Crane Data's latest Money Fund Market Share rankings show assets were up again for the majority of U.S. money fund complexes in October. Money fund assets increased by $84.8 billion, or 2.2%, last month to $3.871 trillion. Assets have climbed by $250.3 billion, or 6.9%, over the past 3 months, and they've increased by $780.4 billion, or 25.2%, over the past 12 months through Oct. 31, 2019. The biggest increases among the 25 largest managers last month were seen by Fidelity, JP Morgan, BlackRock, Vanguard, Federated, Goldman Sachs and Schwab, which increased assets by $27.7 billion, $10.6B, $8.3B, $7.9B, $7.7B, $7.6B and $7.3B, respectively. Declines in assets among the largest complexes in October were seen by Invesco, Wells Fargo and Dreyfus, which decreased by $4.0B, $2.1B and $1.2B. 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 October.
Over the past year through Oct. 31, 2019, Fidelity (up $151.7B, or 24.1%), American Funds (up $112.6B, or 677.0%; this was inflated by the addition earlier this year of the $108 billion American Funds Central Cash Fund), Federated (up $89.0B, or 42.2%), Vanguard (up $74.8B, or 22.9%), Schwab (up $63.0B, or 48.8%), JPMorgan (up $59.6B, or 21.2%) and BlackRock (up $46.5B, or 16.3%) were the largest gainers. These complexes were followed by SSGA (up $36.8B, or 45.8%), Morgan Stanley (up $28.3B, or 29.2%), Wells Fargo (up $20.2B, or 18.9%) and Goldman Sachs (up $17.7B, or 8.8%). Fidelity, Federated, JP Morgan, BlackRock and SSgA had the largest money fund asset increases over the past 3 months, rising by $69.5B, $28.9B, $23.1B, $21.7B and $21.1B, respectively. Decliners over 3 months included: Invesco (down $13.5B, or -16.3%), PNC (down $3.8B, or -24.0%), DFA (down $2.7B, or -13.4%) and PGIM (down $2.3B, or -12.3%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $780.8 billion, or 20.2% of all assets. That was up $27.7 billion in October, up $69.5 billion over 3 mos., and up $151.7B over 12 months. Vanguard ranked second with $401.3 billion, or 10.4% market share (up $7.9B, up $21.1B and up $74.8B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $341.5 billion, or 8.8% market share (up $10.6B, up $23.1B and up $59.6B). BlackRock ranked fourth with $331.7 billion, or 8.6% of assets (up $8.3B, up $21.7B and up $46.5B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $299.6 billion, or 7.7% of assets (up $7.7B, up $28.9B and up $89.0B).
Goldman Sachs remained in sixth place with $220.2 billion, or 5.7% of assets (up $7.6 billion, up $11.8B and up $17.7B), while Schwab was in seventh place with $192.3 billion, or 5.0% (up $7.3B, up $19.8B and up $63.0B). Dreyfus ($165.7B, or 4.3%) was in eighth place (down $1.2B, up $3.8B and up $3.4B), followed by American Funds ($129.2B, or 3.3%, unchanged, up $304M and up $112.6B). Wells Fargo dropped to 10th place ($126.5B, or 3.3%; down $2.1B, up $4.4B and up $20.2B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Morgan Stanley ($125.2B, or 3.2%), Northern ($123.4, or 3.2%), SSGA ($117.1B, or 3.0%), First American ($72.8B, or 1.9%), UBS ($72.0B, or 1.9%), Invesco ($67.7B, or 1.7%), T Rowe Price ($40.2B, or 1.0%), DWS ($27.0B, or 0.7%), Western ($22.9B, or 0.6%) and Franklin ($20.4B, 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 ($791.4 billion), J.P. Morgan ($502.2B), BlackRock ($492.3B), Vanguard ($401.3B) and Goldman Sachs ($340.7B). Federated ($309.3B) was sixth, Schwab ($192.3B) was in seventh, followed by Dreyfus/BNY Mellon ($184.0B), Morgan Stanley ($158.1B) and Northern ($149.1B) 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 November issue of our Money Fund Intelligence and MFI XLS, with data as of 10/31/19, shows lower yields 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 755), fell 12 basis points to 1.53% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 16 bps to 1.57%. The MFA's Gross 7-Day Yield decreased by 12 bps to 1.94%, while the Gross 30-Day Yield fell 16 bps to 1.98%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.67% (down 14 bps) and an average 30-Day Yield that decreased to 1.71%. The Crane 100 shows a Gross 7-Day Yield of 1.93% (down 14 bps), and a Gross 30-Day Yield of 1.98%. Our Prime Institutional MF Index (7-day) yielded 1.75% (down by 11 bps) as of October 31, while the Crane Govt Inst Index was 1.61% (down 11 bps) and the Treasury Inst Index was 1.54% (down 17 bps). Thus, the spread between Prime funds and Treasury funds is 21 basis points, while the spread between Prime funds and Govt funds is 14 basis points. The Crane Prime Retail Index yielded 1.58% (down 11 bps), while the Govt Retail Index was 1.35% (down 9 bps) and the Treasury Retail Index was 1.28% (down 17 bps). The Crane Tax Exempt MF Index yield rose in September to 0.81% (down 31 bps).
Gross 7-Day Yields for these indexes in October were: Prime Inst 2.07% (down 11 bps), Govt Inst 1.91% (down 11 bps), Treasury Inst 1.85% (down 17 bps), Prime Retail 2.08 (down 11 bps), Govt Retail 1.93% (down 9 bps) and Treasury Retail 1.85% (down 17 bps). The Crane Tax Exempt Index decreased 31 basis points to 1.26%. The Crane 100 MF Index returned on average 0.15% over 1-month, 0.48% over 3-months, 1.76% YTD, 2.13% over the past 1-year, 1.41% over 3-years (annualized), 0.89% over 5-years, and 0.46% over 10-years. The total number of funds, including taxable and tax-exempt, increased by one to 937. There are currently 755 taxable, the same as the previous month, and 182 tax-exempt money funds (down three from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
