Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in November, after also jumping in October. Assets have increased in 16 of the past 17 months (only April 2025 saw declines). Money market fund assets rose by $129.2 billion, or 1.6%, last month to a record $7.984 trillion. Total MMF assets have increased by $376.8 billion, or 5.0%, over the past 3 months, and they've increased by $915.6 billion, or 13.0%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by SSIM, Morgan Stanley, Vanguard, JPMorgan and Fidelity, which grew assets by $40.9 billion, $22.8B, $21.6B, $19.2B and $11.2B, respectively. Declines in November were seen by Invesco, RBC, Western, Goldman Sachs and AllianceBernstein, which decreased by $11.5 billion, $6.9B, $5.8B, $4.2B 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 lower in November.
Over the past year through Nov. 30, 2025, Fidelity (up $195.4B, or 13.6%), JPMorgan (up $123.4B, or 16.8%), Schwab (up $99.9B, or 17.1%), Vanguard (up $96.2B, or 14.9%) and BlackRock (up $75.8B, or 12.4%) were the largest gainers. Goldman Sachs, SSIM, JPMorgan, Fidelity and Vanguard had the largest asset increases over the past 3 months, rising by $63.0B, $61.8B, $44.0B, $40.8B and $34.2B, respectively. The largest declines over 12 months was seen by: DWS (down $7.2B), Columbia (down $1.7B) and T Rowe Price (down $267M). The largest declines over 3 months included: DWS (down $7.7B), Western (down $3.6B), AllianceBernstein (down $3.3B), Invesco (down $2.6B) and Columbia (down $1.4B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.633 trillion, or 20.5% of all assets. Fidelity was up $11.2B in November, up $40.8B over 3 mos., and up $195.4B over 12 months. JPMorgan ranked second with $859.7 billion, or 10.8% market share (up $19.2B, up $44.0B and up $123.4B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $740.2 billion, or 9.3% of assets (up $21.6B, up $34.2B and up $96.2B). BlackRock ranked fourth with $687.5 billion, or 8.6% market share (up $7.4B, up $23.5B and up $75.8B), while Schwab was the fifth largest MMF manager with $685.6 billion, or 8.6% of assets (up $10.4B, up $20.9B and up $99.9B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $509.3 billion, or 6.4% (up $5.3B, up $7.3B and up $45.8B), while Goldman Sachs was in seventh place with $475.0 billion, or 5.9% of assets (down $4.2B, up $63.0B and up $37.9B). BNY Dreyfus ($340.8B, or 4.3%) was in eighth place (up $315M, up $27.5B and up $51.1B), followed by Morgan Stanley ($310.3B, or 3.9%; up $22.8B, up $30.7B and up $24.8B). SSIM was in 10th place ($297.2B, or 3.7%; up $40.9B, up $61.8B and up $40.0B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring ($236.3B, or 3.0%), Northern ($193.0B, or 2.4%), First American ($187.0B, or 2.3%), American Funds ($166.3B, or 2.1%), Invesco ($155.7B, or 1.9%), UBS ($120.8B, or 1.5%), T Rowe Price ($51.2B, or 0.6%), HSBC ($50.2B, or 0.6%), DWS ($37.4B, or 0.5%) and Western ($35.5B, or 0.4%). Crane Data currently tracks 60 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 and Vanguard moves down to the No. 4 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot. Morgan Stanley moves up to the No. 8 spot while BNY 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 ($1.656 trillion), JP Morgan ($1.168 trillion), BlackRock ($1.036 trillion), Vanguard ($740.2B) and Schwab ($685.6B). Goldman Sachs ($644.1B) was in sixth, Federated Hermes ($523.3B) was seventh, followed by Morgan Stanley ($417.0B), Dreyfus/BNY ($403.9B) and SSIM ($346.4B), 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 December issue of our Money Fund Intelligence and MFI XLS, with data as of 11/30/25, shows that yields were down in November across all the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 722), was 3.68% (down 11 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was down 13 bps to 3.68%. The MFA's Gross 7-Day Yield was at 4.05% (down 11 bps), and the Gross 30-Day Yield was down 13 bps at 4.05%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 11/30/25 on Monday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 3.78% (down 12 bps) and an average 30-Day Yield at 3.78% (down 14 bps). The Crane 100 shows a Gross 7-Day Yield of 4.05% (down 12 bps), and a Gross 30-Day Yield of 4.05% (down 14 bps). Our Prime Institutional MF Index (7-day) yielded 3.90% (down 14 bps) as of November 30. The Crane Govt Inst Index was at 3.80% (down 12 bps) and the Treasury Inst Index was at 3.73% (down 9 bps). Thus, the spread between Prime funds and Treasury funds is 17 basis points, and the spread between Prime funds and Govt funds is 10 basis points. The Crane Prime Retail Index yielded 3.67% (down 13 bp), while the Govt Retail Index was 3.51% (down 11 bps), the Treasury Retail Index was 3.49% (down 9 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.43% (down 19 bps) at the end of November.
Gross 7-Day Yields for these indexes to end November were: Prime Inst 4.13% (down 14 bps), Govt Inst 4.04% (down 12 bps), Treasury Inst 4.01% (down 9 bps), Prime Retail 4.16% (down 13 bp), Govt Retail 4.05% (down 11 bps) and Treasury Retail 4.01% (down 9 bps). The Crane Tax Exempt Index fell to 2.83% (down 20 bps). The Crane 100 MF Index returned on average 0.32% over 1-month, 0.98% over 3-months, 3.70% YTD, 4.19% over the past 1-year, 4.69% over 3-years annualized), 3.02% over 5-years, and 2.00% over 10-years.
The total number of funds, including taxable and tax-exempt, was unchanged in November at 833. There are currently 722 taxable funds, up 1 from the previous month, and 111 tax-exempt money funds (down 1 from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
