Crane Data's latest Money Fund Market Share rankings show assets were down for most of the largest U.S. money fund complexes in August. Money market fund assets decreased $39.2 billion, or -0.8%, last month to $4.924 trillion. Assets have fallen by $227.7 billion, or -4.4%, over the past 3 months, but they've increased by $1.138 trillion, or 30.0%, over the past 12 months through August 31, 2020. The largest increases among the 25 largest managers last month were seen by First American, Wells Fargo, Fidelity, BlackRock and HSBC, which grew assets by $9.4 billion, $9.3B, $9.0B, $6.1B and $4.8B, respectively. The largest declines in assets in August were seen by Goldman Sachs, SSGA, Schwab, Dreyfus/BNY Mellon and JP Morgan, which decreased by $50.1 billion, $15.6B, $5.6B, $4.4B and $2.4B, respectively. 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 August.
Over the past year through Aug. 31, 2020, Fidelity (up $161.7B, or 21.5%), Goldman Sachs (up $152.8B, or 71.9%), JP Morgan (up $120.1B, or 36.3%), BlackRock (up $95.0B, or 29.4%), Vanguard (up $93.8B, or 23.8%), Wells Fargo (up $88.7B, or 69.0%) and Federated Hermes (up $85.4B, or 29.3%) were the largest gainers. These complexes were followed by Morgan Stanley (up $79.9B, or 67.7%), Northern (up $66.8B, or 53.7%), Dreyfus/BNY Mellon (up $34.2B, or 20.5%) and American Funds (up $32.4B, or 25.1%). Wells Fargo, Northern, First American, Vanguard and DWS had the largest money fund asset increases over the past 3 months, rising by $22.0B, $10.1B, $9.1B, $6.8B and $6.8B, respectively. The largest decliners over 3 months included: Goldman Sachs (down $49.2B, or -11.9%), Fidelity (down $48.4B, or -5.0%), JP Morgan (down $44.3B, or -8.9%), SSGA (down $31.3B, or -18.0%) and Morgan Stanley (down $26.5B, or -11.8%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $914.8 billion, or 18.6% of all assets. Fidelity was up $9.0 billion in August, down $48.4 billion over 3 mos., but up $161.7B over 12 months. Vanguard ranked second with $487.3 billion, or 9.9% market share (down $1.5B, up $6.8B and up $93.8B for the past 1-month, 3-mos. and 12-mos., respectively). JP Morgan was third with $451.0 billion, or 9.2% market share (down $2.4B, down $44.3B and up $120.1B). BlackRock ranked fourth with $418.4 billion, or 8.5% of assets (up $6.1B, down $14.9B and up $95.0B for the past 1-month, 3-mos. and 12-mos.), while Federated Hermes took fifth place with $377.4 billion, or 7.7% of assets (up $934M, down $20.9B and up $85.4B).
Goldman Sachs was in sixth place with $365.3 billion, or 7.4% of assets (down $50.1 billion, down $49.2B and up $152.8B), while Wells Fargo was in seventh place with $217.3 billion, or 4.4% (up $9.3B, up $22.0B and up $88.7B). Dreyfus ($201.1B, or 4.1%) was in eighth place (down $4.4B, down $232M and up $34.2B), followed by Morgan Stanley ($198.0B, or 4.0%, down $2.0B, down $26.5B and up $67.7B). Schwab was in 10th place ($194.3B, or 3.9%; down $5.6B, down $20.5B and up $9.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($191.2B, or 3.9%), American Funds ($161.7B, or 3.3%), SSGA ($142.5B, or 2.9%), First American ($102.0B, or 2.1%), Invesco ($76.4B, or 1.6%), UBS ($76.0B, or 1.5%), HSBC ($42.3B, or 0.9%), T Rowe Price ($40.1B, or 0.8%), Western ($35.0B, or 0.7%) and DWS ($30.9B, 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 appear as Fidelity, JP Morgan, BlackRock, Goldman Sachs, Vanguard, Federated Hermes, Morgan Stanley, Dreyfus/BNY Mellon, Northern and Wells Fargo. JP Morgan moves ahead of Vanguard, BlackRock moves ahead of Goldman Sachs and Vanguard, Morgan Stanley moves ahead of Dreyfus, and Northern moves ahead of Wells Fargo. 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 ($925.1 billion), J.P. Morgan ($675.4B), BlackRock ($609.0B), Goldman Sachs ($506.5B) and Vanguard ($487.3B). Federated Hermes ($388.7B) was sixth, Morgan Stanley ($248.0B) was in seventh, followed by Dreyfus/BNY Mellon ($221.3B), Northern ($218.4B) and Wells Fargo ($218.3B) 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 8/31/20, shows that yields dropped in August for almost all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 738), fell a basis point to 0.03% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 2 bps to 0.04%. The MFA's Gross 7-Day Yield was down 1 bps to 0.24%, while the Gross 30-Day Yield also fell 1 bps 0.25%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.04% (down 3 bps) and an average 30-Day Yield that decreased by 3 bps to 0.06%. The Crane 100 shows a Gross 7-Day Yield of 0.23% (down 3 bps), and a Gross 30-Day Yield of 0.24% (down 3 bps). Our Prime Institutional MF Index (7-day) yielded 0.08% (down by 3 bps) as of August 31, while the Crane Govt Inst Index was 0.03% (down 2 bps) and the Treasury Inst Index was 0.02% (down 1 bps). Thus, the spread between Prime funds and Treasury funds is 6 basis points, while the spread between Prime funds and Govt funds is 5 basis point. The Crane Prime Retail Index yielded 0.04% (down 1 bps), while the Govt Retail Index was 0.01% (unchanged) and the Treasury Retail Index was 0.01% (unchanged from the month prior). The Crane Tax Exempt MF Index yield dropped in August to 0.02% (down 2 bps).
Gross 7-Day Yields for these indexes in August were: Prime Inst 0.31% (down 2 bps), Govt Inst 0.21% (down 2 basis points), Treasury Inst 0.22% (down 1 bps), Prime Retail 0.33% (down 1 bps), Govt Retail 0.20% (flat) and Treasury Retail 0.23% (unch. from the previous month). The Crane Tax Exempt Index was down 2 basis points at 0.27%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.02% over 3-months, 0.37% YTD, 0.94% over the past 1-year, 1.46% over 3-years (annualized), 1.01 % over 5-years, and 0.52% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 9 at 921. There are currently 738 taxable funds, down 9 from the previous month, and 183 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.
