Crane Data's latest Money Fund Market Share rankings show assets were higher again for most U.S. money fund complexes in December. Money fund assets rose by $69.7 billion, or 2.2%, last month to $3.243 trillion, and assets have climbed by $161.7 billion, or 5.2%, over the past 3 months. They have increased by $215.5 billion, or 7.1%, over the past 12 months through Dec. 31, 2018. The biggest increases among the 25 largest managers last month were seen by Fidelity, Federated, Vanguard, and Schwab, which increased assets by $25.8 billion, $14.5B, $13.8B, and $13.6B, respectively. We review the latest market share totals below, and we also look at money fund yields in December.
The most noticeable declines in assets among the largest complexes in December were seen by SSGA, whose MMF assets dropped by $5.8 billion, or -6.9%, JP Morgan, down $5.7 billion, or -1.9%, Dreyfus with a decline of $3.8 billion, or -2.3%, and Invesco, off $2.5 billion, or -4.2%. BlackRock, whose MMFs fell by $5.1 billion in November moved down another $1.2 billion, or -0.4% in December, having liquidated its BIF money funds. 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 Dec. 31, 2018, Fidelity (up $94.7B, or 16.5%), Vanguard (up $66.5B, or 23.5%), JP Morgan (up $37.9B, or 15.0%), Federated (up $33.8B, or 16.8%), Goldman Sachs (up $27.1B, or 15.1%), and UBS (up $14.2B, or 33.2%) were the largest gainers. These complexes were followed by Northern (up $9.1B, or 8.6%), First American (up $8.2B, or 16.3%), Wells Fargo (up $4.3B, or 4.0%), and Franklin (up $3.9B, or 20.7%).
Fidelity, Federated, Schwab, Vanguard, JPMorgan, Morgan Stanley and Goldman Sachs had the largest money fund asset increases over the past 3 months, rising by $61.9B, $30.7B, $24.9B, $21.8B, $11.6B, $8.8B and $7.6B, respectively. The biggest decliners over 3 months include: BlackRock (down $9.3B, or -3.2%), SSGA (down $4.1B, or -5.0%), T Rowe Price (down $3.3B, or -9.4%), DWS (down $2.9B, or-11.8%, and DFA (down $2.3B, or -9.7%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $670.6 billion, or 20.7% of all assets. That was up $25.8 billion in December, up $61.9 billion over 3 mos., and up $94.7B over 12 months. Vanguard ranked second with $349.1 billion, or 10.8% market share (up $13.8B, up $21.8B, and up $66.5B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $291.3 billion, or 9.0% market share (down $5.7B, up $11.6B, and up $37.9B). BlackRock ranked fourth with $278.8 billion, or 8.6% of assets (down $1.2B, down $9.3B, and down $18.2B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $234.9 billion, or 7.2% of assets (up $14.5B, up $30.7B, and up $33.8B).
Goldman Sachs remained in sixth place with $206.6 billion, or 6.4% of assets (up $5.1B, up $7.6B, and up $27.1B), while Dreyfus held seventh place with $164.4 billion, or 5.1% (down $3.8B, down $1.6B, and down $18.1B). Schwab ($151.5B, or 4.7%) was in eighth place (up $13.6B, up $24.9B and down $9.9B), followed by Northern, which occupied ninth place ($114.8B, or 3.5%, up $5.9B, up $5.3B, and up $9.1B). Wells Fargo was in 10th place ($111.7B, or 3.4%, up $3.3B, up $5.2B, and up $4.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Morgan Stanley ($111.2B, or 3.4%), SSgA ($78.2B, or 2.4%), Invesco ($58.4B, or 1.8%), First American ($58.2B, or 1.8%), UBS ($57.2B, or 1.8%), T Rowe Price ($31.4B, or 1.0%), Franklin ($23.2B, or 0.7%), Western ($22.0B, or 0.7%), DWS ($21.7B, or 0.7%), and DFA ($20.9, or 0.6%). Crane Data currently tracks 70 U.S. MMF managers.
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 and Northern.. 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 ($680.8 billion), J.P. Morgan ($450.2B), BlackRock ($423.4B), Vanguard ($349.1B), and Goldman Sachs ($315.2B). Federated ($243.3B) was sixth and Dreyfus/BNY Mellon ($181.3B) was in seventh, followed by Schwab ($151.5B), Morgan Stanley ($150.5B), and Northern ($139.2B), which rounded out the top 10. These totals include "offshore" U.S. Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into U.S. dollar totals.
The January issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/18, shows that yields were up again in December 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 15 bps to 2.04% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 9 bps to 1.95%. The MFA's Gross 7-Day Yield increased 15 bps to 2.47%, while the Gross 30-Day Yield rose 9 bps to 2.39%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.23% (up 17 bps) and an average 30-Day Yield of 2.14% (up 10 bps). The Crane 100 shows a Gross 7-Day Yield of 2.50% (up 17 bps), and a Gross 30-Day Yield of 2.41% (up 10 bps). For the 12 month return through 12/31/18, our Crane MF Average returned 1.48% and our Crane 100 returned 1.68%. The total number of funds, including taxable and tax-exempt, remained at 944. There are currently 753 taxable and 191 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 2.23% (up 16 bps) as of Dec. 31, while the Crane Govt Inst Index was 2.11% (also up 16 bps) and the Treasury Inst Index was also 2.11% (up 16 bps). Thus, the spread between Prime funds and Treasury funds is 12 basis points, while the spread between Prime funds and Govt funds is 12 basis points, the same as last month. The Crane Prime Retail Index yielded 2.09% (up 16 bps), while the Govt Retail Index yielded 1.78% (up 13 bps) and the Treasury Retail Index was 1.87% (up 16 bps). The Crane Tax Exempt MF Index yield rose in December to 1.25% (up 2 bps).
Gross 7-Day Yields for these indexes in December were: Prime Inst 2.62% (up 16 bps), Govt Inst 2.41% (up 16 bps), Treasury Inst 2.43% (up 16 bps), Prime Retail 2.61% (up 16 bps), Govt Retail 2.38% (up 13 bps), and Treasury Retail 2.45% (up 17 bps). The Crane Tax Exempt Index increased 2 basis points to 1.75%. The Crane 100 MF Index returned on average 0.18% over 1-month, 0.51% over 3-months, 1.68% YTD, 1.68% over the past 1-year, 0.88% over 3-years (annualized), 0.54% 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.)
