Crane Data's latest monthly Money Fund Market Share rankings show assets increased among the majority of the largest U.S. money fund complexes in March. Money market fund assets increased $24.1 billion, or 0.5%, last month to $5.031 trillion. Assets decreased by $138.6 billion, or -2.7%, over the past 3 months; they've increased by $104.8 billion, or 2.1%, over the past 12 months through March 31. The largest increases among the 25 largest managers last month were seen by SSGA, Fidelity, Goldman Sachs, Vanguard and Invesco, which grew assets by $12.1 billion, $10.1B, $9.2B, $8.7B and $8.3B, respectively. The largest declines in March were seen by Northern, Federated Hermes, Morgan Stanley and Dreyfus, which decreased by $12.4 billion, $10.1B, $6.0B and $4.8B, 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, and look at money fund yields, which jumped in March, below.
Over the past year through March 31, 2022, Fidelity (up $43.5B, or 4.9%), Invesco (up $34.9B, or 48.7%), Goldman Sachs (up $31.1B, or 9.0%), Morgan Stanley (up $28.8B, or 11.8%) and Dreyfus (up $25.3B, or 11.8%), were the largest gainers. American Funds, Fidelity, Invesco, SSGA and PGIM had the largest asset increases over the past 3 months, rising by $20.2B, $15.9B, $11.6B, $6.7B and $3.6B, respectively. The largest decliners over 12 months were seen by: Vanguard (down $30.4B), Federated Hermes (down $19.8B), Charles Schwab (down $17.7B), Allspring (down $15.9B) and UBS (down $13.4B). The largest decliners over 3 months included: BlackRock (down $41.6B), Federated Hermes (down $34.2B), Northern (down $26.1B), Morgan Stanley (down $24.0B) and JP Morgan (down $19.0B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $937.2 billion, or 18.6% of all assets. Fidelity was up $10.1B in March, up $15.9 billion over 3 mos., and up $43.5B over 12 months. BlackRock ranked second with $517.2 billion, or 10.3% market share (up $1.4B, down $41.6B and down $4.9B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked third with $461.6 billion, or 9.2% market share (up $8.7B, up $1.2B and down $30.4B). JPMorgan ranked in fourth place with $454.4 billion, or 9.0% of assets (up $4.7B, down $19.0B and down $5.4B), while Goldman Sachs was the fifth largest MMF manager with $376.7 billion, or 7.5% of assets (up $9.2B, down $3.8B and up $31.1B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $314.8 billion, or 6.3% (down $10.1B, down $34.2B and down $19.8B), while Morgan Stanley was in seventh place with $273.2 billion, or 5.4% of assets (down $6.0B, down $24.0B and up $28.8B). Dreyfus ($240.0B, or 4.8%) was in eighth place (down $4.8B, down $14.1B and up $25.3B), followed by Northern ($190.7B, or 3.8%; down $12.4B, down $26.1B and up $23.4B). Allspring (formerly Wells Fargo) was in 10th place ($177.4B, or 3.5%; up $3.8B, down $9.9B and down $15.9B).
The 11th through 20th-largest U.S. money fund managers (in order) include: SSGA ($158.2B, or 3.1%), American Funds ($152.4B, or 3.0%), Schwab ($143.2B, or 2.8%), First American ($128.0B, or 2.5%), Invesco ($106.4B, or 2.1%), T. Rowe Price ($52.3B, or 1.0%), UBS ($41.5B, or 0.8%), DWS ($39.9B, or 0.8%), HSBC ($37.3B, or 0.7%) and Western ($32.0B, or 0.6%). Crane Data currently tracks 62 U.S. MMF managers, unchanged from 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 up to the No. 3 spot and Goldman moves to the No. 4 spot (ahead of Vanguard), and SSGA takes Allspring's spot at number 10. 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 ($948.4 billion), BlackRock ($702.9B), JP Morgan ($638.8B), Goldman Sachs ($502.2B) and Vanguard ($461.6B). Morgan Stanley ($322.7B) was in sixth, Federated Hermes ($322.7B) was seventh, followed by Dreyfus/BNY Mellon ($263.1B), Northern ($217.4B) and SSGA ($185.4B), 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 April issue of our Money Fund Intelligence and MFI XLS, with data as of 3/31/22, shows that yields jumped higher in March 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), jumped to 0.09% (up 7 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield also increased to 0.05% (up 3 bps). The MFA's Gross 7-Day Yield jumped up to 0.21% (up 7 bps), and the Gross 30-Day Yield also inched up to 0.17% (up 3 bps). (Gross yields will be revised Friday afternoon, though, once we download the SEC's Form N-MFP data for 3/31/22. We expect the revised expense and gross data to increase significantly.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.15% (up 13 bps) and an average 30-Day Yield (up 7 bps) at 0.09%. The Crane 100 shows a Gross 7-Day Yield of 0.26% (up 12 bps), and a Gross 30-Day Yield of 0.20% (up 6 bps). Our Prime Institutional MF Index (7-day) yielded 0.17% (up 13 bps) as of March 31. The Crane Govt Inst Index was at 0.10% (up 8 bps) and the Treasury Inst Index was also at 0.10% (up 9 bps). Thus, the spread between Prime funds and Treasury funds was up to seven basis points, and the spread between Prime funds and Govt funds is also seven basis points. The Crane Prime Retail Index yielded 0.09% (up 8 bps), while the Govt Retail Index was 0.02% (up 1 bp), the Treasury Retail Index was also 0.02% (up 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 0.15% (up 13 bps) as of March 31.
Gross 7-Day Yields for these indexes to end March were: Prime Inst 0.32% (up 13 bps), Govt Inst 0.19% (up 7 bps), Treasury Inst 0.23% (up 9 bps), Prime Retail 0.27% (up 8 bps), Govt Retail 0.12% (up 1 bp) and Treasury Retail 0.15% (up 1 bp). The Crane Tax Exempt Index remained at 0.21%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.01% over 3-months, 0.01% YTD, 0.02% over the past 1-year, 0.63% over 3-years (annualized), 0.94% over 5-years, and 0.52% over 10-years.
The total number of funds, including taxable and tax-exempt, unchanged in March at 891. There are currently 741 taxable funds, unchanged from the previous month, and 150 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.
