Crane Data's latest Money Fund Market Share rankings show assets were down for most of the largest U.S. money fund complexes in October. Money market fund assets decreased $46.8 billion, or -1.0%, last month to $4.746 trillion. Assets have fallen by $218.1 billion, or -4.3%, over the past 3 months, but they've increased by $827.2 billion, or 21.3%, over the past 12 months through Oct. 31, 2020. The biggest increases among the 25 largest managers last month were seen by BlackRock, Morgan Stanley, SSGA and Federated Hermes, which grew assets by $10.3 billion, $7.3B, $6.2B and $3.9B, respectively. The largest declines in assets in October were seen by JP Morgan, Goldman Sachs, Northern and Invesco, which decreased by $23.0 billion, $20.0B, $8.9B and $7.4B, 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 October.
Over the past year through Oct. 31, 2020, Fidelity (up $112.5B, or 14.5%), BlackRock (up $105.3B, or 31.8%), Wells Fargo (up $94.7B, or 74.8%), Vanguard (up $83.0B, or 20.7%), Morgan Stanley (up $74.0B, or 59.1%), JP Morgan (up $63.4B, or 18.6%) and Federated Hermes (up $57.7B, or 19.2%) were the largest gainers. These complexes were followed by Goldman Sachs (up $50.1B, or 22.7%), Northern (up $48.7B, or 39.5%) and First American (up $41.8B, or 57.4%). BlackRock, First American, Wells Fargo, Morgan Stanley and Vanguard had the largest money fund asset increases over the past 3 months, rising by $30.3B, $18.7B, $16.4B, $8.0B and $2.9B, respectively. The largest decliners over 3 months included: Goldman Sachs (down $123.6B, or -30.7%), JP Morgan (down $40.7B, or -8.8%), SSGA (down $32.5B, or -20.1%), Schwab (down $15.8B, or -7.5%) and UBS (down $15.4B, or -18.0%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $899.6 billion, or 19.0% of all assets. Fidelity was up $2.7 billion in October, down $6.2 billion over 3 mos., but up $112.5B over 12 months. Vanguard ranked second with $491.6 billion, or 10.4% market share (up $2.0B, up $2.9B and up $83.0B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock was third with $442.7 billion, or 9.3% market share (up $10.3B, up $30.3B and up $105.3B). JP Morgan fell to fourth with $412.8 billion, or 8.7% of assets (down $22.9B, down $40.7B and up $63.4B for the past 1-month, 3-mos. and 12-mos.), while Federated Hermes took fifth place with $366.0 billion, or 7.7% of assets (up $3.9B, down $10.4B and up $57.7B).
Goldman Sachs was in sixth place with $291.9 billion, or 6.2% of assets (down $20.0 billion, down $123.6B and up $50.1B), while Wells Fargo was in seventh place with $224.4 billion, or 4.7% (up $2.0B, up $16.4B and up $94.7B). Morgan Stanley ($208.0B, or 4.4%) was in eighth place (up $7.3B, up $8.0B and up $74.0B), followed by Dreyfus/BNY Mellon ($194.7B, or 4.1%, down $3.0B, down $10.8B and up $40.6B). Schwab was in 10th place ($184.1B, or 3.9%; down $3.6B, down $15.8B and down $13.1B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($172.7B, or 3.6%), American Funds ($157.3B, or 3.3%), SSGA ($125.7B, or 2.6%), First American ($111.3B, or 2.3%), Invesco ($65.1B, or 1.4%), UBS ($62.8B, or 1.3%), T. Rowe Price ($39.8B, or 0.8%), HSBC ($35.1B, or 0.7%), DWS ($33.6B, or 0.7%) and Western ($32.2B, or 0.7%). 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, BlackRock, JP Morgan, Vanguard, Goldman Sachs, Federated Hermes, Morgan Stanley, Wells Fargo, Dreyfus/BNY Mellon and Northern. 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 ($910.5 billion), BlackRock ($639.9B), JP Morgan ($624.3B), Vanguard ($491.6B) and Goldman Sachs ($421.7B). Federated Hermes ($375.9B) was sixth, Morgan Stanley ($256.7B) was in seventh, followed by Wells Fargo ($225.4B), Dreyfus/BNY Mellon ($214.7B) and Northern ($197.5B) 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 10/31/20, shows that yields were largely unchanged in October for almost all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 741), was flat at 0.02% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was also unchanged at 0.02%. The MFA's Gross 7-Day Yield was unchanged at 0.19%, the Gross 30-Day Yield was also flat at 0.19%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.03% (down 1 bps) and an average 30-Day Yield that decreased by 1 bps to 0.03%. The Crane 100 shows a Gross 7-Day Yield of 0.19% (down 1 bps), and a Gross 30-Day Yield of 0.19% (down 1 bps). Our Prime Institutional MF Index (7-day) yielded 0.05 (down by 1 bps) as of October 31, while the Crane Govt Inst Index was 0.02% (unch.), the Treasury Inst Index was also 0.02% (unch). Thus, the spread between Prime funds and Treasury funds is 3 basis points, while the spread between Prime funds and Govt funds is 3 basis point. The Crane Prime Retail Index yielded 0.02% (unch.), 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 was unchanged in October at 0.02% (unch).
Gross 7-Day Yields for these indexes in October were: Prime Inst 0.24% (down 1 bps), Govt Inst 0.17% (unchanged) Treasury Inst 0.17% (unchanged), Prime Retail 0.25% (unch.), Govt Retail 0.15% (unch.) and Treasury Retail 0.17% (unch. from the previous month). The Crane Tax Exempt Index was unchanged at 0.21%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.01% over 3-months, 0.37% YTD, 0.63% over the past 1-year, 1.42% 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 unchanged 924. There are currently 741 taxable funds, unchanged 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.
