Crane Data's latest Money Fund Market Share rankings show assets declined across a majority of the largest U.S. money fund complexes in July. Money market fund assets decreased $11.1 billion, or -0.2%, last month to $4.965 trillion. Assets have decreased by $28.4 billion, or -0.6%, over the past 3 months, and they've decreased by $56.2 billion, or -1.1%, over the past 12 months through July 31, 2021. The only increases among the 25 largest managers last month were seen by Dreyfus, Morgan Stanley, SSGA and SEI, which grew assets by $9.9 billion, $5.3B, $2.7B and $1.1 billion, respectively. The largest declines in July were seen by JPMorgan, First American, Federated, Fidelity and Schwab, which decreased by $11.1 billion, $7.4B, $4.6B, $3.0B and $2.3B, 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 July.
Over the past year through July 31, 2021, BlackRock (up $114.3B, or 27.7%), Morgan Stanley (up $61.6B, or 30.6%), First American (up $40.0B, or 43.2%), Dreyfus (up $20.0B, or 9.7%), T. Rowe Price (up $10.7B, or 27.0%), Invesco (up $8.9B, or 11.6%), DWS (up $7.5B, or 26.9%) and Columbia (up $5.2B, or 35.0%) were the largest gainers. Morgan Stanley, Northern, JPMorgan and SSGA had the largest asset increases over the past 3 months, rising by $26.6B, $12.2B, $9.7B and $9.4B, respectively. The largest decliners over 12 months were seen by: Schwab (down $59.9B), Goldman Sachs (down $53.3B), Federated Hermes (down $43.9B), UBS (down $30.9B) and Vanguard (down $23.7B). The largest decliners over 3 months included: BlackRock (down $18.5B), Federated (down $16.2B), Goldman Sachs (down $14.8B) and American Funds (down $14.7B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $886.4 billion, or 17.9% of all assets. Fidelity was down $3.0B in July, down $3.2 billion over 3 mos., and down $16.4B over 12 months. BlackRock ranked second with $528.1 billion, or 10.6% market share (up $361M, down $18.5B and up $114.3B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard remained in third with $474.6 billion, or 9.6% market share (down $75M, down $10.8B and down $23.7B). JP Morgan ranked fourth with $459.1 billion, or 9.2% of assets (down $11.1B, up $9.7B and up $6.3B for the past 1-month, 3-mos. and 12-mos.), while Goldman Sachs took fifth place with $349.0 billion, or 7.0% of assets (down $407M, down $14.8B and down $53.3B).
Federated Hermes was in sixth place with $331.3 billion, or 6.7% of assets (down $4.6B, down $16.2B and down $43.9B), while Morgan Stanley was in seventh place with $275.3 billion, or 5.5% (up $5.3B, up $26.6B and up $61.3B). Dreyfus ($235.1B, or 4.7%) was in eighth place (up $9.9B, up $7.7B and up $20.0B), followed by Wells Fargo ($201.1B, or 4.0%, up $397M, up $7.0B and down $2.3B). Northern was in 10th place ($179.1B, or 3.6%; up $482M, up $12.2B and down $10.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: SSGA ($149.8B, or 3.0%), Schwab ($146.9B, or 3.0%), American Funds ($139.8B, or 2.8%), First American ($123.8B, or 2.5%), Invesco ($84.1B, or 1.7%), T. Rowe Price ($49.6B, or 1.0%), UBS ($48.4B, or 1.0%), HSBC ($36.8B, or 0.7%), DWS ($35.9B, or 0.7%) and Western ($34.0B, or 0.7%). Crane Data currently tracks 64 U.S. MMF managers, the same number 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 are the same as the domestic list, except JPMorgan moves ahead of Vanguard to the No. 3 spot, and Northern moves ahead of Wells for the No. 9 spot. 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 ($899.2 billion), BlackRock ($725.6B), JP Morgan ($669.5B), Vanguard ($474.6B) and Goldman Sachs ($470.8B). Federated Hermes ($340.7B) was sixth, Morgan Stanley ($332.9B) was in seventh, followed by Dreyfus ($258.5B), Northern ($207.6B) and Wells Fargo ($201.7B), 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 July issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/21, shows that yields were flat to higher in July for our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 733), inched higher to 0.02% for the 7-Day Yield (annualized, net) Average, the 30-Day Yield inched up one bps to 0.02%. The MFA's Gross 7-Day Yield was flat at 0.09%, the Gross 30-Day Yield was also flat at 0.09%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.02% (unch) and an average 30-Day Yield also unchanged at 0.02%. The Crane 100 shows a Gross 7-Day Yield of 0.09% (unch), and a Gross 30-Day Yield of 0.09% (down one bps). Our Prime Institutional MF Index (7-day) yielded 0.03% (unch) as of July 31, while the Crane Govt Inst Index remained at 0.02% and the Treasury Inst Index was unchanged at 0.01%. Thus, the spread between Prime funds and Treasury funds is 2 basis points, and the spread between Prime funds and Govt funds is one basis point. The Crane Prime Retail Index yielded 0.01% (unch), while the Govt Retail Index was 0.01% (unch), the Treasury Retail Index was also 0.01% (unchanged from the month prior). The Crane Tax Exempt MF Index yielded 0.02% (up one bps) in July.
Gross 7-Day Yields for these indexes in July were: Prime Inst 0.16% (up 1 bps), Govt Inst 0.07% (unch), Treasury Inst 0.06% (unch), Prime Retail 0.15% (unch), Govt Retail 0.06% (unch) and Treasury Retail 0.06% (unch). The Crane Tax Exempt Index remained at 0.09%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.00% over 3-months, 0.01% YTD, 0.02% over the past 1-year, 1.08% over 3-years (annualized), 0.99% over 5-years, and 0.52% over 10-years.
The total number of funds, including taxable and tax-exempt, was down by 6 funds to 893. There are currently 733 taxable funds, down one from the previous month, and 160 tax-exempt money funds (down 5 from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
