Crane Data's latest Money Fund Market Share rankings show assets were down for the majority of U.S. money fund complexes in January. Money market fund assets decreased by $7.9 billion, or -0.2%, last month to $3.947 trillion. Assets have risen by $72.8 billion, or 1.9%, over the past 3 months, and they've increased by $701.5 billion, or 21.6%, over the past 12 months through Jan. 31, 2020. The biggest increases among the 25 largest managers last month were seen by Vanguard, Northern, Dreyfus, Schwab, UBS, DWS and First American, which increased assets by $7.9 billion, $7.4B, $4.8B, $2.5B, $2.3B, $1.9B and $1.9B, respectively. Declines in assets among the largest complexes in January were seen by Goldman Sachs, Morgan Stanley, Federated, BlackRock, JP Morgan, Fidelity, SSgA, Western and Wells Fargo, which decreased by $10.1B, $7.9B, $6.0B, $5.0B, $4.7B, $2.3B, $1.9B, $1.6B and $1.2B. 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 below, and we also look at money fund yields in January.
Over the past year through Jan. 31, 2020, Fidelity (up $130.8B, or 19.7%), American Funds (up $104.1B, or 578.9%; this was inflated by the addition last year of the $108 billion American Funds Central Cash Fund), Federated (up $82.9B, or 35.8%), BlackRock (up $71.2B, or 25.8%), JP Morgan (up $60.3B, or 20.6%), Vanguard (up $59.7B, or 17.0%) and Goldman Sachs (up $47.9B, or 24.3%) were the largest gainers. These complexes were followed by Schwab (up $43.7B, or 27.8%), SSgA (up $32.4B, or 38.4%), Morgan Stanley (up $16.5B, or 14.8%) and Wells Fargo (up $16.1B, or 14.1%).
Goldman Sachs, Fidelity, BlackRock, Federated and JP Morgan had the largest money fund asset increases over the past 3 months, rising by $24.8B, $18.5B, $16.1B, $15.0B and $10.6B, respectively. Decliners over 3 months included: American Funds (down $15.0B, or -10.9%), UBS (down $7.9B, or -11.0%), Invesco (down $4.7B, or -36.4%), Franklin (down $3.4B, or -15.4%), First American (down $1.6B, or -2.3%), T Rowe Price (down $1.5B, or -3.9%) and SSgA (down $1.3B, or -1.1%).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $793.6 billion, or 20.1% of all assets. That was down $2.3 billion in January, up $18.5 billion over 3 mos., and up $130.8B over 12 months. Vanguard ranked second with $411.2 billion, or 10.4% market share (up $7.9B, up $10.5B and up $59.7B for the past 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $352.2 billion, or 8.9% market share (down $4.7B, up $10.6B and up $60.3B). BlackRock ranked fourth with $347.7 billion, or 8.8% of assets (down $5.0B, up $16.1B and up $71.2B for the past 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $314.6 billion, or 8.0% of assets (down $6.0B, up $15.0B and up $82.9B).
Goldman Sachs remained in sixth place with $245.3 billion, or 6.2% of assets (down $10.1 billion, up $24.8B and up $47.9B), while Schwab was in seventh place with $201.0 billion, or 5.1% (up $2.5B, up $8.7B and up $43.7B). Dreyfus ($163.6B, or 4.1%) was in eighth place (up $4.8B, up $558M and up $1.1B), followed by Northern ($132.0B, or 3.3%, up $7.4B, up $8.6B and up $13.8B). Wells Fargo was in 10th place ($130.3B, or 3.3%; down $1.2B, up $3.8B and up $16.1B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Morgan Stanley ($128.6B, or 3.3%), American Funds ($122.1B, or 3.1%), SSgA ($117.0B, or 3.0%), First American ($71.1B, or 1.8%), UBS ($64.0B, or 1.6%), Invesco ($63.4B, or 1.6%), T Rowe Price ($37.7B, or 1.0%), DWS ($27.5B, or 0.7%), Western ($22.9B, or 0.6%) and HSBC ($21.1B, or 0.5%). Crane Data currently tracks 67 U.S. MMF managers, the same as 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 match the U.S. list, except JPMorgan and BlackRock move ahead of Vanguard, Goldman moves ahead of Federated, and Morgan Stanley, SSGA and Northern move ahead of Wells Fargo and American Funds. 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 ($804.8 billion), J.P. Morgan ($524.6B), BlackRock ($517.3B), Vanguard ($411.2B) and Goldman Sachs ($364.5B). Federated ($325.5B) was sixth, Schwab ($201.0B) was in seventh, followed by Dreyfus/BNY Mellon ($185.0B), Morgan Stanley ($167.5B) and Northern ($156.5B) 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 February issue of our Money Fund Intelligence and MFI XLS, with data as of 1/31/20, shows lower yields in January across all of our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 757), fell 3 basis points to 1.28% for the 7-Day Yield (annualized, net) Average, and the 30-Day Yield decreased by 2 bps to 129%. The MFA's Gross 7-Day Yield decreased by 3 bps to 1.69%, while the Gross 30-Day Yield fell 2 bps 1.70%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 1.42% (down 4 bps) and an average 30-Day Yield that decreased to 1.43%. The Crane 100 shows a Gross 7-Day Yield of 1.69% (down 4 bps), and a Gross 30-Day Yield of 1.70%. Our Prime Institutional MF Index (7-day) yielded 1.51% (down by 4 bps) as of January 31, while the Crane Govt Inst Index was 1.36% (down 2 bps) and the Treasury Inst Index was 1.31% (down 3 bps). Thus, the spread between Prime funds and Treasury funds is 18 basis points, while the spread between Prime funds and Govt funds is 5 basis points. The Crane Prime Retail Index yielded 1.34% (down 4 bps), while the Govt Retail Index was 1.07% (down 2 bps) and the Treasury Retail Index was 1.05% (down 3 bps). The Crane Tax Exempt MF Index yield plummeted in January to 0.55% (down 55 bps).
Gross 7-Day Yields for these indexes in January were: Prime Inst 1.82% (down 4 bps), Govt Inst 1.64% (down 2 bps), Treasury Inst 1.62% (down 3 bps), Prime Retail 1.83 (down 4 bps), Govt Retail 1.64% (down 2 bps) and Treasury Retail 1.62% (down 3 bps). The Crane Tax Exempt Index decreased 56 basis points to 1.00%. The Crane 100 MF Index returned on average 0.11% over 1-month, 0.34% over 3-months, 0.11% YTD, 1.81% over the past 1-year, 1.34% over 3-years (annualized), 0.83% over 5-years, and 0.43% over 10-years. The total number of funds, including taxable and tax-exempt, increased by four to 938. There are currently 757 taxable funds, eight more than the previous month, and 181 tax-exempt money funds (one less than last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
