Crane Data's latest Money Fund Market Share rankings show assets were flat overall and mixed among the largest U.S. money fund complexes in December. Money market fund assets decreased $6.1 billion, or -0.1%, last month to $4.730 trillion. Assets have fallen by $62.0 billion, or -1.3%, over the past 3 months, but they've increased by $779.1 billion, or 19.7%, over the past 12 months through Dec. 31, 2020. The biggest increases among the 25 largest managers last month were seen by Morgan Stanley, SSGA, Dreyfus, Goldman Sachs and JP Morgan, which grew assets by $15.7 billion, $14.6B, $11.2B, $5.2B and $3.7B, respectively. The largest declines in assets in December were seen by BlackRock, Wells Fargo, Vanguard, Federated Hermes and UBS, which decreased by $25.2 billion, $11.1B, $6.5B, $6.3B and $6.3B, 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 December.
Over the past year through Dec. 31 2020, Fidelity (up $109.9B, or 13.8%), Morgan Stanley (up $95.2B, or 74.0%), BlackRock (up $89.8B, or 25.8%), Vanguard (up $76.2B, or 18.6%), Goldman Sachs (up $73.5B, or 30.0%), Wells Fargo (up $68.4B, or 52.5%) and JP Morgan (up $61.1B, or 17.3%) were the largest gainers. These complexes were followed by First American (up $48.7B, or 68.1%), Dreyfus (up $37.0B, or 23.1%) and American Funds (up $32.3B, or 26.4%). SSGA, Morgan Stanley, First American, Fidelity and Goldman Sachs had the largest asset increases over the past 3 months, rising by $24.5B, $23.2B, $9.7B, $7.5B and $6.7B, respectively. The largest decliners over 3 months included: Wells Fargo (down $23.7B, or -10.6%), JP Morgan (down $22.3B, or -5.1%), Federated Hermes (down $22.1B, or -6.1%), Northern (down $17.2B, or -9.5%) and UBS (down $16.5B, or -23.5%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $904.4 billion, or 19.1% of all assets. Fidelity was down $1.4 billion in December, up $7.5 billion over 3 mos., and up $109.9B over 12 months. Vanguard ranked second with $486.8 billion, or 10.3% market share (down $6.5B, down $2.8B and up $76.2B for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock was third with $437.5 billion, or 9.2% market share (down $25.2B, up $5.1B and up $89.8B). JP Morgan ranked fourth with $413.4 billion, or 8.7% of assets (up $3.7B, down $22.3B and up $61.1B for the past 1-month, 3-mos. and 12-mos.), while Federated Hermes took fifth place with $340.0 billion, or 7.2% of assets (down $6.3B, down $22.1B and up $25.4B).
Goldman Sachs was in sixth place with $318.6 billion, or 6.7% of assets (up $5.2 billion, up $6.7B and up $73.5B), while Morgan Stanley was in seventh place with $223.8 billion, or 4.7% (up $15.7B, up $23.2B and up $95.2B). Wells Fargo ($198.7B, or 4.2%) was in eighth place (down $11.1B, down $23.7B and up $68.4B), followed by Dreyfus/BNY Mellon ($197.4B, or 4.2%, up $11.2B, down $283M and up $37.0B). Schwab was in 10th place ($173.4B, or 3.7%; down $6.2B, down $14.3B and down $27.6B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($164.4B, or 3.5%), American Funds ($154.6B, or 3.3%), SSGA ($143.9B, or 3.0%), First American ($120.3B, or 2.5%), Invesco ($69.9B, or 1.5%), UBS ($53.7B, or 1.1%), HSBC ($40.1B, or 0.8%), T. Rowe Price ($34.0B, or 0.7%), DWS ($33.6B, or 0.7%) and Western ($33.3B, or 0.7%). Crane Data currently tracks 65 U.S. MMF managers, down from 67 last month. (Delaware and Milestone money funds were liquidated.)
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 ($916.8 billion), BlackRock ($643.5B), JP Morgan ($621.2B), Vanguard ($486.8B) and Goldman Sachs ($451.1B). Federated Hermes ($350.5B) was sixth, Morgan Stanley ($248.2B) was in seventh, followed by Wells Fargo ($224.8B), Dreyfus/BNY Mellon ($223.4B) and Northern ($190.1B) 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 January issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/20, shows that yields were largely unchanged in December for almost all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 749), was flat at 0.02% for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was also unchanged at 0.02%. The MFA's Gross 7-Day Yield was unchanged at 0.16%, the Gross 30-Day Yield was also unchanged at 0.16%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.02% (unch.) and an average 30-Day Yield that was unchanged at 0.03%. The Crane 100 shows a Gross 7-Day Yield of 0.16% (unch.), and a Gross 30-Day Yield of 0.16% (unch.). Our Prime Institutional MF Index (7-day) yielded 0.05% (unch.) as of December 31, while the Crane Govt Inst Index and Treasury Inst Index were both unchanged at 0.02%. Thus, the spread between Prime funds and Treasury funds is 3 basis points, and the spread between Prime funds and Govt funds is 3 basis point. The Crane Prime Retail Index yielded 0.03% (unch.), while the Govt Retail Index was 0.02% (unch.), the Treasury Retail Index was 0.01% (unchanged from the month prior). The Crane Tax Exempt MF Index yielded 0.01% (unch.) in December.
Gross 7-Day Yields for these indexes in December were: Prime Inst 0.21% (unch.), Govt Inst 0.14% (unch.) Treasury Inst 0.14% (unch.), Prime Retail 0.22% (unch.), Govt Retail 0.13% (unch.) and Treasury Retail 0.13% (down a basis point from the previous month). The Crane Tax Exempt Index was unchanged at 0.19%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.00% over 3-months, 0.38% YTD, 0.38% over the past 1-year, 1.36% over 3-years (annualized), 1.00% over 5-years, and 0.51% over 10-years.
The total number of funds, including taxable and tax-exempt, was up 3 at 930. There are currently 749 taxable funds, up 3 from the previous month, and 181 tax-exempt money funds (unchanged from the previous month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
