Crane Data's latest Money Fund Market Share rankings show assets were mixed across the largest U.S. money fund complexes in September. Money market fund assets decreased $878 million, or 0.0%, last month to $4.962 trillion. Assets decreased by $13.4 billion, or -0.3%, over the past 3 months, but they've increased by $48.2 billion, or 1.0%, over the past 12 months through Sept. 30, 2021. The largest increases among the 25 largest managers last month were seen by BlackRock, Morgan Stanley, Northern, Federated Hermes and DWS, which grew assets by $11.0 billion, $6.5B, $4.3B, $3.2B and $3.0B, respectively. The largest declines in September were seen by JPMorgan, Invesco, Dreyfus and Wells Fargo, which decreased by $11.3 billion, $6.2B, $5.4B and $3.0B, 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 September.
Over the past year through Sept. 30, 2021, BlackRock (up $98.1B, or 22.7%), Morgan Stanley (up $83.3B, or 41.5%), Dreyfus (up $34.7B, or 17.5%), First American (up $23.4B, or 21.1%) and J.P. Morgan (up $20.6B, or 4.7%) were the largest gainers. Goldman Sachs, Morgan Stanley, Dreyfus, Fidelity, and Northern had the largest asset increases over the past 3 months, rising by $18.7B, $17.8B, $5.6B, $5.6B and $5.2B, respectively. The largest decliners over 12 months were seen by: Federated Hermes (down $53.6B), Charles Schwab (down $48.3B), Vanguard (down $27.9B), UBS (down $27.7B), and American Funds (down $21.5B). The largest decliners over 3 months included: Vanguard (down $15.0B), JPMorgan (down $9.3B), Federated (down $9.0B), Wells Fargo (down $6.0B) and SSGA (down $5.4B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $895.0 billion, or 18.0% of all assets. Fidelity was up $2.0B in September, up $5.6 billion over 3 mos., and down $4.0B over 12 months. BlackRock ranked second with $527.5 billion, or 10.6% market share (up $11.0B, down $338M and up $98.1B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan moved ranked third with $460.8 billion, or 9.3% market share (down $11.3B, down $9.3B and up $20.6B). Vanguard was the fourth largest MMF manager with $460.0 billion, or 9.3% of assets (down $74M, down $15.0B and down $27.9B for the past 1-month, 3-mos. and 12-mos.), while Goldman Sachs remained in fifth place with $368.1 billion, or 7.4% of assets (up $1.8B, up $18.7B and up $919M).
Federated Hermes was in sixth place with $327.0 billion, or 6.6% of assets (up $3.2B, down $9.0B and down $53.6B), while Morgan Stanley was in seventh place with $287.8 billion, or 5.8% (up $6.5B, up $17.8B and up $83.3B). Dreyfus ($230.8B, or 4.7%) was in eighth place (down $5.4B, up $5.6B and up $34.7B), followed by Wells Fargo ($194.7B, or 3.9%, down $3.0B, down $6.0B and down $19.6B). Northern was in 10th place ($183.8B, or 3.7%; up $4.3B, up $45.2B and down $11.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Schwab ($145.0B, or 2.9%), SSGA ($141.6B, or 2.9%), American Funds ($134.4B, or 2.7%), First American ($126.3B, or 2.5%), Invesco ($82.4B, or 1.7%), T. Rowe Price ($53.5B, or 1.1%), UBS ($47.9B, or 1.0%), DWS ($38.2B, or 0.8%), HSBC ($36.2B, or 0.7%) and Western ($31.4B, or 0.6%). 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 Goldman moves ahead of Vanguard to the No. 4 spot, Morgan Stanley moves ahead of Federated to the No. 6 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 ($907.3 billion), BlackRock ($716.0B), JP Morgan ($664.0B), Goldman Sachs ($482.0B) and Vanguard ($459.7B). Morgan Stanley ($343.6B) was sixth, Federated Hermes ($336.8B) was in seventh, followed by Dreyfus/BNY Mellon ($254.1B), Northern ($213.0B) and Wells Fargo ($194.9B), 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 9/30/21, shows that yields were flat in September for our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 732), remained at 0.02% for the 7-Day Yield (annualized, net) Average, the 30-Day Yield also was flat at 0.02%. The MFA's Gross 7-Day Yield was flat at 0.09%, and the Gross 30-Day Yield was flat at 0.08%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.02% (unchanged) 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% (unch). Our Prime Institutional MF Index (7-day) yielded 0.03% (unch) as of Sept. 30. 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 remains at two 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 0.01% (unch) as of Sept. 30.
Gross 7-Day Yields for these indexes to end September were: Prime Inst 0.14% (unch), Govt Inst 0.07% (unch), Treasury Inst 0.06% (unch), Prime Retail 0.13% (unch), Govt Retail 0.07% (up one bps) and Treasury Retail 0.06% (unch). The Crane Tax Exempt Index remained at 0.08%. 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, 0.98% over 3-years (annualized), 0.98% over 5-years, and 0.52% over 10-years.
The total number of funds, including taxable and tax-exempt, was unchanged in September at 884. There are currently 732 taxable funds, the same number as the previous month, and 152 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.
