Crane Data's latest Money Fund Market Share rankings show assets were higher again for the majority of U.S. money fund complexes in February. Money fund assets rose by $56.3 billion, or 1.7%, last month to $3.302 trillion, and assets have climbed by $129.3 billion, or 4.1%, over the past 3 months. They have increased by $275.1 billion, or 9.1%, over the past 12 months through Feb. 28, 2019. The biggest increases among the 25 largest managers last month were seen by JP Morgan, BlackRock, and Federated, which increased assets by $10.3 billion, $9.1B, and $8.3B, respectively. We review the latest market share totals below, and we also look at money fund yields in February.

The most noticeable declines in assets among the largest complexes in February were seen by Northern, whose MMF assets dropped by $2.9 billion, or -2.4%, Schwab, down $1.3 billion, or -0.8%, Dreyfus, with a decline of $1.1 billion, or -0.7%, and DWS, off $956 million, or -4.1%. 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 Feb. 28, 2019, Fidelity (up $88.9B, or 15.5%), Vanguard (up $63.4B, or 21.6%), Federated (up $41.3B, or 20.8%), JP Morgan (up $28.9B, or 10.6%), Goldman Sachs (up $26.7B, or 15.5%), and UBS (up $15.2B, or 34.9%) were the largest gainers. These complexes were followed by First American (up $11.9B, or 23.9%), Northern (up $7.2B, or 6.7%), Wells Fargo (up $4.7B, or 4.3%), and Morgan Stanley (up $4.3B, or 3.8%).

Vanguard, Federated, Schwab, Fidelity and Morgan Stanley had the largest money fund asset increases over the past 3 months, rising by $21.3B, $19.7B, $18.0B, $18.0B, and $9.5B, respectively. The biggest decliners over 3 months include: Dreyfus (down $6.8B, or -4.1%), Goldman Sachs (down $3.2B, or -1.6%), Franklin (down $2.0B, or -8.8%), DFA (down $1.8B, or -8.8%) and Western (down $1.3B, or -5.5%).

Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $662.7 billion, or 20.1% of all assets. That was down $104 million in February, up $18.0 billion over 3 mos., and up $88.9B over 12 months. Vanguard ranked second with $356.6 billion, or 10.8% market share (up $5.1B, up $21.3B, and up $63.4B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $302.3 billion, or 9.2% market share (up $10.3B, up $5.3B, and up $28.9B). BlackRock ranked fourth with $285.6 billion, or 8.6% of assets (up $9.1B, up $5.5B, and down $13.7B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $240.0 billion, or 7.3% of assets (up $8.3B, up $19.7B, and up $41.3B).

Goldman Sachs remained in sixth place with $198.3 billion, or 6.0% of assets (up $975 million, down $3.2B, and up $26.7B), while Dreyfus held seventh place with $161.4 billion, or 4.9% (down $1.1B, down $6.8B, and down $12.6B). Schwab ($155.9B, or 4.7%) was in eighth place (down $1.3B, up $18.0B and up $4.1B), followed by Morgan Stanley, which occupied ninth place ($116.7B, or 3.5%, up $4.6B, up $9.5B, and up $4.3B). Wells Fargo was in 10th place ($115.4B, or 3.5%, up $1.3B, up $7.0B, and up $4.7B).

The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($115.4B, or 3.5%), SSgA ($89.7B, or 2.7%), First American ($61.6B, or 1.9%), Invesco ($59.8B, or 2.1%), UBS ($58.8B, or 1.8%), T Rowe Price ($34.9B, or 1.1%), DWS ($22.5B, or 0.7%), Western ($21.7B, or 0.7%), Franklin ($21.1B, or 0.6%), and DFA ($19.1B, or 0.6%). Crane Data currently tracks 69 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 Northern and Wells. 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 ($671.0 billion), J.P. Morgan ($458.5B), BlackRock ($424.2B), Vanguard ($356.6B), and Goldman Sachs ($307.1B). Federated ($248.7B) was sixth and Dreyfus/BNY Mellon ($178.5B) was in seventh, followed by Schwab ($155.9B), Morgan Stanley ($152.4B), and Northern ($140.3B), 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 March issue of our Money Fund Intelligence and MFI XLS, with data as of 2/28/19, shows that yields were flat in February across all of our taxable Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 754), was unchanged at 2.08% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield remained at 2.06%. The MFA's Gross 7-Day Yield remained at 2.51%, while the Gross 30-Day Yield held steady at 2.50%.

Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 2.25% (unchanged) and an average 30-Day Yield that stayed at 2.24%. The Crane 100 shows a Gross 7-Day Yield of 2.52% (unchanged), and a Gross 30-Day Yield of 2.51% (no change). For the 12 month return through 2/28/19, our Crane MF Average returned 1.65% and our Crane 100 returned 1.84%. The total number of funds, including taxable and tax-exempt, rose by 4 to 945. There are currently 754 taxable, up by 4, and 191 tax-exempt money funds (unchanged).

Our Prime Institutional MF Index (7-day) yielded 2.27% (no change) as of Feb. 28, while the Crane Govt Inst Index was 2.16% (up 1 basis point) and the Treasury Inst Index was unchanged at 2.12%. Thus, the spread between Prime funds and Treasury funds is 15 basis points, while the spread between Prime funds and Govt funds is 11 basis points. The Crane Prime Retail Index yielded 2.14% (down 1 basis point), while the Govt Retail Index yielded 1.85% (up 1 basis point) and the Treasury Retail Index was 1.88% (up 1 basis point). The Crane Tax Exempt MF Index yield rose in February to 1.27% (up 32 bps).

Gross 7-Day Yields for these indexes in February were: Prime Inst 2.68% (down 1 basis point), Govt Inst 2.47% (up 1 basis point), Treasury Inst 2.44% (unchanged), Prime Retail 2.65% (down 1 basis point), Govt Retail 2.44% (no change), and Treasury Retail 2.44% (up 1 basis point). The Crane Tax Exempt Index rose 32 basis points to 1.75%. The Crane 100 MF Index returned on average 0.18% over 1-month, 0.54% over 3-months, 0.36% YTD, 1.84% over the past 1-year, 0.98% over 3-years (annualized), 0.61% over 5-years, and 0.34% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)

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