Crane Data's latest Money Fund Market Share rankings show assets were up again for the vast majority of U.S. money fund complexes in September. Money fund assets increased by $80.2 billion, or 2.1%, last month to $3.784 trillion. Assets have climbed by $241.8 billion, or 6.8%, over the past 3 months, and they've increased by $703.1 billion, or 22.8%, over the past 12 months through Sept. 30, 2019. The biggest increases among the 25 largest managers last month were seen by Vanguard, BlackRock, Fidelity, Federated, Dreyfus, Wells Fargo and SSGA, which increased assets by $16.2 billion, $13.9B, $10.7B, $8.9B, $8.5B, $6.1B and $6.0B, respectively. Declines in assets among the largest complexes in September were seen by Goldman Sachs, PNC and Morgan Stanley, which decreased by $6.9B, $3.7B and $2.7B. 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. We review the latest market share totals below, and we also look at money fund yields in September.
Over the past year through Sept. 30, 2019, Fidelity (up $144.1B, or 23.7%), American Funds (up $111.9B, or 699.3%; this was inflated by the addition earlier this year of the $108 billion American Funds Central Cash Fund), Federated (up $87.7B, or 43.0%), Vanguard (up $67.1B, or 20.5%), Schwab (up $58.4B, or 46.1%), JPMorgan (up $52.4B, or 18.8%) and BlackRock (up $35.3B, or 12.2%) were the largest gainers. These complexes were followed by SSGA (up $27.8B, or 33.7%), Wells Fargo (up $22.1B, or 20.8%), First American (up $17.1B, or 30.4%) and Morgan Stanley (up $15.7B, or 15.3%). Fidelity, Federated, BlackRock, JP Morgan and Schwab had the largest money fund asset increases over the past 3 months, rising by $56.4B, $31.7B, $24.0B, $20.7B and $18.8B, respectively. Decliners over 3 months included: Franklin (down $4.2B, or -18.4%), American Funds (down $3.0B, or -2.3%), PNC (down $2.7B, or -17.5%), DFA (down $813M, or -4.0%) and Columbia (down $119M, or -0.8%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $752.8 billion, or 19.9% of all assets. That was up $10.7 billion in September, up $56.4 billion over 3 mos., and up $144.1B over 12 months. Vanguard ranked second with $394.4 billion, or 10.4% market share (up $16.2B, up $13.8B and up $67.1B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $332.1 billion, or 8.8% market share (up $1.31B, up $20.7B and up $52.4B). BlackRock ranked fourth with $323.3 billion, or 8.5% of assets (up $13.9B, up $24.0B and up $35.3B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $291.9 billion, or 7.7% of assets (up $8.9B, up $31.7B and up $87.7B).
Goldman Sachs remained in sixth place with $212.4 billion, or 5.6% of assets (down $6.9 billion, up $866M and up $13.4B), while Schwab was in seventh place with $185.0 billion, or 4.9% (up $6.0B, up $18.8B and up $58.4B). Dreyfus ($166.8B, or 4.4%) was in eighth place (up $8.5B, up $5.7B and up $846M), followed by Wells Fargo ($128.6B, or 3.4%, up $6.1B, up $9.6B and up $22.1B). American Funds dropped to 10th place ($127.9B, or 3.4%; unchanged, down $3.0B and up $111.9B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($124.3B, or 3.3%), Morgan Stanley ($118.1, or 3.1%), SSGA ($110.2B, or 2.9%), First American ($73.5B, or 1.9%), Invesco ($71.8B, or 1.9%), UBS ($69.3B, or 1.8%), T Rowe Price ($37.9B, or 1.0%), DWS ($26.7B, or 0.7%), Western ($23.5B, or 0.6%) and HSBC ($20.1B, or 0.5%). Crane Data currently tracks 67 U.S. MMF managers, the same 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 and BlackRock move ahead of Vanguard, Goldman moves ahead of Federated, and Morgan Stanley, SSGA and Northern move ahead of Wells Fargo and American Funds. 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 ($763.4 billion), J.P. Morgan ($490.8B), BlackRock ($486.1B), Vanguard ($394.4B) and Goldman Sachs ($327.8B). Federated ($301.7B) was sixth, Dreyfus/BNY Mellon ($186.1B) was in seventh, followed by Schwab ($185.0B), Morgan Stanley ($153.3B) and Northern ($149.6B) which round 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 September issue of our Money Fund Intelligence and MFI XLS, with data as of 9/30/19, shows lower yields 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 755), fell 12 basis points to 1.67% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 5 bps to 1.76%. The MFA's Gross 7-Day Yield decreased by 12 bps to 2.08%, while the Gross 30-Day Yield fell 5 bps to 2.18%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.81% (down 13 bps) and an average 30-Day Yield that decreased to 1.92%. The Crane 100 shows a Gross 7-Day Yield of 2.08% (down 13 bps), and a Gross 30-Day Yield of 2.18%. Our Prime Institutional MF Index (7-day) yielded 1.86% (down by 14 bps) as of September 30, while the Crane Govt Inst Index was 1.74% (down 13 bps) and the Treasury Inst Index was 1.72% (down 10 bps). Thus, the spread between Prime funds and Treasury funds is 14 basis points, while the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 1.69% (down 13 bps), while the Govt Retail Index was 1.47% (down 12 bps) and the Treasury Retail Index was 1.45% (down 11 bps). The Crane Tax Exempt MF Index yield rose in September to 1.12% (up 15 bps).
Gross 7-Day Yields for these indexes in September were: Prime Inst 2.18% (down 14 bps), Govt Inst 2.04% (down 13 bps), Treasury Inst 2.02% (down 10 bps), Prime Retail 2.18% (down 13 bps), Govt Retail 2.05% (down 12 bps) and Treasury Retail 2.02% (down 11 bps). The Crane Tax Exempt Index increased 15 basis points to 1.57%. The Crane 100 MF Index returned on average 0.16% over 1-month, 0.51% over 3-months, 1.61% YTD, 2.15% over the past 1-year, 1.37% over 3-years (annualized), 0.86% over 5-years, and 0.45% over 10-years. The total number of funds, including taxable and tax-exempt, increased by one to 940. There are currently 755 taxable, up by 1, and 185 tax-exempt money funds (unchanged). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
