Crane Data's latest Money Fund Market Share rankings show assets were higher again for most U.S. money fund complexes in November. Money fund assets rose by $79.4 billion, or 2.5%, last month to $3.170 trillion, and assets have risen by $100.6 billion, or 3.3%, over the past 3 months. They have increased by $187.5 billion, or 6.3%, over the past 12 months through Nov. 30, 2018. The biggest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Morgan Stanley, Federated and Schwab, who increased assets by $14.2 billion, $14.0B, $10.3B, $9.7B, and $8.4B, respectively. We review the latest market share totals below, and we also look at money fund yields in November.
The only noticeable declines in assets among the largest complexes in November were seen by BlackRock, whose MMFs fell by $5.1 billion, or -1.8% (their BIF money funds were liquidated), Goldman Sachs, whose MMFs fell by $1.3 billion, or -0.7%, and T Rowe Price, whose MMFs fell by $342 million. 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 Nov. 30, 2018, Fidelity (up $74.4B, or 13.1%), Vanguard (up $45.9B, or 16.0%), JP Morgan (up $38.7B, or 15.0%), Goldman Sachs (up $31.6B, or 18.6%), Federated (up $30.9B, or 16.3%) and UBS (up $12.4B, or 28.0%) were the largest gainers. These complexes were followed by First American (up $9.0B, or 18.4%), Northern (up $4.9B, or 4.7%), and Franklin (up $3.5B, or 17.3%).
Fidelity, JPMorgan, Vanguard, Federated and Morgan Stanley had the largest money fund asset increases over the past 3 months, rising by $37.4B, $26.4B, $18.8B, $16.8B, and $6.5B, respectively. The biggest decliners over 3 months include: BlackRock (down $10.6B, or -3.6%), DWS (down $5.8B, or -20.2%), T Rowe Price (down $5.1B, or -14.3%), Wells Fargo (down $4.2B, or -3.7%), and DFA (down $2.1B, or -9.3%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $643.3 billion, or 20.3% of all assets. They were up $14.2 billion in November, up $37.4 billion over 3 mos., and up $74.4B over 12 months. Vanguard ranked second with $332.8 billion, or 10.5% market share (up $6.3B, up $18.8B, and up $45.9B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $295.8 billion, or 9.3% market share (up $14.0B, up $26.4B, and up $38.7B). BlackRock ranked fourth with $280.0 billion, or 8.8% of assets (down $5.1B, down $10.6B, and down $695M for the past 1-month, 3-mos. and 12-mos., while Federated remained in fifth with $220.3 billion, or 7.0% of assets (up $9.7B, up $16.8B, and up $30.9B).
Goldman Sachs remained in sixth place with $201.1 billion, or 6.3% of assets (down $1.3B, up $1.3B, and up $31.6B), while Dreyfus held seventh place with $169.6 billion, or 5.3% (up $7.3B, down $1.8B, and down $6.4B). Schwab ($137.6B, or 4.3%) was in eighth place (up $8.4, up $9.2B and down $20.8B), followed by Northern, who moved up to ninth place ($109.9B, or 3.5%, up $3.9B, up $3.9B, and up $4.9B). Wells Fargo fell to tenth place ($108.4B, or 3.4%, up $2.0B, down $4.2B, and down $2.6B).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Morgan Stanley ($107.2B, or 3.4%), SSgA ($84.0B, or 2.6%), Invesco ($61.0B, or 1.9%), First American ($58.3B, or 1.8%), UBS ($56.5B, or 1.8%), T Rowe Price ($30.9B, or 1.0%), Franklin ($23.6B, or 0.7%), Western ($23.0B, or 0.7%), DWS ($22.7B, or 0.7%), and DFA ($20.8, or 0.7%). Crane Data currently tracks 70 U.S. MMF managers, down one from last month. (TD liquidated its money funds this past 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 and BlackRock move ahead of Vanguard, Goldman moves ahead of Federated, and Morgan Stanley moves ahead of Wells, Northern and 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 ($652.6 billion), J.P. Morgan ($451.6B), BlackRock ($420.1B), Vanguard ($332.8B), and Goldman Sachs ($305.0B). Federated ($229.3B) was sixth and Dreyfus/BNY Mellon ($185.0B) was in seventh, followed by Morgan Stanley ($139.5B), Schwab ($137.6B), and Northern ($134.8B), 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 December issue of our Money Fund Intelligence and MFI XLS, with data as of 11/30/18, shows that yields were up again in November across all of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 753), was up 8 bps to 1.88% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 10 bps to 1.86%. The MFA's Gross 7-Day Yield increased 7 bps to 2.32%, while the Gross 30-Day Yield rose 8 bps to 2.30%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.06% (up 5 bps) and an average 30-Day Yield of 2.04% (up 6 bps). The Crane 100 shows a Gross 7-Day Yield of 2.33% (up 5 bps), and a Gross 30-Day Yield of 2.31% (up 6 bps). For the 12 month return through 11/30/18, our Crane MF Average returned 1.38% and our Crane 100 returned 1.55%. The total number of funds, including taxable and tax-exempt, was down 30 funds to 944. There are currently 753 taxable and 191 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 2.07% (up 7 bps) as of Nov. 30, while the Crane Govt Inst Index was 1.95% (up 7 bps) and the Treasury Inst Index was 1.96% (up 7 bps). Thus, the spread between Prime funds and Treasury funds is 11 basis points, the same as last month, while the spread between Prime funds and Govt funds is 12 basis points, the same as last month. The Crane Prime Retail Index yielded 1.93% (up 9 bps), while the Govt Retail Index yielded 1.64% (up 10 bps) and the Treasury Retail Index was 1.71% (up 8 bps). The Crane Tax Exempt MF Index yield rose in November to 1.24% (up 10 bps).
Gross 7-Day Yields for these indexes in November were: Prime Inst 2.46% (up 7 bps), Govt Inst 2.25% (up 7 bps), Treasury Inst 2.27% (up 6 bps), Prime Retail 2.45% (up 8 bps), Govt Retail 2.25% (up 6 bps), and Treasury Retail 2.28% (up 6 bps). The Crane Tax Exempt Index increased 8 basis points to 1.73%. The Crane 100 MF Index returned on average 0.16% over 1-month, 0.47% over 3-months, 1.45% YTD, 1.55% over the past 1-year, 0.81% over 3-years (annualized), 0.49% 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.)
