Crane Data's latest monthly Money Fund Market Share rankings show assets were mostly higher among the largest U.S. money fund complexes in January. Money market fund assets increased $22.4 billion, or 0.4%, last month to a record $5.190 trillion, as Fidelity Investments became the first manager ever to break the $1.0 trillion level with its MMFs. Total MMF assets increased by $125.7 billion, or 2.5%, over the past 3 months, and they've increased by $148.8 billion, or 2.9%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, Schwab, JPMorgan, Dreyfus and UBS, which grew assets by $27.4 billion, $26.2B, $19.0B, $17.6B and $9.2B, respectively. Large declines in January were seen by Morgan Stanley and SSGA, which decreased by $24.3 billion and $17.5B, 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 rose yet again in January, below.
Over the past year through Jan. 31, 2023, Schwab (up $160.3B, or 109.4%), Fidelity (up $89.6B, or 9.7%), Invesco (up $59.9B, or 63.2%), UBS (up $35.2B, or 72.4%), and Dreyfus (up $34.0B, or 13.4%) were the largest gainers. Schwab, Fidelity, Dreyfus, JPMorgan and Invesco had the largest asset increases over the past 3 months, rising by $71.8B, $58.9B, $36.5B, $35.7B and $31.9B, respectively. The largest declines over 12 months were seen by: Northern (down $68.0B), Morgan Stanley (down $62.5B), BlackRock (down $61.9B), Allspring (down $36.1B) and First American (down $21.0B). The largest decliners over 3 months included: American Funds (down $42.4B), SSGA (down $31.5B), Goldman Sachs (down $29.9B), HSBC (down $25.2B) and Morgan Stanley (down $20.1B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.005 trillion, or 19.4% of all assets. Fidelity was up $27.4B in January, up $58.9 billion over 3 mos., and up $89.6B over 12 months. BlackRock ranked second with $464.9 billion, or 9.0% market share (down $8.6B, down $7.5B and down $61.9B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $461.1 billion, or 8.9% of assets (down $1.8B, up $9.7B and up $1.5B). JPMorgan ranked fourth with $444.5 billion, or 8.6% market share (up $19.0B, up $35.7B and down $18.0B), while Goldman Sachs was the fifth largest MMF manager with $385.5 billion, or 7.5% of assets (down $7.0B, down $29.9B and up $19.4B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $354.4 billion, or 6.9% (down $13.0B, up $20.1B and up $26.0B), while Schwab was in seventh place with $305.1 billion, or 5.9% of assets (up $26.2B, up $71.8B and up $160.3B). Dreyfus ($279.5B, or 5.4%) was in eighth place (up $17.6B, up $36.5B and up $34.0B), followed by Morgan Stanley ($219.2B, or 4.2%; down $24.3B, down $20.1B and down $62.5B). American Funds was in 10th place ($169.0B, or 3.3%; down $318M, down $42.4B and up $25.5B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Invesco ($154.8B, or 3.0%), Allspring (formerly Wells Fargo) ($146.7B, or 2.8%), SSGA ($140.3B, or 2.7%), Northern ($139.5B, or 2.7%), First American ($112.3B, or 2.2%), UBS ($81.0B, or 1.6%), T. Rowe Price ($49.8B, or 1.0%), Western ($38.7B, or 0.7%), HSBC ($37.5B, or 0.7%) and DWS ($33.8B, or 0.7%). Crane Data currently tracks 60 U.S. MMF managers, unchanged from last month. (Harbor Money Fund liquidated 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, Goldman Sachs moves up to No. 4, Vanguard moves down to the No. 5 spot, and SSGA replaces American Funds at the No. 10 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 ($1.015 trillion), BlackRock ($655.5B), JP Morgan ($641.6B), Goldman Sachs ($517.3B) and Vanguard ($461.1B). Federated Hermes ($363.3B) was in sixth, Schwab ($305.1B) was seventh, followed by Dreyfus/BNY Mellon ($298.8B), Morgan Stanley ($280.7B) and SSGA ($174.6B), 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 February issue of our Money Fund Intelligence and MFI XLS, with data as of 1/31/23, shows that yields increased again in January across the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 740), rose to 4.02% (up 8 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield increased to 3.95% (up 21 bps). The MFA's Gross 7-Day Yield rose to 4.33% (up 8 bps), and the Gross 30-Day Yield also moved up to 4.26% (up 20 bps). (Gross yields will be revised Wednesday at noon, though, once we download the SEC's Form N-MFP data for 1/31/23.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.15% (up 10 bps) and an average 30-Day Yield at 4.10% (up 24 bps). The Crane 100 shows a Gross 7-Day Yield of 4.28% (up 10 bps), and a Gross 30-Day Yield of 4.24% (up 23 bps). Our Prime Institutional MF Index (7-day) yielded 4.26% (up 4 bps) as of January 31. The Crane Govt Inst Index was at 4.05% (up 7 bps) and the Treasury Inst Index was at 4.07% (up 16 bps). Thus, the spread between Prime funds and Treasury funds is 19 basis points, and the spread between Prime funds and Govt funds is 21 basis points. The Crane Prime Retail Index yielded 4.09% (up 4 bps), while the Govt Retail Index was 3.80% (up 6 bps), the Treasury Retail Index was 3.83% (up 14 bps from the month prior). The Crane Tax Exempt MF Index yielded 1.41% (down 174 bps) as of January 31.
Gross 7-Day Yields for these indexes to end January were: Prime Inst 4.50% (up 2 bps), Govt Inst 4.29% (up 7 bps), Treasury Inst 4.32% (up 16 bps), Prime Retail 4.45% (up 3 bps), Govt Retail 4.28% (up 6 bps) and Treasury Retail 4.16% (up 12 bps). The Crane Tax Exempt Index dropped to 1.38% (down 121 bps). The Crane 100 MF Index returned on average 0.35% over 1-month, 0.96% over 3-months, 0.35% YTD, 1.81% over the past 1-year, 0.69% over 3-years (annualized), 1.16% over 5-years, and 0.69% over 10-years.
The total number of funds, including taxable and tax-exempt, dropped by 13 in January to 877. There are currently 740 taxable funds, down 7 from the previous month, and 137 tax-exempt money funds (down 6 from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
