Crane Data's latest Money Fund Market Share rankings show assets were higher for most U.S. money fund complexes in October. Money fund assets rose by $24.9 billion, or 0.8%, last month to $3.106 trillion, and assets have risen by $64.0 billion, or 2.1%, over the past 3 months. They have increased by $173.9 billion, or 5.9%, over the past 12 months through Oct. 31, 2018. The biggest increases among the 25 largest managers last month were seen by Fidelity, Vanguard, Federated, Goldman and Schwab, who increased assets by $17.9 billion, $8.3B, $6.5B, $3.2B, and $2.7B, respectively. We review the latest market share totals below, and we also look at money fund yields in October.
Declines in assets among the largest complexes in October were seen by Morgan Stanley, whose MMFs fell by $5.5 billion, or -5.4%, Northern, whose MMFs fell by $3.5 billion, or -3.2%, BlackRock, whose MMFs fell by $2.9 billion, or -1.0%, DWS, whose MMFs fell by $2.4 billion, or -9.8%, and SSGA, whose MMFs fell by $2.0 billion, or -2.4%. 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 Oct. 31, 2018, Fidelity (up $68.7B, or 12.3%), Vanguard (up $50.0B, or 17.5%), Goldman Sachs (up $32.7B, or 19.3%), JP Morgan (up $29.8B, or 11.8%), Federated (up $19.9B, or 10.5%), BlackRock (up $13.8B, or 5.1%), and UBS (up $12.7B, or 29.3%) were the largest gainers. These complexes were followed by First American (up $6.9B, or 14.0%), Principal (up $3.9B, fund was added), Northern (up $3.0B, or 2.9%), and PGIM (up $1.6B, or 11.0%).
Fidelity, Vanguard, Goldman Sachs, Federated and JP Morgan had the largest money fund asset increases over the past 3 months, rising by $33.1B, $26.6B, $15.6B, $15.1B, and $10.7B, respectively. The biggest decliners over 3 months include: Morgan Stanley (down $14.3B, or -12.9%), BlackRock (down $10.5B, or -3.6%), Dreyfus (down $4.7B, or -2.8%), SSGA (down $4.6B, or -5.4%), and Northern (down $4.3B, or -3.9%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $626.6 billion, or 20.2% of all assets. It was up $17.9 billion in October, up $33.1 billion over 3 mos., and up $68.7B over 12 months. Vanguard ranked second with $335.6 billion, or 10.8% market share (up $8.3B, up $26.6B, and up $50.0B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock was third with $285.2 billion, or 9.2% market share (down $2.9B, down $10.5B, and up $13.8B). JP Morgan ranked fourth with $281.7 billion, or 9.1% of assets (up $2.1B, up $10.7B, and up $29.8B for the past 1-month, 3-mos. and 12-mos., while Federated remained in fifth with $210.7 billion, or 6.8% of assets (up $6.5B, up $15.1B, and up $19.9B).
Goldman Sachs remained in sixth place with $202.2 billion, or 6.5% of assets (down $3.2B, up $15.6B, and up $32.7B), while Dreyfus held seventh place with $164.6 billion, or 5.3% (down $1.4B, down $4.7B, and down $12.5B). Schwab ($129.3B, or 4.2%) was in eighth place (up $2.7, up $1.4B and down $27.6B), followed by Wells Fargo, who moved up to ninth place ($106.4B, or 3.4%, down $117M, down $1.9B, and down $1.0B). Northern fell to tenth place ($105.9B, or 3.4%, down $3.5B, down $4.3B, and up $3.0B).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Morgan Stanley ($96.9B, or 3.1%), SSgA ($80.4B, or 2.6%), Invesco ($59.7B, or 1.9%), UBS ($56.0B, or 1.8%), First American ($55.8B, or 1.8%), T Rowe Price ($34.6B, or 1.1%), DFA ($23.2B, or 0.7%), Franklin ($22.9B, or 0.7%), Western ($22.3B, or 0.7%), and DFA ($22.2, or 0.7%). Crane Data currently tracks 71 U.S. MMF managers, 3 more than last month. (We added listings for AXA Equitable, AST and Pacific Capital.)
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, and Morgan Stanley and Northern move 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 ($635.1 billion), J.P. Morgan ($445.8B), BlackRock ($424.0B), Vanguard ($335.6B), and Goldman Sachs ($303.6B). Federated ($219.2B) was sixth and Dreyfus/BNY Mellon ($180.8B) was in seventh, followed by Morgan Stanley ($132.5B), Northern ($131.0B), and Schwab ($129.3B), 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 November issue of our Money Fund Intelligence and MFI XLS, with data as of 10/31/18, shows that yields were up again in October across all of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 777), was up 11 bps to 1.80% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 14 bps to 1.77%. The MFA's Gross 7-Day Yield increased 12 bps to 2.25%, while the Gross 30-Day Yield rose 15 bps to 2.22%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.01% (up 12 bps) and an average 30-Day Yield of 1.98% (up 15 bps). The Crane 100 shows a Gross 7-Day Yield of 2.28% (up 12 bps), and a Gross 30-Day Yield of 2.25% (up 15 bps). For the 12 month return through 10/31/18, our Crane MF Average returned 1.28% and our Crane 100 returned 1.47%. The total number of funds, including taxable and tax-exempt, was down 5 funds to 974. There are currently 777 taxable and 197 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 2.00% (up 11 bps) as of Oct. 31, while the Crane Govt Inst Index was 1.88% (up 11 bps) and the Treasury Inst Index was 1.89% (up 12 bps). Thus, the spread between Prime funds and Treasury funds is 11 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 1.84% (up 10 bps), while the Govt Retail Index yielded 1.54% (up 11 bps) and the Treasury Retail Index was 1.63% (up 12 bps). The Crane Tax Exempt MF Index yield rose in October to 1.14% (up 8 bps).
Gross 7-Day Yields for these indexes in October were: Prime Inst 2.39% (up 11 bps), Govt Inst 2.18% (up 11 bps), Treasury Inst 2.21% (up 12 bps), Prime Retail 2.37% (up 10 bps), Govt Retail 2.19% (up 14 bps), and Treasury Retail 2.22% (up 12 bps). The Crane Tax Exempt Index increased 8 basis points to 1.65%. The Crane 100 MF Index returned on average 0.16% over 1-month, 0.46% over 3-months, 1.29% YTD, 1.47% over the past 1-year, 0.76% over 3-years (annualized), 0.47% over 5-years, and 0.30% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
