Crane Data published its latest Money Fund Intelligence Family & Global Rankings earlier this week, which rank the asset totals and market share of managers of money market mutual funds in the U.S. and globally. The January edition, with data as of Dec. 31, 2014, shows asset increases for a majority of money fund complexes in the latest month, with the largest players leading the way. Gains have also been solid over the past three months. Assets jumped by $86.2 billon, or 3.3%, in December; over the last 3 months, assets are up $115.4 billion, or 4.6%. For 2014, total assets inched up $25.7 billion, or 1.0%. Below, we review the latest market share changes and figures. These "Family" rankings are available to our Money Fund Wisdom subscribers. (Note: We also wanted to give readers a final reminder about next week's Crane's Money Fund University, which will take place Jan. 22-23 in Stamford, Conn. Registrations are still being accepted for our "basic training" event (see the agenda here), and we hope to see some of you in Stamford next week!)
Goldman Sachs, BlackRock, JP Morgan, Federated, and Fidelity, were the biggest gainers in December, rising by $14.7 billion, $12.9 billion, $11.3 billion, $10.9 billion, and $8.5 billion, respectively. BlackRock, JP Morgan, Goldman Sachs, Wells Fargo, and Federated led the increases over the 3 months through Dec. 31, 2014, rising by $30.5B, $21.4B, $17.1B, $10.1B, and $9.5B billion, respectively. The only complexes among the 25 largest seeing declines in December were: Invesco, RBC, T. Rowe Price, Reich & Tang, and BofA (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 $413.9 billion, or 15.7% of all assets (up $8.5 billion in December, up $9.1B over 3 mos. and down $14.4B over 12 months), followed by JPMorgan's $259.5 billion, or 9.8% (up $11.3B, up $21.4B, and up $7.7B for the past 1-month, 3-months and 12-months, respectively). BlackRock remained in third with $221.9 billion, or 8.4% of assets (up $12.9B, up $30.5B, and up $13.7B). Federated Investors was fourth with $215.9 billion, or 8.2% of assets (up $10.9B, up $9.5B, and down $13.1B), and Vanguard ranks fifth with $173.7 billion, or 6.6% (up $1.3B, up $1.4B, and down $2.0B).
The sixth through tenth largest U.S. managers include: Dreyfus ($169.9B, or 6.4%), Schwab ($166.3B, 6.3%), Goldman Sachs ($160.4B, or 6.1%), Wells Fargo ($119.7B, or 4.5%), and Morgan Stanley ($107.3B, or 4.1%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($82.0B, or 3.1%), Northern ($80.5B, or 3.1%), Invesco ($59.9B, or 2.3%), BofA ($50.6B, or 1.9%), Western Asset ($46.6B, or 1.8%), First American ($42.4B, or 1.6%), UBS ($37.7B, or 1.4%), Deutsche ($34.5B, or 1.3%), Franklin ($21.5B, or 0.8%), and RBC ($17.1B, or 0.6%). Crane Data currently tracks 72 managers, the same number as last month.
Over the past year, calendar year 2014, Goldman Sachs showed the largest asset increase (up $18.7B, or 13.2%; followed by BlackRock (up $13.7B, or 6.6%), Morgan Stanley (up $10.3B, or 10.6%), JP Morgan (up $7.7B, or 3.1%), and Northern (up $5.5B, or 6.8%) <b:>`_. Other asset gainers in 2014 include: Western (up $4.6B, or 10.9%), First American (up $4.4B, or 11.6%), American Funds (up $2.8B, or 20.7%), Franklin (up $2.7B, or 14.3%), and SSgA (up $2.2B, or 2.8%). The biggest decliners over 12 months include: Fidelity (down $14.4B, or -3.4%), Federated (down $13.1B, or -5.7%), UBS (down $6.9B, or -15.5%), Invesco (down $6.9B, or -5.5%), and Wells Fargo (down $3.6B, or -2.9%). (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 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 the largest Global Money Fund Manager Rankings, the combined market share assets of our MFI XLS (domestic U.S.) and our MFI International ("offshore"), the largest money market fund families are: Fidelity ($420.2 billion), JPMorgan ($388.8 billion), BlackRock ($343.7 billion), Goldman Sachs ($244.6 billion), and Federated ($225.4 billion). Dreyfus ($196.7B), Vanguard ($173.7B), Schwab ($166.3B), Western ($137.5B), and Morgan Stanley ($125.7B) 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.
Also, our January 2015 Money Fund Intelligence and MFI XLS show that yields continue to inch up for the second straight month in December. Our Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 838), remained at 0.02% for the 7-Day Yield, but moved up a tick to 0.02% for the 30-Day Yield (annualized, net) Average. (The Gross 7-Day Yield was unchanged at 0.13%.) Our Crane 100 Money Fund Index shows an average 7-Day Yield of 0.03%, same as last month, but the 30-Day Yield went up to 0.03% from 0.02% last month. (The Gross 7- and 30-Day Yields for the Crane 100 also inched up to 0.17%, from 0.16%.) For the 12 month return through 12/31/14, 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), while the Crane Govt Inst Index moved back down to 0.01% (from 0.02%). The 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 0.20% (up from 0.19%), Govt 0.10% (up from 0.09%), Treasury 0.06%, and Tax Exempt 0.11% in December.) 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 1.56% for 10-years.
