Crane Data's latest Money Fund Market Share rankings show assets were higher for the majority of U.S. money fund complexes in February. Money market fund assets increased $23.5 billion, or 0.6%, last month to $3.975 trillion. Assets have risen by $56.5 billion, or 1.4%, over the past 3 months, and they've increased by $674.3 billion, or 20.4%, over the past 12 months through Feb. 29, 2020. The biggest increases among the 25 largest managers last month were seen by Fidelity, Vanguard, Federated, Morgan Stanley, JP Morgan and SSGA, which increased assets by $14.9 billion, $6.8B, $3.9B, $3.8B, $2.9B and $2.7B, respectively. Declines in assets among the largest complexes in February were seen by Goldman Sachs, Invesco, UBS, BlackRock and Northern, which decreased by $7.3B, $3.8B, $1.7B, $1.4B 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 February. (Note: Crane's Bond Fund Symposium, which was to take place March 23-24 in Boston, has been cancelled due to fears over the coronavirus and travel bans put into effect by financial firms. Contact us for details.)
Over the past year through Feb. 29, 2020, Fidelity (up $146.0B, or 22.0%), American Funds (up $104.3B, or 577.5%; this was inflated by the addition last year of the $108 billion American Funds Central Cash Fund), Federated (up $78.5B, or 32.7%), BlackRock (up $60.7B, or 21.3%), Vanguard (up $56.2B, or 15.5%), JP Morgan (up $53.0B, or 17.5%) and Schwab (up $46.7B, or 29.9%) were the largest gainers. These complexes were followed by Goldman Sachs (up $39.3B, or 19.8%), SSGA (up $31.9B, or 35.7%), Northern (up $16.5B, or 14.3%) and Morgan Stanley (up $15.8B, or 13.6%).
Fidelity, Federated, BlackRock, Vanguard and Northern had the largest money fund asset increases over the past 3 months, rising by $22.2B, $10.1B, $9.0B, $8.8B and $7.9B, respectively. Decliners over 3 months included: American Funds (down $16.3B, or -11.7%), Goldman Sachs (down $4.0B, or -1.7%), Invesco (down $2.4B, or -3.8%), Morgan Stanley (down $1.5B, or -1.1%), SSGA (down $1.5B, or -1.2%), UBS (down $1.4B, or -2.2%) and Franklin (down $1.2B, or -6.2%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with a record $809.4 billion, or 20.4% of all assets. This is Fidelity's first time over $800 billion and its highest level ever. They were up $14.9 billion in February, up $22.2 billion over 3 mos., and up $146.0B over 12 months. Vanguard ranked second with $417.4 billion, or 10.5% market share (up $6.8B, up $8.8B and up $56.2B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $355.2 billion, or 8.9% market share (up $2.9B, up $5.8B and up $53.0B). BlackRock ranked fourth with $346.3 billion, or 8.7% of assets (down $1.4B, up $9.0B and up $60.7B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $318.5 billion, or 8.0% of assets (up $3.9B, up $10.1B and up $78.5B).
Goldman Sachs remained in sixth place with $237.7 billion, or 6.0% of assets (down $7.3 billion, down $4.0B and up $39.3B), while Schwab was in seventh place with $202.6 billion, or 5.1% (up $1.6B, up $5.4B and up $46.7B). Dreyfus ($159.3B, or 4.0%) was in eighth place (down $1.1B, up $5.2B and down $413M), followed by Morgan Stanley ($132.5B, or 3.3%, up $3.8B, down $1.5B and up $15.8B). Northern was in 10th place ($131.9B, or 3.3%; down $1.2B, up $7.9B and up $16.5B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Wells Fargo ($130.4B, or 3.3%), American Funds ($122.3B, or 3.1%), SSGA ($121.2B, or 3.0%), First American ($71.7B, or 1.8%), UBS ($62.3B, or 1.6%), Invesco ($59.6B, or 1.5%), T Rowe Price ($42.8B, or 1.1%), DWS ($29.1B, or 0.7%), Western ($22.8B, or 0.6%) and HSBC ($22.1B, or 0.6%). 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 and Goldman moves ahead of Federated. 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 ($820.8 billion), J.P. Morgan ($521.5B), BlackRock ($516.8B), Vanguard ($417.4B) and Goldman Sachs ($357.7B). Federated ($328.4B) was sixth, Schwab ($202.6B) was in seventh, followed by Dreyfus/BNY Mellon ($180.5B), Morgan Stanley ($170.2B) and Northern ($156.6B) 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 March issue of our Money Fund Intelligence and MFI XLS, with data as of 2/29/20, shows mixed but predominantly lower yields in February across all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 750), fell 1 basis points to 1.27% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 1 bps to 1.28%. The MFA's Gross 7-Day Yield was unchanged at 1.68%, while the Gross 30-Day Yield fell 1 bps 1.69%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.41% (down 1 bps) and an average 30-Day Yield that decreased to 1.42%. The Crane 100 shows a Gross 7-Day Yield of 1.68% (down 1 bps), and a Gross 30-Day Yield of 1.69%. Our Prime Institutional MF Index (7-day) yielded 1.48% (down by 2 bps) as of February 29, while the Crane Govt Inst Index was 1.36% (up 1 bps) and the Treasury Inst Index was 1.31% (unch.). Thus, the spread between Prime funds and Treasury funds is 17 basis points, while the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 1.31% (down 3 bps), while the Govt Retail Index was 1.06% (up 1 bps) and the Treasury Retail Index was 1.05% (unch.). The Crane Tax Exempt MF Index yield jumped in February to 0.74% (up 20 bps).
Gross 7-Day Yields for these indexes in February were: Prime Inst 1.80% (down 2 bps), Govt Inst 1.64% (up 1 bps), Treasury Inst 1.62% (unch.), Prime Retail 1.80 (down 3 bps), Govt Retail 1.65% (up 1 bps) and Treasury Retail 1.62% (unch.). The Crane Tax Exempt Index increased 20 basis points to 1.18%. The Crane 100 MF Index returned on average 0.11% over 1-month, 0.36% over 3-months, 0.24% YTD, 1.91% over the past 1-year, 1.54% over 3-years (annualized), 0.99% over 5-years, and 0.51% over 10-years. The total number of funds, including taxable and tax-exempt, increased by four to 932. There are currently 750 taxable funds, seven more than the previous month, and 181 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
