1B, and up $8.1B) and Wells Fargo in tenth place ($106.4B, or 3.5%, down $6.1B, down $463M, and up $5.4B).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Morgan Stanley ($102.4B, or 3.3%), SSgA ($82.3B, or 2.7%), Invesco ($57.8B, or 1.9%), First American ($56.3B, or 1.8%), UBS ($53.7B, or 1.7%), T Rowe Price ($35.8B, or 1.2%), DWS ($24.9B, or 0.8%), Franklin ($24.0B, or 0.8%), Western ($22.9B, or 0.7%), and DFA ($22.9, or 0.7%). Crane Data currently tracks 68 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 moved ahead of BlackRock and Vanguard, Goldman moves ahead of Federated, Northern moves ahead of Schwab, and Morgan Stanley moves up to 8th place. 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 ($618.1 billion), J.P. Morgan ($433.8B), BlackRock ($422.9B), Vanguard ($319.7B), and Goldman Sachs ($302.9B). Federated ($212.5B) was sixth and Dreyfus/BNY Mellon ($189.5B) was in seventh, followed by Morgan Stanley ($138.1B), Northern ($135.7B), and Schwab ($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 October issue of our Money Fund Intelligence and MFI XLS, with data as of 9/30/18, shows that yields were up again in September across all of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 779), was up 7 bps to 1.69% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 4 bps to 1.63%. The MFA's Gross 7-Day Yield increased 7 bps to 2.13%, while the Gross 30-Day Yield rose 4 bps to 2.08%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.88% (up 9 bps) and an average 30-Day Yield of 1.83% (up 5 bps). The Crane 100 shows a Gross 7-Day Yield of 2.16% (up 9 bps), and a Gross 30-Day Yield of 2.11% (up 5 bps). For the 12 month return through 9/30/18, our Crane MF Average returned 1.19% and our Crane 100 returned 1.37%. The total number of funds, including taxable and tax-exempt, was up 9 funds to 979. There are currently 779 taxable and 200 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.89% (up 7 bps) as of Sept. 30, while the Crane Govt Inst Index was 1.77% (up 7 bps) and the Treasury Inst Index was 1.77% (up 8 bps). Thus, the spread between Prime funds and Treasury funds is 12 basis points, down 1 bps from last month, while the spread between Prime funds and Govt funds is also 12 basis points, the same as last month. The Crane Prime Retail Index yielded 1.74% (up 7 bps), while the Govt Retail Index yielded 1.43% (up 7 bps) and the Treasury Retail Index was 1.51% (up 9 bps). The Crane Tax Exempt MF Index yield dipped slightly in September to 1.06% (down 1 bps).
Gross 7-Day Yields for these indexes in September were: Prime Inst 2.28% (up 7 bps), Govt Inst 2.07% (up 8 bps), Treasury Inst 2.09% (up 9 bps), Prime Retail 2.27% (up 7 bps), Govt Retail 2.05% (up 6 bps), and Treasury Retail 2.10% (up 9 bps). The Crane Tax Exempt Index decreased 1 basis point to 1.57%. The Crane 100 MF Index returned on average 0.15% over 1-month, 0.44% over 3-months, 1.12% YTD, 1.37% over the past 1-year, 0.74% over 3-years (annualized), 0.47% over 5-years, and 0.36% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
