Crane Web Access
A press release entitled, "Moody's assigns Aaa-mf rating to HSBC US Dollar ESG Liquidity Fund," tells us, "Moody's Investors Service has assigned an Aaa-mf rating to HSBC US Dollar ESG Liquidity Fund, a new low volatility net asset value money market fund, domiciled in Ireland and managed by HSBC Global Asset Management (USA) Inc. This Fund is classified as Article 8 under the European Union Sustainable Finance Disclosures Regulation and must, as such, promote environmental or social characteristics. The Fund's primary investment objective will be to maintain the principal and to provide shareholders with daily liquidity with an income which is comparable to US Dollar denominated short dated money market interest rates." Moody's explains, "The Aaa-mf rating reflects Moody's view that the Fund will have a strong ability to meet its objectives of providing liquidity and preserving capital. This view is supported by the model portfolio's high scores for each of the key rating factors, including credit quality, asset profile, liquidity and exposure to market risk. The Fund will invest in a diversified portfolio of short-term securities, instruments and obligations which are of high quality at the time of purchase, with an additional focus on the performance of the underlying issuers on a range of ESG (environmental, social, governance) metrics. HSBC Global Asset Management (USA) Inc., the Fund advisor, determines an ESG score for each issuer in the universe, made up of individual E, S and G scores and weighted based on a proprietary model. The Fund's eligible investment universe will be limited to issuers that score in the top three quartiles based on the aggregate ESG score, while the issuers in the bottom decile for each individual component of E, S and G will also be excluded. The Fund's weighted average maturity will be below 60 days and we expect the Fund to maintain a strong liquidity profile supported by high levels of overnight and weekly liquidity in the portfolio. As a result, we expect the Fund to have a very low exposure to market risk." The release adds, "The rating agency expects the Fund will be managed in line with the model portfolio. However, Moody's notes that if the Fund's investment portfolio was to deviate materially from the model portfolio, the Fund's rating could be changed. The Fund will be launched on 12 October 2022. It will operate under the low volatility net asset value (LVNAV) fund structure domiciled in Ireland and offer a same day settlement. Moody's expects modest shareholder concentration risk during the Fund's ramp-up period to diminish as the Fund grows in size and its shareholder base diversifies. HSBC Global Asset Management (USA) Inc., the fund's investment advisor, is part of the asset management business of HSBC Holdings plc that had $595 billion in assets under management worldwide as of 30 June 2022, of which about $146 billion are invested in liquidity funds."
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Crane Web Access News
Jan 08
The January issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "Yields Drop to 3.6%; Assets Break Through $8.1 Trillion," which discusses the decline in yields but continued jump in assets; "ICI: Worldwide MMFs Jump in Q3'25 to $12.7T; China $2T," which looks at the latest MMF statistics outside the U.S.; and "Top Money Funds of 2025; 17th Annual MFI Awards," which reviews the best performing MMFs of 2025. We also sent out our MFI XLS spreadsheet Thursday a.m., and we've updated our Money Fund Wisdom database with 12/31/25 data. Our January Money Fund Portfolio Holdings are scheduled to ship on Monday, Jan. 12, and our January Bond Fund Intelligence is scheduled to go out on Thursday, Jan. 15.
MFI's "Yields Drop to 3.6%" story says, "Money market mutual fund assets jumped by another $123.5 billion in December to a record $8.116 trillion, according to our monthly MFI XLS. In 2025, assets rose by $932.6 billion, or 13.0%. Assets have continued higher in January month-to-date, rising by $56.6B to a record $8.165 trillion (as of 1/6/26).
The story continues, "MMF assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. But MMFs decreased $24.4 billion in April. Assets increased by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, and $110.9 billion last December."
We write in the "ICI: Worldwide," story, "The Investment Company Institute's 'Worldwide Regulated Open-Fund Assets and Flows, Third Quarter 2025' shows that money fund assets globally rose by $430.2 billion, or 3.5%, in Q3'25 to a record $12.745 trillion. Increases were led by a sharp jump in money funds in the U.S. and China, while Ireland and Luxembourg also rose. Meanwhile, money funds in Korea were lower. MMF assets worldwide increased by $1.530 trillion, or 13.6%, in the 12 months through 9/30/25, and money funds in the U.S. now represent 57.4% of worldwide assets."
It adds, "ICI's release says, 'Worldwide regulated open-end fund assets, excluding assets in funds of funds, increased 5.0% to $84.90 trillion at the end of the third quarter of 2025. Worldwide net cash inflow to all funds was $821 billion in the third quarter, compared with $714 billion of net inflows in the second quarter of 2025. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the third quarter of 2025 contains statistics from 44 jurisdictions.'"
Our "Top Money Funds of 2025" article says, "This issue recognizes the top performing money funds, ranked by total returns, for calendar year 2025, as well as the top funds for the past 5‐year and 10‐year periods. We present the funds below with our annual Money Fund Intelligence Awards. These are given to the No. 1‐ranked funds based on 1‐year, 5‐year and 10‐year returns, through Dec. 31, 2025, in each of our major fund categories -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Retail, Government Retail, Treasury Retail and Tax‐Exempt."
It continues, "The Top-Performing Prime Inst fund (and fund overall) was BlackRock Cash Inst MMF SL (BISXX), which returned 4.46%. Among Prime Retail money funds, Morgan Stanley Inst Liq MMP Wealth (MWMXX) had the best return in 2025 (4.37%). (Our Crane 100 Money Fund Index returned 4.11% in 2025.)
MFI also includes the News brief, "Fed Cuts Funds Target to 3.5-3.75%." It says, "As expected, the Federal Reserve's FOMC cut interest rates by a quarter percent to a range of 3.5-3.75% on Dec. 10. See the release, 'Federal Reserve issues FOMC statement.'"
Another News brief, "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs," comments, "The Federal Reserve Bank of Boston published, 'A Framework for Understanding the Vulnerabilities of New Money-Like Products.' It says, '[T]he recent emergence of new types of non-bank money-like products, such as stablecoins, tokenized money market funds (MMFs), and money market exchange-traded funds (MMETFs), could be transformative for finance.... [L]ike other money-like assets, such as uninsured deposits and MMFs, the new products can be susceptible to costly, disruptive runs and thus contribute to financial system vulnerabilities.'"
A third News brief, "JPM Treasury MM ETF Live," says: "A release, 'J.P. Morgan Asset Management Unveils New JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF),' states, 'J.P. Morgan Asset Management ... announced the launch of the JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) on the NYSE Arca. JMMF is designed to offer investors current income, easy access to their funds, and low volatility of principal, while also providing the convenience and transparency of an ETF. As demand for active ETFs continues to grow, investors are seeking more strategies across asset classes that offer greater transparency and ... flexibility.'"
A sidebar, "JPMAM Tokenized MMF Live," says, "A release titled, 'J.P. Morgan Asset Management Launches Its First Tokenized Money Market Fund.' states, 'JPMAM ... announced the launch of its first tokenized money market fund, My OnChain Net Yield Fund ('MONY'), now available on the public Ethereum blockchain. Powered by Kinexys Digital Assets, the firm's industry-leading, multi-chain asset tokenization solution, MONY is a 506(c) private placement fund providing qualified investors the opportunity to earn U.S. dollar yields by subscribing through Morgan Money, the firm's ... platform for liquidity management. Morgan Money is the first institutional liquidity trading platform to integrate traditional and on-chain assets offering investors access to a full-range of money market products.'"
Our January MFI XLS, with December 31 data, shows total assets rose $123.5 billion to a record high $8.116 trillion, after increasing $129.3 billion in November, $141.5 billion in October, $100.4 billion in September, $129.9 billion in August, $69.0 billion in July, $10.1 billion in June and jumping $90.3 billion in May. MMFs decreased $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February and $47.9 billion last January.
Our broad Crane Money Fund Average 7-Day Yield was down 20 bps at 3.48%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 20 bps at 3.58% in December. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.85% and 3.85%. Charged Expenses averaged 0.37% and 0.27% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 12/31/25 on Friday, 1/9.) The average WAM (weighted average maturity) for the Crane MFA was 38 days (unchanged) and the Crane 100 WAM was unchanged from the previous month at 40 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
Dec 05
The December issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Break $8.0 Trillion; Top 10 Stories of 2025," which discusses money market mutual funds reaching all-time highs; "J.P. Morgan's 2026 Outlook: Still Room for MM Growth," which quotes from JPM's expectations for next year; and "State Street I.M. Files for Stablecoin Reserves MMF," which highlights the latest money fund filing. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 11/30/25 data. Our December Money Fund Portfolio Holdings are scheduled to ship on Tuesday, Dec. 9, and our December Bond Fund Intelligence is scheduled to go out on Friday, Dec. 12. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh!)
MFI's "$8 Trillion" story says, "Money market mutual fund assets broke the $8.0 trillion barrier for the first time ever on Monday, Dec. 1, according to our Money Fund Intelligence Daily. Assets increased by $105.3 billion in the week through Monday (12/1) to a record $8.022 trillion, and they've since risen to $8.046 trillion (through 12/3). Money fund assets increased by $129.1 billion in November, and they've increased by $848.3 billion (11.8%) year-to-date in 2025."
The story continues, "Assets reached the $7.0 trillion level for the first time in November 2024. (See our 11/14/24 News, 'Money Fund Assets Break Over $7.0 Trillion.') Money market mutual fund assets broke the $6.0 trillion barrier in August 2023. (See our 9/28/23 News, 'Sept. MFI: Assets Break $6.0 Trillion.') They rose above $5.0 trillion for the first time in April 2020 (see our 4/30/20 News, 'Money Fund Assets Break $5.0 Trillion,' but needed a couple more years to retake that level for good."
We write in the "2026 Outlook," story, "J.P. Morgan's new 'Short-Term Fixed Income 2026 Outlook' explains, '[W]ith rates still well above 3%, cash has continued to pour into MMFs. Inflows have persisted even as the Fed cuts rates, supported by interest reinvestment, an inverted yield curve, persistent market volatility, and potentially AI-related debt raises with proceeds not yet fully deployed. MMFs have remained a preferred haven for investors seeking stability, yield, and a place to park liquidity, pushing AUMs up $736bn (or 10%) to north of $7.8tn YTD.'"
It adds, "JPM tells us, 'In 2026, we expect the Fed to cut twice more, in January and April, before going on hold, for a terminal fed funds range of 3.25-3.50%. Although MMF yields will fall commensurately, MMF AUMs are expected to continue their upward trend, albeit at a slower pace than this year, and are likely to surpass $8tn. Stablecoin balances should also continue to grow, and while it’s hard to predict approximate growth next year, we think another $90-100bn increase (similar to this year) is a reasonable base case given recent momentum following passage of the GENIUS Act and related developments.'"
Our "State Street" article says, "State Street Investment Management is the fourth money fund manager to launch a Stablecoin Reserves money market fund, following BlackRock's Circle Treasury Reserves, and Stablecoin Reserves offerings from Goldman Sachs and BNY. A Form N-1A Registration Statement for the pending State Street Stablecoin Reserves Money Market Fund tells us, 'The investment objective of State Street Stablecoin Reserves Money Market Fund ... is to seek a high level of current income consistent with preserving principal and liquidity and the maintenance of a stable $1.00 per share net asset value. The Fund, which is advised by SSGA Funds Management, Inc., invests in assets in which payment stablecoin issuers are permitted to invest in under a U.S. law enacted in July 2025 designed to establish a framework of these issuers and any regulation adopted thereunder (the 'GENIUS Act').'"
It continues, "These eligible investments include U.S. Treasury bills, notes and bonds ... with a remaining maturity of 93 days or less <b:>`_… as well as repurchase agreements secured by U.S. Treasury Obligations. The Fund may invest in any other assets that qualify as eligible investments under the GENIUS Act (and any regulations thereunder) and that are permitted under Rule 2a-7 for a government money market fund. `The Fund does not invest in stablecoins. The Fund may hold a portion of its assets in cash pending investment, to satisfy redemption requests or to meet the Fund's other cash management needs."
MFI also includes the News brief, "Assets Soar to Record $7.65 Trillion." It says, "ICI's separate weekly report shows money fund assets jumping by $86.8 billion to $7.654 trillion after increasing by $45.5 billion last week. MMF assets are up by $883 billion, or 13.0%, over the past 52 weeks (through 12/3/25), with Institutional MMFs up $525 billion, or 12.9% and Retail MMFs up $358 billion, or 13.3%."
Another News brief, "HSBC Launches GBP, EUR MM ETFs," comments, "A press release, 'HSBC Asset Management Launches First ETF Share Classes for EU-Regulated Money Market Funds,' tells us, 'HSBC Asset Management ... announces the launch of new ETF share classes for its existing HSBC Sterling Liquidity and HSBC Euro Liquidity Funds <b:>`_…. The development marks the first time an asset manager in Europe has launched `ETF share classes within existing EU-regulated Money Market Funds (MMFs).'"
A third News brief, "Treasury Holdings Jump," says: "Our November Money Fund Portfolio Holdings, with data as of Oct. 31, 2025, show that holdings of Treasuries jumped while Repo exposure inched lower. Treasuries, the largest portfolio composition segment, increased by $180.5 billion to $3.397 trillion, or 43.8% of holdings. Repo, the second largest segment, decreased $6.0 billion in October to $2.757 trillion, or 35.6% of holdings. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs."
A sidebar, "PFII: LGIPs Nearly $1 Trillion," says, "The Public Funds Investment Institute posted a brief titled, '2024 LGIP Survey: LGIPs Hold Nearly $1 Trillion of Public Funds.' It explains, 'This year we expanded our survey to include local sponsored LGIPs. In total we identified 161 portfolios. They operate in all but seven states. The survey is the only comprehensive look at the LGIP industry which invests assets for thousands of public units across the country.'"
Our December MFI XLS, with November 30 data, shows total assets rose $129.3 billion to a record high $7.989 trillion, after increasing $141.5 billion in October, $100.4 billion in September, $129.9 billion in August, $69.0 billion in July, $10.1 billion in June and jumping $90.3 billion in May. MMFs decreased $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February, $47.9 billion in January and $113.0 billion last December.
Our broad Crane Money Fund Average 7-Day Yield was down 11 bps at 3.68%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 11 bps at 3.78% in November. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.05% and 4.05%. Charged Expenses averaged 0.37% and 0.26% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 11/30/25 on Monday, 12/8.) The average WAM (weighted average maturity) for the Crane MFA was 38 days (down 2 days) and the Crane 100 WAM was down 1 day from the previous month at 40 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
Nov 07
The November issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "State Street Joins Money Market ETF Party; Barron's," which discusses a filing for the latest Prime Money Market ETF; "BNY on Money Market Evolution; Schwab, NTRS Q3'25 Earnings," which reviews the latest money fund and digital asset commentary on earnings calls; and "BlackRock Breaks $1 Trillion; Stablecoin Reserve," which highlights BlackRock's AUM milestone and new 'BSTBL' Fund. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 10/31/25 data. Our November Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Nov. 12 (a day late due to the Veterans Day Holiday), and our November Bond Fund Intelligence is scheduled to go out on Monday, Nov. 17.
MFI's "State Street ETF" story says, "State Street Investment Management filed to launch State Street Prime Money Market ETF, the 7th Money Market ETF offering and just the second 'Prime' Money Market ETF. The Form N1-A Registration Statement states, 'The investment objective of the State Street Prime Money Market ETF is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity.' The expense ratio for the fund has not been disclosed yet."
The story continues, "It explains, 'The Fund's Board of Trustees has determined that the Fund will qualify as a 'money market fund' pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended ('Rule 2a-7'); therefore, the Fund invests in accordance with regulatory requirements applicable to money market funds, which require ... the Fund to invest only in short-term, high quality debt obligations..., to maintain a maximum dollar-weighted average maturity and dollar-weighted average life of sixty (60) days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity.'"
We write in our "BNY on Money Market Evolution" profile, "BNY released its third quarter earnings late last month, and the giant custodial bank discussed money markets, stablecoins and tokenized money markets on its earnings call. President & CEO Robin Vince tells us, 'Our early commitment to the digital asset space, paired with the principles of safety, scalability and innovation that have defined BNY for centuries, now positions us to support the growing institutional adoption of digital asset products. In just one example from this past quarter, OpenEden, a leading platform for the tokenization of real-world assets, headquartered in Singapore, appointed BNY as investment manager and primary custodian for the underlying assets of its flagship Tokenized U.S. Treasury Bills Fund.'"
It adds, "He explains, As global capital markets move toward an `always-on operating model, blockchain technology and digital asset adoption are becoming important enablers. In a meaningful step toward enhancing the utility of money market fund shares, we announced a collaborative initiative with Goldman Sachs to maintain on blockchain technology, a mirror record of customers’ ownership of select money market funds, live and available through our LiquidityDirect platform. This includes a new token-enabled share class of our ... Dreyfus Treasury Securities Cash Management Fund. We are encouraged by developments in the U.S. regulatory landscape that will further enable tokenized products and allow us to support clients as they consider moving to a more 'on chain' financial world.'"
Our "BlackRock $1 Trillion" article says, "A press release titled, 'BlackRock Introduces ’40 Act 2a7 Money Market Fund in GENIUS-aligned Form,' is subtitled, 'As BlackRock's cash management business surpasses $1 trillion in assets under management, the firm introduces a GENIUS Act-aligned '40 Act 2a-7 money market fund to meet growing demand in the stablecoin market.'"
The article continues, "It tells us, 'BlackRock announced a strategic update to one of its money market funds, reflecting a refined investment approach designed to enhance liquidity, align with emerging regulatory frameworks, and support the evolving needs of clients.' (Note: As of Sept. 30, Crane Data shows BlackRock with $665.6 billion in U.S. money funds and $342.4 billion in European or ‘offshore’ money funds, for a total of $1.008 trillion.)"
MFI also includes the News brief, "Fed Cuts Rates Again to 3.75-4.0%." It says, "The Federal Reserve Board again reduced short-term rates, cutting 1/4 point on 10/29. Our Crane 100 Money Fund Index has declined to 3.84% (on 11/6) from 3.92 on 10/31. Yields should drift lower in coming days as money funds digest the latest rate cut."
Another News brief, "Assets Break $7.9/$7.5 Trillion," comments, "Crane Data's totals show assets jumping $141.5 billion in October to a record $7.860 trillion. They also just broke above the $7.9 trillion level in the first week of November (jumping $65.0 billion to $7.914 trillion as of 11/5). Meanwhile ICI's latest weekly shows money fund assets increasing by $116.4 billion to a new record high of $7.535 trillion. MMF assets are up by $945 billion, or 14.3%, over the past 52 weeks (through 11/5/25), with Institutional MMFs up $587 billion, or 14.9% and Retail MMFs up $358 billion, or 13.5%."
A third News brief, "Federated's Donahue Talks Money Markets, Digital Initiatives," says: "Federated Hermes CEO Chris Donahue comments on their recent earnings call, 'In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve.... We're also developing money market funds and share classes available in tokenized form and working with parties on digital asset infrastructure. These efforts include a planned GENIUS Act compliant money market fund designed to serve as collateral for stablecoins.'"
A sidebar, "NYT: Still Buying MMFs," says, "The New York Times asks in an article, 'Interest Rates Are Falling. Why Are People Still Buying Money Market Funds?' They write, 'Money market funds seem to be defying gravity. They are paying less in interest to investors, but becoming more popular. Given a choice, people usually want more for their money, not less. Yet since the Federal Reserve began pushing short-term interest rates down more than a year ago, investors have been funneling hundreds of billions of additional dollars into these funds.'"
Our November MFI XLS, with October 31 data, shows total assets rose $141.5 billion to a record high $7.860 trillion, after increasing $100.4 billion in September, $129.9 billion in August, $69.0 billion in July, $10.1 billion in June and jumping $90.3 billion in May. MMFs decreased $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February, $47.9 billion in January. Assets jumped $113.0 billion in December and $196.1 billion last November.
Our broad Crane Money Fund Average 7-Day Yield was down 4 bps at 3.79%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 5 bps at 3.89% in October. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.16% and 4.16%. Charged Expenses averaged 0.37% and 0.27% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 10/31/25 on Monday, 11/10.) The average WAM (weighted average maturity) for the Crane MFA was 40 days (down 1 day) and the Crane 100 WAM was down 1 day from the previous month at 41 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
Oct 07
The October issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Tuesday morning, features the articles: "Wall of Cash, Levels of Cash Debate Heats Up; Still Going," which reviews the latest discussions around record MMF balances and potential outflows; "European MF Symposium Toasts Irish MMFs at $1T," which highlights our recent offshore money fund event in Dublin; and "Worldwide MMFs Jump in Q2'25 to Record $12.3 Trillion," which covers global MMF trends. We also sent out our MFI XLS spreadsheet Tuesday a.m., and we've updated our Money Fund Wisdom database with 9/30/25 data. Our October Money Fund Portfolio Holdings are scheduled to ship on Thursday, Oct. 9, and our October Bond Fund Intelligence is scheduled to go out on Wednesday, Oct. 15 (a day late due to the Columbus Day Holiday).
MFI's "Wall of Cash" story says, "With the first Fed rate cut in a year, the discussions over money moving out of money market funds and the 'wall of cash' moving into the stock market have heated up. Money fund assets, though, continue surging to record highs, pouring cold water on the theory. We review the latest discussions on this theory below."
It continues, "The Wall Street Journal recently wrote, 'U.S. Investors Are Flush With Cash, and Happy to Keep It There.' The piece says, 'U.S. investors are sitting on a pile of cash. Even with rates now coming down, many are in no rush to move it. Assets in money-market funds reached a record $7.7 trillion last week, with more than $60 billion flowing into those funds during the first four days of the month, according to Crane Data.'"
We write in our "European MF Symposium" profile, "Crane Data recently hosted its 11th annual European Money Fund Symposium in Dublin, Ireland, which featured near-record attendance (195) and two days of discussions on offshore money funds denominated in USD, EUR and GBP. The event also celebrated money fund assets domiciled in Ireland breaking the $1 trillion level earlier this year (see our Worldwide story)."
It adds, "The keynote, 'Irish Funds Update: MMFs in Ireland & the EU,' featured Irish Funds' Conor Kilroy and Ruth Fairclough, and Northern Trust's Rachel Thornton. Kilroy explains, 'We were founded in 1991, so about four years before the establishment of the Irish Financial Services Centre (IFSC) ... a government initiative that was used to attract financial services to Ireland. Our mission is simple, to be the voice of the funds and asset management industry in Ireland, and our vision is to ensure that Ireland remains the premier location to enable and support global investing to its reputation for trust, capability and innovation. In terms of membership, we’re just over 150 members.'"
Our "Worldwide MMFs Jump" article says, "The Investment Company Institute's 'Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2025' shows that money fund assets globally rose by $470.2 billion, or 4.0%, in Q2'25 to a record $12.315 trillion. (The totals would have been $12.587 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in China and Ireland, the latter which broke over $1 trillion for the first time ever."
It continues, "France and the U.S. also rose. Meanwhile, money funds in Argentina were lower. MMF assets worldwide increased by $1.672 trillion, or 15.7%, in the 12 months through 6/30/25, and money funds in the U.S. now represent 57.0% of worldwide assets."
MFI also includes the News brief, "Fed Cuts Rates to 4.0-4.25%." It says, "The Federal Reserve's FOMC cut interest rates by a quarter percent to a range of 4.0-4.25% on Sept. 17, and money market fund yields have declined from 4.10% to 3.95% in the three weeks since."
Another News brief, "Assets Hit a Record $7.75/$7.37T," writes, "ICI's weekly 'Money Market Fund Assets' report shows money fund assets surging higher by $50.5 billion to a record $7.365 trillion. MMF assets are up by $902 billion, or 14.0%, over the past 52 weeks (through 10/1/25), with Institutional MMFs up $522 billion, or 13.5% and Retail MMFs up $400 billion, or 15.4%. Crane Data's totals show MMFs hitting a record $7.76 trillion on 10/2."
A third News brief, "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" says, "The Federal Reserve Bank of New York posted two briefs on tokenization on its 'Liberty Street Economics' blog. The first, 'The Emergence of Tokenized Investment Funds and Their Use Cases,' tells us, '[T]he bulk of tokenization activity in the United States has concentrated on two types of funds: money market funds (MMFs), which are open-end funds registered under the Investment Company Act of 1940... and private funds that are exempt from registration under that Act.'"
A sidebar, "Barron's: Cuts Will Hurt More," says, "Barron's writes, 'Cash Yields Are Going Down. Here's Where to Move Your Money.' The article comments, 'The Federal Reserve's expected interest-rate cuts are a double-edged sword for consumers: bad for savers, good for borrowers.... Do you have a lot of money parked in money-market funds? Are you looking to buy a house, refinance your mortgage, or whittle down credit card debt?'"
Our October MFI XLS, with September 30 data, shows total assets rose $100.4 billion to a record high $7.715 trillion, after increasing $129.9 billion in August, $69.0 billion in July, $10.1 billion in June and jumping $90.3 billion in May. MMFs decreased $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February, $47.9 billion in January and $113.0 billion in December. Assets jumped $196.1 billion in November and $89.9 billion last October.
Our broad Crane Money Fund Average 7-Day Yield was down 15 bps at 3.84%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 15 bps at 3.95% in September. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.21% and 4.21%. Charged Expenses averaged 0.37% and 0.26% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 9/30/25 on Wednesday, 10/8.) The average WAM (weighted average maturity) for the Crane MFA was 41 days (unchanged) and the Crane 100 WAM was down 1 day from the previous month at 41 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)