Crane Data's latest monthly Money Fund Market Share rankings show assets fell sharply among almost all U.S. money fund complexes in January. Money market fund assets decreased $146.8 billion, or -2.8%, last month to $5.023 trillion. Assets increased by $31.9 billion, or 0.6%, over the past 3 months; they've increased by $301.1 billion, or 6.3%, over the past 12 months through Jan. 31. The only increases among the 25 largest managers last month were seen by Vanguard, First American, HSBC, T Rowe Price and American Funds, which grew assets by $1.5 billion, $582 million, $450M, $389M and $209M, respectively. The largest declines in January were seen by BlackRock, Federated Hermes, Morgan Stanley, JPMorgan and Goldman Sachs, which decreased by $32.1 billion, $20.5B, $15.5B, $15.1B and $14.3B, respectively. 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, and look at money fund yields in January, below.
Over the past year through Jan. 31, 2022, BlackRock (up $89.2B, or 21.0%), Morgan Stanley (up $57.9B, or 24.7%), Goldman Sachs (up $51.3B, or 16.9%), Dreyfus (up $51.1B, or 24.6%), and JPMorgan (up $44.9B, or 10.6%) were the largest gainers. Northern, BlackRock, Fidelity, First American and Dreyfus had the largest asset increases over the past 3 months, rising by $18.3B, $12.2B, $10.2B, $10.0B and $9.1B, respectively. The largest decliners over 12 months were seen by: Vanguard (down $30.8B), Charles Schwab (down $28.6B), Allspring (down $15.8B), Federated Hermes (down $11.6B) and American Funds (down $10.6B). The largest decliners over 3 months included: Allspring (down $9.5B), Morgan Stanley (down $4.9B), SSGA (down $4.5B), Vanguard (down $3.0B) and American Funds (down $2.8B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $912.8 billion, or 18.2% of all assets. Fidelity was down $8.4B in January, up $10.2 billion over 3 mos., and down $1.5B over 12 months. BlackRock ranked second with $526.7 billion, or 10.5% market share (down $32.1B, up $12.2B and up $89.2B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked third with $462.0 billion, or 9.2% market share (up $1.5B, down $3.0B and down $30.8B). JPMorgan ranked in fourth place with $458.3 billion, or 9.1% of assets (down $15.1B, down $913M and up $44.9B), while Goldman Sachs was the fifth largest MMF manager with $366.2 billion, or 7.3% of assets (down $14.3B, up $2.6B and up $51.3B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $328.4 billion, or 6.5% (down $20.5B, up $503M and down $11.6B), while Morgan Stanley was in seventh place with $281.7 billion, or 5.6% of assets (down $15.5B, down $4.9B and up $57.9B). Dreyfus ($246.5B, or 4.9%) was in eighth place (down $7.6B, up $9.1B and up $51.1B), followed by Northern ($207.2B, or 4.1%; down $9.5B, up $18.3B and up $42.8B). Allspring (formerly Wells Fargo) was in 10th place ($182.9B, or 3.6%; down $4.4B, down $9.5B and down $15.8B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Schwab ($144.8B, or 2.9%), SSGA ($142.1B, or 2.8%), First American ($133.3B, or 2.7%), American Funds ($132.4B, or 2.6%), Invesco ($94.9B, or 1.9%), T. Rowe Price ($53.6B, or 1.1%), UBS ($45.6B, or 0.9%), HSBC ($37.2B, or 0.7%), DWS ($36.8B, or 0.7%) and Western ($36.0B, or 0.7%). Crane Data currently tracks 63 U.S. MMF managers, the same number 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 are the same as the domestic list, except JPMorgan moves up to the No. 3 spot and Goldman moves to the No. 4 spot (ahead of Vanguard). 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 ($925.3 billion), BlackRock ($721.6B), JP Morgan ($659.7B), Goldman Sachs ($477.8B) and Vanguard ($462.0B). Federated Hermes ($337.2B) was sixth, Morgan Stanley ($334.3B) was in seventh, followed by Dreyfus/BNY Mellon ($271.2B), Northern ($236.6B) and Allspring ($182.9B), 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 1/31/21, shows that yields were flat to higher again in January for our Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 744), remained at 0.02% for the 7-Day Yield (annualized, net) Average, the 30-Day Yield also stayed at 0.02%. The MFA's Gross 7-Day Yield stayed at 0.09%, and the Gross 30-Day Yield remained at 0.09%.
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 0.02% (unchanged) and an average 30-Day Yield (also unchanged) at 0.02%. The Crane 100 shows a Gross 7-Day Yield of 0.10% (unchanged), and a Gross 30-Day Yield of 0.10% (unch). Our Prime Institutional MF Index (7-day) yielded 0.04% (unch) as of Jan. 31. The Crane Govt Inst Index remained at 0.02% and the Treasury Inst Index was unchanged at 0.01%. Thus, the spread between Prime funds and Treasury funds remains at two basis points, and the spread between Prime funds and Govt funds is just one basis point. The Crane Prime Retail Index yielded 0.01% (unch), while the Govt Retail Index was 0.01% (unch), the Treasury Retail Index was also 0.01% (unchanged from the month prior). The Crane Tax Exempt MF Index yielded 0.01% (unch) as of Jan.31.
Gross 7-Day Yields for these indexes to end January were: Prime Inst 0.16% (unch), Govt Inst 0.07% (unch), Treasury Inst 0.07% (unch), Prime Retail 0.16% (unch), Govt Retail 0.07% (unch) and Treasury Retail 0.07% (unch). The Crane Tax Exempt Index remained at 0.14%. The Crane 100 MF Index returned on average 0.00% over 1-month, 0.00% over 3-months, 0.00% YTD, 0.02% over the past 1-year, 0.75% over 3-years (annualized), 0.96% over 5-years, and 0.52% over 10-years.
The total number of funds, including taxable and tax-exempt, up 3 in January to 896. There are currently 744 taxable funds, up 3 from the previous month, and 152 tax-exempt money funds (unchanged from last month). (Contact us if you'd like to see our latest MFI XLS, Crane Indexes or Market Share report.
