Crane Data's latest Money Fund Market Share rankings show assets were higher for the majority of U.S. money fund complexes in July. Money fund assets overall rose by $36.3 billion, or 1.2%, last month to $3.044 trillion, and assets have risen by $40.3 billion, or 1.3%, over the past 3 months. They have increased by $216.0 billion, or 7.6%, over the past 12 months through July 31, 2018. The biggest increases among the 25 largest managers last month were seen by Northern, JP Morgan, Fidelity, UBS, Vanguard and Dreyfus, who increased assets by $10.7 billion, $8.3B, $7.3B, $6.9B, $6.3B and $5.5B, respectively. We review the latest market share totals below, and we also look at money fund yields in July.
Big declines in assets among the largest complexes in July were seen by Goldman Sachs whose MMFs fell by $6.6 billion, or -3.5%, SSgA, whose MMFs fell by $4.7 billion, or -5.2%, Schwab, whose MMFs fell by $4.5 billion, or -3.4%, Morgan Stanley, whose MMFs fell by $4.1 billion, or -3.6%, and Western whose MMFs fell by $1.3 billion, or -5.3%. 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.
Over the past year through July 31, 2018, Fidelity (up $56.9B, or 10.6%), Vanguard (up $35.7B, or 13.0%), BlackRock (up $35.5B, or 13.6%), JP Morgan (up $27.3B, or 11.2%), Goldman Sachs (up $22.7B, or 13.9%), Federated (up $16.5B, or 9.2%), and Wells Fargo (up $15.0B, or 16.0%) were the largest gainers. These complexes were followed by UBS (up $13.7B, or 34.9%), Northern (up $12.9B, or 13.3%), DWS (formerly Deutsche, up $8.6B, or 49.4%), and SSgA (up $6.0B, or 7.6%).
Northern, Fidelity, Goldman Sachs, JP Morgan, UBS, and Wells Fargo had the largest money fund asset increases over the past 3 months, rising by $13.8B, $13.3B, $12.3B, $12.3B, $7.5B, and $6.9B respectively. The biggest decliners over 12 months include: Schwab (down $27.2B, or -17.6%), T Rowe Price (down $5.6B, or -14.3%), Western (down $4.9B, or -17.7%), Morgan Stanley (down $3.2B, or -2.8%), and Dreyfus (down $3.1B, or -1.7%). (Note: Both Northern and UBS had large new funds added to our collections in the latest month, so their totals were inflated by $8.0B and $6.1B, respectively.)
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $594.1 billion, or 19.5% of all assets. It was up $7.3 billion in July, up $13.3 billion over 3 mos., and up $56.9B over 12 months. Vanguard ranked second with $309.4 billion, or 10.2% market share (up $6.3B, down $947M, and up $35.7B). BlackRock was third with $295.7 billion, or 9.7% market share (up $1.6B, down $1.6B, and up $35.5B for the past 1-month, 3-mos. and 12-mos., respectively). JP Morgan ranked fourth with $270.6 billion, or 8.9% of assets (up $8.3B, up $12.3B, and up $27.3B for the past 1-month, 3-mos. and 12-mos., respectively), while Federated moved up to fifth with $195.5 billion, or 6.4% of assets (up $3.1B, up $4.4B, and up $16.5B).
Goldman Sachs dipped down to sixth place with $186.2 billion, or 6.1% of assets (down $6.7B, up $12.3B, and up $22.7B), while Dreyfus held seventh place with $172.6 billion, or 5.7% (up $5.5B, up $4.9B, and down $3.1B). Schwab ($127.8B, or 4.2%) was in eighth place (down $4.5B, down $11.0B and down $27.2B), followed by Morgan Stanley in ninth place ($111.2B, or 3.7%, down $4.1B, down $10.5B, and down $3.2B) and Northern in tenth place ($110.1B, or 3.6%, up $10.7B, up $13.8B, and up $12.9B).
The eleventh through twentieth largest U.S. money fund managers (in order) include: Wells Fargo ($108.3B, or 3.6%), SSgA ($84.9B, or 2.8%), Invesco ($62.0B, or 2.0%), First American ($54.0B, or 1.8%), UBS ($52.8B, or 1.7%), T Rowe Price ($33.6B, or 1.1%), DWS ($26.1B, or 0.9%), DFA ($25.3B, or 0.8%), Franklin ($23.7B, or 0.8%), and Western ($22.9, or 0.8%). The 11th through 20th ranked managers are the same as last month. Crane Data currently tracks 68 U.S. MMF managers, one more than last month. (Pacific Capital was added.)
When European and "offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg, and the Cayman Islands -- are included, the top 10 managers match the U.S. list, except BlackRock and J.P. Morgan move ahead of Vanguard, Goldman moves ahead of Federated, and Morgan Stanley and Northern move ahead of Schwab. Our 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 ($603.3 billion), BlackRock ($435.4B), J.P. Morgan ($423.0B), Vanguard ($309.4B), and Goldman Sachs ($288.2B). Federated ($203.5B) was sixth and Dreyfus/BNY Mellon ($190.2B) was in seventh, followed by Morgan Stanley ($146.6B), Northern ($136.2B), and Schwab ($127.8B), which round out the top 10. These totals include "offshore" US Dollar money funds, as well as Euro and Pound Sterling (GBP) funds converted into US dollar totals.
The August issue of our Money Fund Intelligence and MFI XLS, with data as of 7/31/18, shows that yields were up again in July across all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 769), was up 2 bps to 1.57% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield was up 6 bps to 1.55%. The MFA's Gross 7-Day Yield increased 1 bps to 2.03%, while the Gross 30-Day Yield rose to 1.96%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.76% (up 2 bps) and an average 30-Day Yield of 1.75% (up 8 bps). The Crane 100 shows a Gross 7-Day Yield of 2.04% (up 2 bps), and a Gross 30-Day Yield of 1.98% (up 7 bps). For the 12 month return through 7/31/18, our Crane MF Average returned 1.05% and our Crane 100 returned 1.24%. The total number of funds, including taxable and tax-exempt, was up 9 funds to 971. There are currently 769 taxable and 202 tax-exempt money funds.
Our Prime Institutional MF Index (7-day) yielded 1.82% (up 1 bp) as of July 31, while the Crane Govt Inst Index was 1.65% (up 2 bps) and the Treasury Inst Index was 1.63% (up 3 bps). Thus, the spread between Prime funds and Treasury funds is 19 basis points, down 3 bps from last month, while the spread between Prime funds and Govt funds is 17 basis points, down 1 bps from last month. The Crane Prime Retail Index yielded 1.66% (up 1 bp), while the Govt Retail Index yielded 1.29% (unch) and the Treasury Retail Index was 1.35% (up 4 bps). The Crane Tax Exempt MF Index yield plunged in July to 0.59% (down 41 bps).
Gross 7-Day Yields for these indexes in July were: Prime Inst 2.22% (unch), Govt Inst 1.96% (up 2 bps), Treasury Inst 1.95% (up 3 bps), Prime Retail 2.23% (up 1 bps), Govt Retail 1.93% (unch), and Treasury Retail 1.94% (up 4 bps). The Crane Tax Exempt Index decreased 42 basis points to 1.10%. The Crane 100 MF Index returned on average 0.15% over 1-month, 0.42% over 3-months, 0.85% YTD, 1.24% over the past 1-year, 0.62% over 3-years (annualized), 0.38% over 5-years, and 0.30% over 10-years. (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.)
