Money Market News
The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2025," Tuesday, which shows that money fund assets globally rose by $246.3 billion, or 2.1%, in Q1'25 to a record $11.845 trillion. (The totals would have been $12.117 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in U.S. and Luxembourg, while Ireland and Brazil also rose. Meanwhile, money funds in China and Turkey were lower. MMF assets worldwide increased by $1.404 trillion, or 13.4%, in the 12 months through 3/31/25, and money funds in the U.S. now represent 60.1% of worldwide assets. European money fund asset totals surpassed Asian money fund totals for the first time since Q4'2017. We review the latest Worldwide MMF totals, below. (Note: For those attending our Money Fund Symposium, welcome to Boston! Attendees and Crane Data Subscribers may access the MFS Conference Materials here.)
The Association for Financial Professionals, a group representing corporate treasurers, published its "2025 AFP Liquidity Survey" earlier this week. (See AFP's press release.) The cover letter says, "Invesco is once again proud to partner with the Association for Financial Professionals (AFP) to sponsor the 20th annual AFP Liquidity Survey Report. This marks the sixth year that Invesco has sponsored this industry-leading exploration into current and emerging corporate cash management trends." Invesco's Laurie Brignac explains, “As highlighted in this year's AFP survey, the U.S. economy continued to grow in 2024, inflation remained above the Federal Reserve's 2% target. and the Federal Open Market Committee (FOMC) took a pause after marginally loosening policy rates. Adding challenge and uncertainty, a new administration took center stage in the U.S. with an aggressive agenda including tariffs which increased market volatility at about the same time this annual AFP survey was in the field." (Note too: For those attending Money Fund Symposium next week (June 23-25) in Boston, we look forward to seeing you! Attendees and subscribers may access the conference materials via our "Money Fund Symposium 2025 Download Center.")
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of June 13) includes Holdings information from 61 money funds (up 14 from two weeks ago), or $3.535 trillion (up from $2.913 trillion) of the $7.346 trillion in total money fund assets (or 48.1%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our June 11 News, "June Money Fund Portfolio Holdings: Repo Jumps to 40%, T-Bills Flat.") (Note too: For those attending our upcoming Money Fund Symposium, which is June 23-25, 2025 in Boston, we look forward to seeing you! Attendees and subscribers may access the conference materials via our "Money Fund Symposium 2025 Download Center.")
The Federal Reserve released its latest quarterly "Z.1 Financial Accounts of the United States" statistical survey (a.k.a. "Flow of Funds") late last week, and among the 4 tables it includes on money market mutual funds, the First Quarter 2025 edition shows that Total MMF Assets increased by $155 billion to $7.398 trillion in Q1'25. The Household Sector, by far the largest investor segment with $4.837 trillion, saw the biggest asset increase in Q1, followed by Nonfinancial Corporate Businesses. The Fed's latest Z.1 numbers, which contain one of the few looks at money fund investor segments available, also showed noticeable increases for the Other Financial Business (formerly Funding Corps) and Rest of the World categories in Q1 2025. (Note: For those attending our upcoming Money Fund Symposium, which is June 23-25, 2025 in Boston, we look forward to seeing you next week! Attendees and subscribers may access the conference materials via our "Money Fund Symposium 2025 Download Center.")
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched lower over the past 30 days to $1.502 trillion, after hitting a record high $1.518 trillion two months prior, while yields were lower. Assets for USD and EUR MMFs rose while GBP MMFs fell over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and early in 2025 but have paused in recent weeks. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $3.4 billion over the 30 days through 6/12. The totals are up $69.7 billion (4.9%) year-to-date for 2025, they were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. dollar cause Euro and Sterling totals to shift when they're translated back into totals in U.S. dollars. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.)
The June issue of our Bond Fund Intelligence, which was sent to subscribers Friday morning, features the stories, "Franklin Converts Putnam Muni Funds to ETFs; Vanguard," which covers Franklin Templeton converting 10 Putnam Municipal Bond Mutual Funds to ETFs, and "JPM: Low-Duration BFs See Inflows; Vanguard Core Bond," which looks at JPM's recent Mid-Week US Short Duration Update. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were mixed in May while yields were lower. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.)
The Registration Statement for Stablecoin issuer Circle Internet Group, which went public earlier this month, contains a number of discussions of stablecoins and tokenized money market funds. We quote from a number of these below. Discussing "Our role in driving stablecoin adoption," they write, "We have built one of the largest and most widely used stablecoin networks. At the foundation of the Circle stablecoin network are our payment stablecoins, USDC -- which, according to CoinMarketCap, is the second largest stablecoin as measured by the amount of stablecoins in circulation with a 24% share of the stablecoin market as of December 31, 2024 -- and EURC -- which, according to CoinGecko, is the largest euro-denominated stablecoin as measured by the amount of stablecoins in circulation as of March 28, 2025." (Note: Crane Data shows Circle Reserve Fund Inst (USDXX), the main collateral behind USDC, with $52.7 billion in assets yielding 4.23% on 6/10.)
Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2025, show that holdings of Repo jumped last month while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $72.0 billion to $7.271 trillion in May, after decreasing by $73.8 billion in April and increasing $45.6 billion in March. Assets rose by $53.7 billion in February, $84.1 billion in January, and $88.0 billion in December. They rose by $190.8 billion in November, $82.8 billion in October and $233.8 billion in September. Repo, the largest segment, increased $63.3 billion in May. Treasuries, the second largest portfolio composition segment, decreased by $2.1 billion. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new June data for Wednesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Monday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of May 31, includes holdings information from 1003 money funds (up 11 from last month), representing assets of $7.425 trillion (down from $7.367 trillion a month ago). Prime MMFs rose to $1.139 trillion (up from $1.137 trillion), or 15.3% of the total. We review the new N-MFP data, and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues rose to $19.9 billion (annualized) in May.
Crane Data's latest monthly Money Fund Market Share rankings show assets mostly higher among the largest U.S. money fund complexes in May after being lower in April. Assets increased in March, February, January, December, November, October, September, August, July, and June 2024. Money market fund assets rose by $90.4 billion, or 1.2%, last month to a record $7.407 trillion. Total MMF assets have increased by $77.6 billion, or 1.1%, over the past 3 months, and they've increased by $932.9 billion, or 14.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by BlackRock, JPMorgan, Vanguard, First American and Federated Hermes, which grew assets by $16.1 billion, $15.8B, $14.5B, $9.6B and $9.1B, respectively. Declines in May were seen by Goldman Sachs, HSBC, AllianceBernstein, PGIM and Morgan Stanley, which decreased by $6.4 billion, $4.0B, $1.9B, $1.5B and $949M, 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, which were flat to slightly lower in May.
The June issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Shift from Treasuries to Repo Continues; FICC Repo Hits $1T," which discusses recent portfolio composition shifts in the MMF space; "Fed, EU Focus on Treasuries, Money Markets, NBFIs," which looks at bank regulators renewed interest in MMFs and non-banks; and, "Fitch: Liquidity LGIPs Rise to Over $430B; S&P Q1 Update" which reviews recent news on local government investment pools. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/25 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 10, and our June Bond Fund Intelligence is scheduled to go out on Friday, June 13. (Note: Register ASAP for our upcoming Crane's Money Fund Symposium, which is in just over 2 weeks -- June 23-25 -- in Boston!)
Moody's Ratings just published, "Tokenized short-term funds could boost institutional adoption of digital assets," which tells us, "Tokenized money market funds (MMFs) and similar short-term, cash-like bond funds (collectively, tokenized short-term liquidity funds), are emerging as a critical component of the financial system that can serve as a bridge between traditional finance (TradFi) and decentralized finance (DeFi). These tokenized funds, a foundational asset management product, allow traditional institutional investors to move funds into digital financial products and allow digital finance investors to efficiently move money into traditional channels."
Archives »