Crane Data's latest monthly Money Fund Market Share rankings show assets were mostly higher among the largest U.S. money fund complexes in December. Money market fund assets increased $69.8 billion, or 1.4%, last month to $5.182 trillion. Assets increased by $152.4 billion, or 3.0%, over the past 3 months, and they've increased by $12.5 billion, or 0.2%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Federated Hermes, Schwab, Dreyfus, JPMorgan and BlackRock, which grew assets by $29.8 billion, $27.9B, $24.8B, $21.3B and $11.1B, respectively. Large declines in December were seen by Goldman Sachs and HSBC, which decreased by $38.9 billion and $22.7B, 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 again in December, below.
Over the past year through Dec. 31, 2022, Schwab (up $132.4B, or 92.1%), American Funds (up $75.3B, or 55.0%), Invesco (up $52.1B, or 59.6%), Fidelity (up $28.9B, or 3.2%), and UBS (up $23.6B, or 49.9%) were the largest gainers. Schwab, Invesco, Dreyfus, Federated Hermes and Fidelity had the largest asset increases over the past 3 months, rising by $67.8B, $31.9B, $30.8B, $27.1B and $25.4B, respectively. The largest decliners over 12 months were seen by: BlackRock (down $85.3B), Northern (down $83.0B), Morgan Stanley (down $53.6B), JP Morgan (down $45.5B) and Allspring (down $34.9B). The largest decliners over 3 months included: SSGA (down $31.1B), Morgan Stanley (down $18.3B), HSBC (down $11.8B), Northern (down $10.2B) and American Funds (down $8.3B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $950.2 billion, or 18.6% of all assets. Fidelity was down $3.5B in December, up $25.4 billion over 3 mos., and up $28.9B over 12 months. BlackRock ranked second with $473.5 billion, or 9.3% market share (up $11.1B, up $1.6B and down $85.3B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $453.3 billion, or 8.9% of assets (up $1.1B, up $2.9B and down $7.1B). JPMorgan ranked fourth with $427.9 billion, or 8.4% market share (up $21.3B, up $15.4B and down $45.5B), while Goldman Sachs was the fifth largest MMF manager with $392.4 billion, or 7.7% of assets (down $38.9B, down $243M and down $11.9B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $367.4 billion, or 7.2% (up $29.8B, up $27.1B and up $18.5B), while Schwab was in seventh place with $278.9 billion, or 5.5% of assets (up $27.9B, up $67.8B and up $132.4B). Dreyfus ($265.1B, or 5.2%) was in eighth place (up $24.8B, up $30.8B and up $11.0B), followed by Morgan Stanley ($243.5B, or 4.8%; down $737M, down $18.3B and down $53.6B). American Funds was in 10th place ($207.5B, or 4.1%; up $131M, down $8.3B and up $75.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: SSGA ($157.7B, or 3.1%), Allspring (formerly Wells Fargo) ($152.4B, or 3.0%), Invesco ($146.9B, or 2.9%), Northern ($133.8B, or 2.6%), First American ($114.3B, or 2.2%), UBS ($72.2B, or 1.4%), T. Rowe Price ($51.3B, or 1.0%), HSBC ($42.0B, or 0.8%), Western ($37.3B, or 0.7%) and DWS ($36.3B, or 0.7%) and. Crane Data currently tracks 60 U.S. MMF managers, down 1 from last month. (Harbor Money Fund 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 are the same as the domestic list, except: JPMorgan moves up to the No. 3 spot, Goldman Sachs moves up to No. 4, Vanguard moves down to the No. 5 spot, Morgan Stanley moves up to the No. 7 spot, and Schwab falls to the 9th 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 ($959.8 billion), BlackRock ($679.3B), JP Morgan ($617.5B), Goldman Sachs ($530.5B) and Vanguard ($453.3B). Federated Hermes ($374.9B) was in sixth, Morgan Stanley ($305.2B) was seventh, followed by Dreyfus/BNY Mellon ($286.6B), Schwab ($278.9B) and American Funds ($207.5B), 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 January issue of our Money Fund Intelligence and MFI XLS, with data as of 12/31/22, shows that yields jumped again in December across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 747), rose to 3.87% (up 40 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield increased to 3.68% (up 33 bps). The MFA's Gross 7-Day Yield rose to 4.19% (up 38 bps), and the Gross 30-Day Yield also moved up to 4.01% (up 32 bps). (Gross yields will be revised Tuesday at noon, though, once we download the SEC's Form N-MFP data for 12/31/22.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.05% (up 47 bps) and an average 30-Day Yield at 3.86% (up 38 bps). The Crane 100 shows a Gross 7-Day Yield of 4.19% (up 44 bps), and a Gross 30-Day Yield of 4.01% (up 36 bps). Our Prime Institutional MF Index (7-day) yielded 4.18% (up 44 bps) as of December 31. The Crane Govt Inst Index was at 3.89% (up 41 bps) and the Treasury Inst Index was at 3.88% (up 39 bps). Thus, the spread between Prime funds and Treasury funds is 30 basis points, and the spread between Prime funds and Govt funds is 29 basis points. The Crane Prime Retail Index yielded 4.00% (up 43 bps), while the Govt Retail Index was 3.60% (up 33 bps), the Treasury Retail Index was 3.69% (up 40 bps from the month prior). The Crane Tax Exempt MF Index yielded 3.11% (up 164 bps) as of December 31.
Gross 7-Day Yields for these indexes to end December were: Prime Inst 4.43% (up 42 bps), Govt Inst 4.15% (up 40 bps), Treasury Inst 4.14% (up 38 bps), Prime Retail 4.38% (up 41 bps), Govt Retail 4.08% (up 32 bps) and Treasury Retail 4.05% (up 37 bps). The Crane Tax Exempt Index dropped to 2.58% (up 112 bps). The Crane 100 MF Index returned on average 0.32% over 1-month, 0.84% over 3-months, 1.44% YTD, 1.44% over the past 1-year, 0.62% over 3-years (annualized), 1.11% over 5-years, and 0.66% over 10-years.
The total number of funds, including taxable and tax-exempt, rose by 1 in December to 890. There are currently 747 taxable funds, up 1 from the previous month, and 143 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.)
