Crane Data's latest monthly Money Fund Market Share rankings show assets higher among the largest U.S. money fund complexes in October, after being lower in September. Assets have increased in 23 of the past 28 months (April 2025, March 2026, April 2026, July 2026 and September 2026 saw declines). Money market fund assets rose by $65.4 billion, or 0.8%, last month to $8.362 trillion. Total MMF assets increased by $48.3 billion, or 0.6%, over the past 3 months, and they've increased by $507.3 billion, or 6.5%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Vanguard, American Funds, SSIM, Northern and Morgan Stanley, which grew assets by $19.1 billion, $17.9B, $15.6B, $15.1B and $13.0B, respectively. Declines in October were seen by Invesco, BlackRock, Fidelity, Allspring and UBS, which decreased by $34.2 billion, $11.4B, $10.6B, $4.5B and $2.8B, 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 higher in October.
Over the past year through Oct. 31, 2026, JPMorgan (up $138.3B, or 16.5%), Fidelity (up $86.7B, or 5.3%), Morgan Stanley (up $81.5B, or 28.3%), SSIM (up $43.2B, or 16.9%) and Vanguard (up $43.1B, or 6.0%) were the largest gainers. JPMorgan, Morgan Stanley, Vanguard, DWS and Goldman Sachs had the largest asset increases over the past 3 months, rising by $34.9B, $27.9B, $14.9B, $13.4B and $10.6B, respectively. The largest decline over 12 months was seen by: Allspring (down $33.4B), Goldman Sachs (down $9.0B), RBC (down $8.6B), T Rowe Price (down $7.1B) and PGIM (down $4.8B). The largest declines over 3 months included: SSIM (down $31.7B), Fidelity (down $18.8B), Allspring (down $15.1B), UBS (down $6.0B) and T Rowe Price (down $4.6B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.709 trillion, or 20.4% of all assets. Fidelity was down $10.6B in October, down $18.8B over 3 mos., and up $86.7B over 12 months. JPMorgan ranked second with $978.8 billion, or 11.7% market share (up $12.6B, up $34.9B and up $138.3B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $761.8 billion, or 9.1% of assets (up $19.1B, up $14.9B and up $43.1B). BlackRock ranked fourth with $721.7 billion, or 8.6% market share (down $11.4B, down $565M and up $41.5B), while Schwab was the fifth largest MMF manager with $699.5 billion, or 8.4% of assets (up $728M, up $5.7B and up $24.2B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $508.6 billion, or 6.1% (up $8.0B, up $5.0B and up $4.5B), while Goldman Sachs was in seventh place with $470.1 billion, or 5.6% of assets (up $6.2B, up $10.6B and down $9.0B). Morgan Stanley ($369.0B, or 4.4%) was in eighth place (up $13.0B, up $27.9B and up $81.5B), followed by BNY Dreyfus ($347.6B, or 4.2%; up $5.8B, down $2.3B and up $7.1B). SSIM was in 10th place ($299.6B, or 3.6%; up $15.6B, down $31.7B and up $43.2B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Northern ($213.8B, or 2.6%), Allspring ($201.3B, or 2.4%), First American ($200.4B, or 2.4%), Invesco ($192.4B, or 2.3%), American Funds ($166.0B, or 2.0%), UBS ($115.5B, or 1.4%), HSBC ($61.1B, or 0.7%), DWS ($58.6B, or 0.7%), Franklin Templeton ($48.1B, or 0.6%) and T Rowe Price ($44.4B, or 0.5%). Crane Data currently tracks 64 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. 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 ($1.736 trillion), JP Morgan ($1.316 trillion), BlackRock ($1.091 trillion), Vanguard ($761.8B) and Schwab ($699.5B). Goldman Sachs ($643.3B) was in sixth, Federated Hermes ($527.6B) was seventh, followed by Morgan Stanley ($496.9B), BNY Dreyfus ($414.9B) and SSIM ($357.6B), 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 November issue of our Money Fund Intelligence and MFI XLS, with data as of 10/31/26, shows that yields were up in October across all of the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 760), was 3.65% (up 6 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was up 12 bps to 3.61%. The MFA's Gross 7-Day Yield was at 4.00% (up 6 bps), and the Gross 30-Day Yield was up 12 bps at 3.97%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 10/31/26 on Monday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 3.75% (up 7 bps) and an average 30-Day Yield at 3.72% (up 13 bps). The Crane 100 shows a Gross 7-Day Yield of 4.01% (up 7 bps), and a Gross 30-Day Yield of 3.98% (up 13 bps). Our Prime Institutional MF Index (7-day) yielded 3.86% (up 4 bps) as of October 31. The Crane Govt Inst Index was at 3.74% (up 6 bps) and the Treasury Inst Index was at 3.73% (up 8 bps). Thus, the spread between Prime funds and Treasury funds is 13 basis points, and the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 3.62% (up 5 bps), while the Govt Retail Index was 3.46% (up 5 bps), the Treasury Retail Index was 3.49% (up 7 bps from the month prior). The Crane Tax Exempt MF Index yielded 2.04% (down 85 bps) at the end of October.
Gross 7-Day Yields for these indexes to end October were: Prime Inst 4.09% (up 4 bps), Govt Inst 3.98% (up 6 bps), Treasury Inst 4.00% (up 8 bps), Prime Retail 4.10% (up 5 bps), Govt Retail 3.98% (up 5 bps) and Treasury Retail 3.99% (up 7 bps). The Crane Tax Exempt Index fell to 2.43% (down 85 bps). The Crane 100 MF Index returned on average 0.31% over 1-month, 0.91% over 3-months, 2.89% YTD, 3.60% over the past 1-year, 4.36% over 3-years annualized, 3.69% over 5-years, and 2.32% over 10-years.
The total number of funds, including taxable and tax-exempt, was down 3 in October at 871. There are currently 760 taxable funds, down 3 from the previous month, and 111 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.)
