Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a record high $1.672 trillion, increasing from $1.652 trillion the month prior. Yields were mixed, while assets for USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2'25). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $29.0 billion over the 30 days through 4/14. The totals are up $87.2 billion (5.5%) year-to-date for 2026. They were up $151.9 billion (10.6%) for 2025, up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. Dollar cause Euro and Sterling totals to shift when they're translated back into totals in USD. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: Mark your calendars for our next European Money Fund Symposium, which will be held Sept. 24-25 in Paris, France. Watch for the preliminary agenda to be released in coming weeks.)
Offshore US Dollar money funds increased $11.2 billion over the last 30 days and are up $43.4 billion YTD to $879.4 billion; they increased $92.3 billion in 2025. Euro funds increased E10.2 billion over the past month. YTD, they're up E21.7 billion to E352.1 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L4.4 billion over 30 days, and they're up L13.9 billion YTD at L287.0B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (318) account for over half (52.6%) of the "European" money fund total, while Euro (EUR) money funds (231) make up 24.4% and Pound Sterling (GBP) funds (211) total 23.0%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below.
Offshore USD MMFs yield 3.58% (7-Day) on average (as of 4/14/26), down 1 bp from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 1.94% on average, up 2 bps from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 32 months ago, but they broke back below 5.0% 21 months ago. They now yield 3.72%, unchanged from a month ago, but up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's April MFI International Portfolio Holdings, with data as of 3/31/26, show that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 25% in Repo, 17% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 48.0% of their portfolios maturing Overnight, 5.0% maturing in 2-7 Days, 10.4% maturing in 8-30 Days, 8.8% maturing in 31-60 Days, 6.3% maturing in 61-90 Days, 13.7% maturing in 91-180 Days and 7.9% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (36.4%), Canada (12.5%), France (9.7%), Japan (7.8%), Germany (5.3%), the Netherlands (5.1%), Australia (5.1%), the U.K. (4.5%), Sweden (3.1%) and Finland (2.4%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $157.2B (17.2%), Fixed Income Clearing Corp with $42.1B (4.6%), RBC with $34.5B (3.8%), Wells Fargo with $27.9B (3.1%), JP Morgan with $26.1B (2.9%), Credit Agricole with $21.5B (2.4%), Toronto-Dominion Bank with $20.1B (2.2%), Nordea Bank with $20.0B (2.2%), Sumitomo Mitsui Banking Corp with $18.5B (2.0%) and Australia & New Zealand Banking Group Ltd with $18.2B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 37% in CP, 23% in CDs, 16% in Other (primarily Time Deposits), 21% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 36.4% of their portfolios maturing Overnight, 10.8% maturing in 2-7 Days, 13.5% maturing in 8-30 Days, 9.6% maturing in 31-60 Days, 8.8% maturing in 61-90 Days, 14.1% maturing in 91-180 Days and 6.7% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (25.6%), Canada (10.4%), Japan (10.4%), the U.S. (10.2%), the Netherlands (7.5%), Germany (5.1%), the U.K. (4.8%), Australia (4.4%), Belgium (3.9%) and Finland (3.7%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E15.8B (5.2%), BNP Paribas with E15.1B (5.0%), ING Bank with E11.5B (3.8%), JP Morgan with E10.9B (3.6%), Agence Central de Organismes de Securite Sociale with E10.0B (3.3%), Sumitomo Mitsui Banking Corp with E9.2B (3.0%), Republic of France with E8.6B (2.8%), Bank of Nova Scotia with E7.6B (2.5%), RBC with E7.5B (2.5%) and Nordea Bank with E7.5B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 3/31/26): 37% in CDs, 21% in CP, 21% in Other (Time Deposits), 19% in Repo, 2% in Treasury and 0% in Agency. Sterling funds have on average 36.9% of their portfolios maturing Overnight, 6.8% maturing in 2-7 Days, 11.7% maturing in 8-30 Days, 12.2% maturing in 31-60 Days, 7.8% maturing in 61-90 Days, 14.2% maturing in 91-180 Days and 10.5% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (16.5%), France (15.1%), the U.K. (13.1%), Japan (12.8%), the U.S. (9.3%), Australia (7.7%), the Netherlands (5.2%), Singapore (3.9%), Finland (2.9%) and Sweden (2.6%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L17.8B (6.9%), RBC with L12.6B (4.9%), BNP Paribas with L10.8B (4.2%), Sumitomo Mitsui Trust Bank with L9.2B (3.6%), Bank of Nova Scotia with L7.7B (3.0%), Toronto-Dominion Bank with L7.2B (2.8%), Nordea Bank with L7.1B (2.8%), Sumitomo Mitsui Banking Corp with L7.1B (2.7%), Goldman Sachs with L6.8B (2.6%) and Mizuho Corporate Bank Ltd with L6.7B (2.6%).
