Crane Data's latest Money Fund Intelligence XLS, which includes a market share ranking of managers of money market mutual funds in the U.S., was sent out to shareholders yesterday. The December edition, with data as of Nov. 30, 2015, shows asset increases for just over half of the largest US money fund complexes in the latest month and increases for most complexes over the past 3 months. Assets increased by just $3.5 billion overall, or 0.1%, in November; over the last 3 months, assets are up $50.2 billion, or 1.9%. For the past 12 months through Nov. 30, total assets are up $80.7 billion, or 3.2%. Below, we review the latest market share changes and figures, and we also quote from a Federated press release, which completed the acquisition of Huntington's money fund assets.
The biggest gainers in November were Fidelity, Wells Fargo, Goldman Sachs, Morgan Stanley, SSgA, and Northern, rising by $9.9 billion, $9.1B, $8.0B, $2.7B, $2.4B, and $2.0 billion, respectively. Wells Fargo, Fidelity, SSgA, Western, and BlackRock had the largest increases over the 3 months through Nov. 30, 2015, rising by $22.4 billion, $14.4B, $14.1B, $3.9B, and $3.5B, respectively. (Our domestic U.S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product, and the combined "Family & Global Rankings" are available to our Money Fund Wisdom subscribers.)
Over the past year through Nov. 30, 2015, Fidelity showed the largest asset increase (up $26.1B, or 6.4%), followed by Morgan Stanley (up $20.7B, or 19.4%), Wells Fargo (up $15.6B, or 13.5%), SSgA (up $14.0B, or 17.5%), and Goldman (up $8.6B, or 5.9%). Other asset gainers for the year include: BlackRock (up $6.7B, or 3.2%), Vanguard (up $4.9B, or 2.8%), Northern (up $4.1B, 5.2%), Franklin (up $3.8B, 19.4%), and Western ($3.7B, 8.5%). The biggest decliners over 12 months include: Invesco (down $6.1B, or -10.0%), Dreyfus (down $4.2B, or -2.5%), BofA (down $2.7B, or -5.4%), RBC (down $2.3B, or -13.0%), and Schwab (down $1.9B, or -1.2%). (Note that money fund assets are volatile month to month.)
Our latest domestic U.S. money fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $431.5 billion, or 16.4% of all assets (up $9.9 billion in November, up $14.4B over 3 mos., and up $26.1B over 12 months). Fidelity was followed by JPMorgan with $249.1 billion, or 9.4% market share (down $13.1B, down $8.1B, and up $968M for the past 1-month, 3-mos. and 12-mos., respectively). BlackRock remained the third largest MMF manager with $215.7 billion, or 8.2% of assets (down $9.7B, up $3.5B, and up $6.7B). (BlackRock should become the 2nd largest manager once it acquires BofA's approximately $47.9B in money market fund assets around April 2016; see our Nov. 3 News, "BlackRock Taking Over BofA MMFs in One of Biggest Acquisitions Ever.") Federated Investors was fourth with $204.7 billion, or 7.8% of assets (down $3.3B, down $581M, and down $419M). Vanguard remained in fifth place with $177.2 billion, or 6.7%, (down $14M, up $2.6B, and up $4.9B).
The sixth through tenth largest U.S. managers include: Dreyfus ($162.0B, or 6.1%), Schwab ($159.9B, 6.1%), Goldman Sachs ($154.3B, or 5.8%), Wells Fargo ($130.8B, or 5.0%) and Morgan Stanley ($127.6B, or 4.8%). The eleventh through twentieth largest U.S. money fund managers (in order) include: SSgA ($93.8B, or 3.6%), Northern ($82.9B, or 3.1%), Invesco ($54.7B, or 2.1%), BofA ($47.9B, or 1.8%), Western Asset ($47.4B, or 1.8%), First American ($40.7B, or 1.5%), UBS ($36.3B, or 1.4%), Deutsche ($33.4B, or 1.3%), Franklin ($23.7B, or 0.9%), and American Funds ($15.6B, or 0.6%), which displaced RBC from the top 20. Crane Data currently tracks 66 U.S. MMF managers, one less than last month. (Huntington exited the space; see the Federated press release below.)
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 (dropping Vanguard to 7), and Wells Fargo moving to 10, dropping SSgA to 12 in the Global rankings. 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 ($438.0 billion), JPMorgan ($380.6 billion), BlackRock ($318.2 billion), Goldman Sachs ($243.8 billion), and Federated ($212.9 billion).
Dreyfus/BNY Mellon ($188.9B), Vanguard ($177.2B), Schwab ($159.9B), Morgan Stanley ($147.7B), and Wells Fargo ($131.7B) round out the top 10. As previously mentioned, Wells Fargo moved up from 12 to 10, displacing SSgA, which dropped to 12, and moving ahead of Western, which remained in 11. These totals include offshore US Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.
Finally, our December 2015 Money Fund Intelligence and MFI XLS show that both net and gross yields ticked up November. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 817), rose one basis point to 0.03% for the 7-Day Yield (annualized, net) Average. The 30-Day Yield remained at 0.02%. The Gross 7-Day Yield and 30-Day Yield were 0.18% (the same as last month). Our Crane 100 Money Fund Index shows an average 7-Day and 30-Day Yield of 0.05%, the same level as in October. Also, our Crane 100 shows a Gross 7-Day and 30-Day Yield of 0.22% (up one bps). For the 12 month return through 11/30/15, our Crane MF Average returned 0.02% and our Crane 100 returned 0.04%. The number of funds dropped to 817, from 820 last month.
Our Prime Institutional MF Index (7-day) yielded 0.07% (up 1 bps), while the Crane Govt Inst Index was at 0.02% (unchanged). The Crane Treasury Inst, Treasury Retail, Govt Retail Index, and Prime Retail Indexes all yielded 0.01%. The Crane Tax Exempt MF Index also yielded 0.01%. The Gross 7-Day Yields for these indexes were: Prime Inst 0.27% (up from 0.26% last month), Govt Inst 0.14% (up 1 bps), Treasury Inst 0.10% (up 1 bps), and Tax Exempt 0.08% (down 1 bps) in November. The Crane 100 MF Index returned on average 0.00% for 1-month, 0.01% for 3-month, 0.03% for YTD, 0.04% for 1-year, 0.03% for 3-years (annualized), 0.04% for 5-year, and 1.29% for 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes file or market share numbers.)
In other news, a press release issued late yesterday entitled, "Federated Investors, Inc. Completes Transition of Assets into Federated Money Market Funds," says, "Federated Investors, Inc., one of the nation's largest investment managers, completed the acquisition of certain assets of Huntington Asset Advisors, Inc. relating to its management of two money market funds. In connection with the acquisition, approximately $930 million in Huntington money market assets transitioned to Federated money markets funds with similar investment objectives and strategies, including through the orderly liquidation of Huntington Money Market Fund on Nov. 20, 2015 and the reorganization of Huntington U.S. Treasury Money Market Fund into Federated Treasury Obligations Fund effective as of the close of business on Dec. 4, 2015."
Joe Machi, director of alliances at Federated, comments, "Many different types of organizations turn to Federated, a leading provider of liquidity management products and services, as they evaluate their cash-management needs. We will continue to consider and evaluate alliance and acquisition opportunities with asset managers, banks, insurers and broker/dealers in the United States and around the world."
Finally, the release adds, "Federated Investors is a leading provider of cash management products and solutions for banks and other financial institutions, and has more than 40 years of experience in institutional cash management. Federated is uniquely positioned to work with these organizations as they navigate the increasingly complex array of choices for cash management."
