Crane Data's latest monthly Money Fund Market Share rankings show assets mostly higher among the largest U.S. money fund complexes in July after being slightly higher in June. Assets have increased in 12 of the past 13 months (only April 2025 saw a decline). Money market fund assets rose by $69.2 billion, or 0.9%, last month to a record $7.483 trillion. Total MMF assets have increased by $166.0 billion, or 2.3%, over the past 3 months, and they've increased by $969.9 billion, or 14.9%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Federated Hermes, BlackRock and Morgan Stanley, which grew assets by $20.4 billion, $13.7B, $12.6B, $10.8B and $7.5B, respectively. Declines in July were seen by Vanguard, T Rowe Price, First American, DWS and American Funds, which decreased by $6.0 billion, $4.7B, $4.4B, $3.8B and $2.6B, 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 were flat to slightly higher in July.
Over the past year through July 31, 2025, Fidelity (up $233.1B, or 17.5%), BlackRock (up $123.8B, or 23.5%), JPMorgan (up $122.3B, or 18.3%) Schwab (up $113.3B, or 20.8%) and Vanguard (up $83.8B, or 13.8%) were the `largest gainers. Fidelity, BlackRock, JPMorgan, Federated Hermes and Schwab had the largest asset increases over the past 3 months, rising by $44.2B, $32.3B, $28.3B, $23.4B and $20.6B, respectively. The largest declines over 12 months were seen by: American Funds (down $3.1B) and Columbia (down $1.4B). The largest declines over 3 months included: Goldman Sachs (down $14.8B), American Funds (down $10.5B), T Rowe Price (down $2.7B) and Northern (down $1.5B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.565 trillion, or 20.9% of all assets. Fidelity was up $20.4B in July, up $44.2 billion over 3 mos., and up $233.1B over 12 months. JPMorgan ranked second with $790.2 billion, or 10.6% market share (up $13.7B, up $28.3B and up $122.3B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $690.3 billion, or 9.2% of assets (down $6.0B, up $10.0B and up $83.8B). Schwab ranked fourth with $658.1 billion, or 8.8% market share (up $4.7B, up $20.6B and up $113.3B), while BlackRock was the fifth largest MMF manager with $650.7 billion, or 8.7% of assets (up $10.8B, up $32.3B and up $123.8B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $495.0 billion, or 6.6% (up $12.6B, up $23.4B and up $47.2B), while Goldman Sachs was in seventh place with $417.6 billion, or 5.6% of assets (up $1.7B, down $14.8B and up $27.6B). Dreyfus ($304.4B, or 4.1%) was in eighth place (up $7.3B, up $12.7B and up $34.5B), followed by Morgan Stanley ($282.1B, or 3.8%; up $7.5B, down $0.6B and up $40.9B). SSIM was in 10th place ($241.1B, or 3.2%; up $0.2B, down $1.3B and up $25.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring ($215.8B, or 2.9%), Northern ($178.8B, or 2.4%), First American ($169.9B, or 2.3%), American Funds ($165.5B, or 2.2%), Invesco ($165.5B, or 2.2%), UBS ($116.3B, or 1.6%), T. Rowe Price ($49.8B, or 0.7%), HSBC ($48.2B, or 0.6%), DWS ($40.7B, or 0.5%) and Western ($34.7B, or 0.5%). Crane Data currently tracks 61 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: BlackRock moves up to the No. 3 spot, Vanguard moves down to No. 4 and Schwab moves down to the No. 5 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot and Morgan Stanley moves up to the No. 8 spot, while Dreyfus moves down to 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 ($1.586 trillion), JP Morgan ($1.062 trillion), BlackRock ($980.1B), Vanguard ($690.3B) and Schwab ($658.1B). Goldman Sachs ($574.0B) was in sixth, Federated Hermes ($507.5B) was seventh, followed by Morgan Stanley ($379.3B), Dreyfus/BNY ($365.8B) and SSIM ($295.0B), 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 August issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/25, shows that yields were mixed in July across all the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 722), was 4.02% (up 1 bp) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was up 1 bp to 4.01%. The MFA's Gross 7-Day Yield was at 4.39% (unchanged), and the Gross 30-Day Yield was up 1 bp at 4.38%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 7/31/25 on Friday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 4.12% (unchanged) and an average 30-Day Yield at 4.11% (up 1 bp). The Crane 100 shows a Gross 7-Day Yield of 4.39% (unchanged), and a Gross 30-Day Yield of 4.38% (up 1 bp). Our Prime Institutional MF Index (7-day) yielded 4.25% (down 1 bp) as of July 31. The Crane Govt Inst Index was at 4.13% (unchanged) and the Treasury Inst Index was at 4.07% (unchanged). Thus, the spread between Prime funds and Treasury funds is 18 basis points, and the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 4.00% (unchanged), while the Govt Retail Index was 3.84% (unchanged), the Treasury Retail Index was 3.85% (up 3 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.44% (up 23 bps) at the end of July.
Gross 7-Day Yields for these indexes to end July were: Prime Inst 4.48% (down 1 bp), Govt Inst 4.38% (unchanged), Treasury Inst 4.35% (up 1 bp), Prime Retail 4.49% (unchanged), Govt Retail 4.38% (unchanged) and Treasury Retail 4.36% (up 2 bps). The Crane Tax Exempt Index rose to 2.84% (up 23 bps). The Crane 100 MF Index returned on average 0.35% over 1-month, 1.04% over 3-months, 2.32% YTD, 4.49% over the past 1-year, 4.51% over 3-years annualized), 2.74% over 5-years, and 1.86% over 10-years.
The total number of funds, including taxable and tax-exempt, was up 1 in July at 835. There are currently 722 taxable funds, up 1 from the previous month, and 113 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.)
