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 December. Money market fund assets increased by $72.4 billion, or 1.8%, last month to $3.991 trillion. Assets have climbed by $204.7 billion, or 5.4%, over the past 3 months, and they've increased by $779.1 billion, or 24.3%, over the past 12 months through Dec. 31, 2019. The biggest increases among the 25 largest managers last month were seen by BlackRock, Goldman Sachs, Federated, Fidelity, JP Morgan, Dreyfus and Vanguard, which increased assets by $15.4 billion, $13.3B, $12.2B, $8.7B, $7.5B, $7.3B and $4.8B, respectively. Declines in assets among the largest complexes in December were seen by SSgA, UBS, T Rowe Price, First American and HSBC, which decreased by $3.6B, $1.6B, $232M, $222M and $101M. 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 December.

Over the past year through Dec. 31, 2019, Fidelity (up $134.7B, or 20.4%), American Funds (up $120.0B, or 646.9%; this was inflated by the addition earlier last year of the $108 billion American Funds Central Cash Fund), Federated (up $85.7B, or 36.5%), BlackRock (up $73.4B, or 26.3%), Vanguard (up $71.1B, or 20.8%), JP Morgan (up $65.4B, or 22.4%) and Goldman Sachs (up $48.5B, or 23.5%) were the largest gainers. These complexes were followed by Schwab (up $47.0B, or 31.0%), SSgA (up $40.1B, or 50.8%), Morgan Stanley (up $25.3B, or 22.7%) and Wells Fargo (up $19.8B, or 17.7%). Fidelity, Goldman Sachs, BlackRock, Federated and JP Morgan had the largest money fund asset increases over the past 3 months, rising by $42.7B, $42.5B, $29.3B, $28.6B and $26.1B, respectively. Decliners over 3 months included: Invesco (down $8.8B, or -12.3%), UBS (down $6.9B, or -9.9%), Dreyfus/BNY Mellon (down $5.4B, or -3.2%), First American (down $4.2B, or -5.7%), Franklin (down $1.1B, or -5.3%), DWS (down $992M, or -3.7%) and T Rowe Price (down $821M,or -2.0%).

Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $795.8 billion, or 19.9% of all assets. That was up $8.7 billion in December, up $42.7 billion over 3 mos., and up $134.7B over 12 months. Vanguard ranked second with $413.4 billion, or 10.4% market share (up $4.8B, up $19.9B and up $71.1B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $357.0 billion, or 8.9% market share (up $7.5B, up $26.1B and up $65.4B). BlackRock ranked fourth with $352.7 billion, or 8.8% of assets (up $15.4B, up $29.3B and up $73.4B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $320.5 billion, or 8.0% of assets (up $12.2B, up $28.6B and up $85.7B).

Goldman Sachs remained in sixth place with $255.1 billion, or 6.4% of assets (up $13.3 billion, up $42.5B and up $48.5B), while Schwab was in seventh place with $198.5 billion, or 5.0% (up $1.3B, up $13.5B and up $47.0B). Dreyfus ($161.5B, or 4.0%) was in eighth place (up $7.3B, down $5.4B and up $444M), followed by American Funds ($138.6B, or 3.5%, unchanged, up $9.3B and up $120.0B). Morgan Stanley was in 10th place ($136.5B, or 3.4%; up $2.5B, up $18.4B and up $25.3B).

The 11th through 20th-largest U.S. money fund managers (in order) include: Wells Fargo ($131.5B, or 3.3%), Northern ($124.7, or 3.1%), SSgA ($119.0B, or 3.0%), First American ($69.3B, or 1.7%), Invesco ($62.9B, or 1.6%), UBS ($62.2B, or 1.6%), T Rowe Price ($39.5B, or 1.0%), DWS ($25.7B, or 0.6%), Western ($24.5B, or 0.6%) and HSBC ($20.7B, 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 ($807.2 billion), J.P. Morgan ($526.1B), BlackRock ($516.9B), Vanguard ($413.4B) and Goldman Sachs ($379.2B). Federated ($330.6B) was sixth, Schwab ($198.5B) was in seventh, followed by Dreyfus/BNY Mellon ($182.0B), Morgan Stanley ($175.0B) and Northern ($148.6B) 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 December issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/19, shows lower yields in December across all of our taxable Crane Money Fund Indexes, with the exception of a jump in Tax Exempt yields. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 753), fell 3 basis points to 1.31% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 5 bps to 1.32%. The MFA's Gross 7-Day Yield decreased by 3 bps to 1.72%, while the Gross 30-Day Yield fell 5 bps to 1.73%.

Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.46% (down 4 bps) and an average 30-Day Yield that decreased to 1.47%. The Crane 100 shows a Gross 7-Day Yield of 1.73% (down 4 bps), and a Gross 30-Day Yield of 1.74%. Our Prime Institutional MF Index (7-day) yielded 1.55% (down by 1 bps) as of December 30, while the Crane Govt Inst Index was 1.38% (down 4 bps) and the Treasury Inst Index was 1.33% (down 5 bps). Thus, the spread between Prime funds and Treasury funds is 22 basis points, while the spread between Prime funds and Govt funds is 17 basis points. The Crane Prime Retail Index yielded 1.39% (down 1 bps), while the Govt Retail Index was 1.09% (down 3 bps) and the Treasury Retail Index was 1.08% (down 5 bps). The Crane Tax Exempt MF Index yield jumped in December to 1.11% (up 39 bps).

Gross 7-Day Yields for these indexes in December were: Prime Inst 1.87% (down 2 bps), Govt Inst 1.66% (down 4 bps), Treasury Inst 1.65% (down 5 bps), Prime Retail 1.88 (down 1 bps), Govt Retail 1.67% (down 3 bps) and Treasury Retail 1.64% (down 5 bps). The Crane Tax Exempt Index increased 39 basis points to 1.55%. The Crane 100 MF Index returned on average 0.13% over 1-month, 0.40% over 3-months, 2.03% YTD, 2.03% over the past 1-year, 1.47% over 3-years (annualized), 0.94% over 5-years, and 0.49% over 10-years. The total number of funds, including taxable and tax-exempt, increased by four to 931. There are currently 749 taxable funds, four more than the previous month, and 182 tax-exempt money funds (the same as last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.

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