Crane Data published its latest Money Fund Intelligence Family & Global Rankings Tuesday, which rank the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The November edition, with data as of October 31, shows asset increases for about half of money fund complexes in the latest month, as well as modest gains over the past three months. After a sizable increase in overall assets in September, assets flattened out in October, increasing only slightly. Over the last 12 months, assets overall are relatively flat, down 1.4%. Below, we review the latest market share changes and figures. (These "Family" rankings are available to our Money Fund Wisdom subscribers.)
J.P. Morgan, BlackRock, BofA, Wells Fargo, Northern, and First American were the biggest gainers in October, rising by $8.4 billion, $5.8 billion, $3.7 billion, $1.8 billion, $1.1 billion, and $1.1 billion respectively. BlackRock, J.P. Morgan, Federated, Goldman Sachs, Dreyfus, Morgan Stanley, and BofA led the increases over the 3 months through October 31, 2014, rising by $15.6B, $15.2B, $10.5B, $7.9B, $7.8B, $7.5B, and $6.4 billion, respectively. Money fund assets overall jumped by $10.2 billion in October, increased by $80.0 billion over the last three months, and decreased by $34.8 billion over the past 12 months (according to our Money Fund Intelligence XLS).
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remained the largest money fund manager with $403.9 billion, or 15.9% of all assets (down $808 million in October, down $743M over 3 mos. and down $24.3B over 12 months), followed by JPMorgan's $246.5 billion, or 9.7% (up $8.4B, up $15.2B, and down $5.6B for the past 1-month, 3-months and 12-months, respectively). Federated Investors ranks third with $207.4 billion, or 8.2% of assets (up $922M, up $10.5B, and down $13.1B), BlackRock ranks fourth with $197.1 billion, or 7.8% of assets (up $5.8B, up $15.6B, and up $5.7B), and Vanguard ranks fifth with $172.2 billion, or 6.8% (down $97M, up $812M, and down $3.2B).
The sixth through tenth largest U.S. managers include: Schwab ($163.6B, 6.4%), which moved ahead of Dreyfus ($161.1B, or 6.3%), followed by Goldman Sachs ($142.9B, or 5.6%), Wells Fargo ($111.4B, or 4.4%), and Morgan Stanley ($108.9B, or 4.3%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($80.5B, or 3.2%), Northern ($75.9B, or 3.0%), Invesco ($58.7B, or 2.3%), BofA ($54.7B, or 2.2%), Western Asset ($44.1B, or 1.7%), First American ($39.0B, or 1.5%), UBS ($36.4B, or 1.4%), Deutsche ($32.4B, or 1.3%), Franklin ($21.1B, or 0.8%), and RBC ($17.8B, or 0.7%). Crane Data currently tracks 72 managers, one less than last month.
Over the past year, Goldman Sachs showed the largest asset increase (up $12.5B, or 9.7%; followed by Morgan Stanley (up $11.8B, or 12.0%), BofA (up $6.3B, or 13.7%), and BlackRock (up $5.7B, or 3.9%). Other gainers since October 31, 2013, include: American Funds (up $2.9B, or 21.5%), Franklin (up $2.9B, or 16.2%), First American (up $2.8B, or 7.6%), Western (up $2.4B, or 5.9%), and Schwab (up $1.7B, or 1.0%). The biggest declines over 12 months include: Fidelity (down $24.3B, or -5.6%), Federated (down $13.1B, or -5.8%), Wells Fargo (down $9.0B, or -7.4%), UBS (down $8.7B, or -19.2%), and Invesco (down $6.6B, or -10.1%). (Note that money fund assets are very volatile month to month.)
When European and "offshore" money fund assets -- those domiciled in places like Dublin, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except for BlackRock moving up to No. 3, Goldman moving up to No. 4, and Western Asset appearing on the list at No. 9. (displacing Wells Fargo from the Top 10). Looking at these largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), we show these largest families: Fidelity ($411.0 billion), JPMorgan ($378.0 billion), BlackRock ($324.3 billion), Goldman Sachs ($227.7 billion), and Federated ($216.3 billion). Dreyfus ($184.4B), Vanguard ($172.2B), Schwab ($163.6B), Western ($138.4B), and Morgan Stanley ($127.7B) round out the top 10. These totals include offshore US Dollar funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.
In other news, our November 2014 Money Fund Intelligence and MFI XLS show that both net and gross yields remained at record lows for the month ended October 31, 2014. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 845), remained at a record low of 0.01% for both the 7-Day and 30-Day Yield (annualized, net) averages. (The Gross 7-Day Yield was also unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average yield (7-Day and 30-Day) of 0.02%, also a record low. (The Gross 7- and 30-Day Yields for the Crane 100 remained unchanged at 0.16%.) For the 12 month return through 10/31/14, our Crane MF Average returned a record low of 0.01% and our Crane 100 returned 0.02%.
Our Prime Institutional MF Index yielded 0.03% (7-day), the Crane Govt Inst Index, Crane Treasury Inst, Treasury Retail, Govt Retail and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%. (The Gross Yields for these indexes were: Prime 0.19%, Govt 0.10%, Treasury 0.06%, and Tax Exempt 0.11% in October.) The Crane 100 MF Index returned on average 0.00% for 1-month, 0.00% for 3-month, 0.02% for YTD, 0.02% for 1-year, 0.04% for 3-years (annualized), 0.05% for 5-year, and 1.59% for 10-years.
