Money Market News
The European Commission recently published, a "Report on the Adequacy of the Money Market Funds Regulation from a Prudential and Economic Point of View." The paper explains, "The Money Market Funds Regulation (the MMF Regulation) entered into force in 2018 and set out a comprehensive framework for EU money market funds (MMFs). It recognises their major role in financing the economy, in particular short-term funding to public authorities and corporates, and meeting investors' need. EU MMFs offer a liquid, well-regulated investment tool that contributes to meeting the objectives of the Savings and Investments Union." (See Friday's News, "European Money Fund Assets Inch Down to $1.67 Tril; MFI Intl Holdings," which comments, "The FCA, which regulates markets in the U.K., published a policy paper titled, 'Reforms to Money Market Fund Regulations.'"
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds decreased slightly over the past 30 days to $1.670 trillion, decreasing from a record high $1.672 trillion the month prior. Yields were mixed, while assets for USD, EUR and GBP MMFs all inched lower over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $10.0 billion over the 30 days through 5/13. The totals are up $85.3 billion (5.4%) year-to-date for 2026. They were up $151.9 billion (10.6%) for 2025, 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 USD. 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.) (Note too: Mark your calendars for our next European Money Fund Symposium, which will be held Sept. 24-25 in Paris, France.)
The May issue of our Bond Fund Intelligence, which was sent to subscribers Thursday a.m., features the articles, "All About the Munis After April 15: Inflows, ETFs, Steep Curve," which reviews recent commentary on the tax-exempt bond market; and "ICI's 2026 Fact Book Reviews '25 Bond Fund Trends, Flows," which excerpts from the latest Investment Company Institute statistics compilation. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns rebounced in April while yields inched higher. 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.)
Crane Data is ramping up preparations for its big show, Money Fund Symposium, which will take place June 24-26, 2026 at The Hyatt Regency Jersey City, in Jersey City, NJ. The full agenda for the largest gathering of money market fund managers and cash investors in the world is now available and registrations are still being taken. Crane's Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators. (We had over 680 attendees last year and expect a similarly robust crowd this year.) We review the details on MFS, as well as Crane Data's other 2026 conferences, below.
Crane Data's May Money Fund Portfolio Holdings, with data as of April 30, 2026, show that holdings of Treasuries declined while Repo increased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $105.9 billion to $7.969 trillion in April, after decreasing $103.0 billion in March, increasing $113.2 billion in February, but decreasing $54.6 billion in January. Holdings assets increased $231.8 billion in December, $134.3 billion in November, $158.4 billion in October, $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $84.0 billion in June and $72.0 billion last May. Treasuries, the largest portfolio composition segment, declined by $266.2 billion. Repo, the second largest segment, increased $51.5 billion in April. 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 Monday, and we'll be writing our regular monthly update on the new April data for Tuesday'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 Friday. (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 April 30, includes holdings information from 993 money funds (down 4 from last month), representing assets of $8.131 trillion (up from $8.127 trillion a month ago). Prime MMFs fell to $1.227 trillion (down from $1.251 trillion), or 15.1% 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 fell to $21.3 billion (annualized) in April.
Crane Data's latest monthly Money Fund Market Share rankings show assets down among the largest U.S. money fund complexes in April, after also declining in March. Assets have increased in 19 of the past 22 months (April 2025, March 2026 and April 2026 saw declines). Money market fund assets fell by $102.1 billion, or -1.2%, last month to $8.096 trillion. Total MMF assets decreased by $53.9 billion, or -0.7%, over the past 3 months, and they've increased by $778.7 billion, or 10.6%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by BNY Dreyfus, DWS, Morgan Stanley, Vanguard and T Rowe Price, which grew assets by $10.7 billion, $6.0B, $5.4B, $3.9B and $1.1B, respectively. Declines in April were seen by Fidelity, JPMorgan, Schwab, First American and Goldman Sachs, which decreased by $24.6 billion, $21.9B, $14.0B, $11.4B and $10.7B, 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 lower in April.
The May issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "Crane Data Celebrates 20th BDay; A Tale of Two Decades," which reviews MFI's two decades of covering the money fund business; "ICI 2026 Fact Book Shows Money Fund Trends in '25," which excerpts from the Investment Company Institute's latest annual statistical compilation; and "JP Morgan Talk of AI Cash Tool Hot Topic on Q1 Calls," which discusses recent earnings call discussions on competition to cash sweeps. We also sent out our MFI XLS spreadsheet Thursday a.m., and we've updated our Money Fund Wisdom database with 4/30/26 data. Our May Money Fund Portfolio Holdings are scheduled to ship on Monday, May 11, and our May Bond Fund Intelligence is scheduled to go out on Thursday, May 14. (Note: Register ASAP for our upcoming Money Fund Symposium, which will take place next month -- June 24-26 in Jersey City, NJ!)
A press release titled, "State Street Investment Management and Galaxy Digital Bring Cash Management Onchain," tells us, "State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (GLXY) ... announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund's portfolio. The launch represents a milestone in State Street's digital strategy to offer investment solutions onchain and support 24/7 programmatic trading and liquidity for cash management. Building on its legacy as an innovator, State Street continues to invest in foundational digital asset capabilities across investment management and custody, offering cutting-edge, onchain investment solutions to DeFi-native clients, as well as acting as the bridge to traditional institutional clients looking to move onchain."
As we wrote last Tuesday, the Investment Company Institute recently published its "2026 Investment Company Fact Book," an annual compilation of statistics and commentary on the mutual fund industry. We reviewed much of the money fund content in our April 28 News, "ICI Publishes 2026 Fact Book, Reviews US, Worldwide Money Funds in '25." But below we focus on the numerous "Data Tables" involving "Money Market Mutual Funds." ICI lists annual statistics on shareholder accounts, the number of funds, net assets, net new cash flows, paid and reinvested dividends, composition of prime and government funds, and net assets of institutional investors by type of institution. (Note: Register soon for our Money Fund Symposium show, which will be held June 24-26, 2026 in Jersey City, NJ!)
Federated Hermes reported its First Quarter earnings late Thursday and hosted its Q1'26 earnings call on Friday. CEO Chris Donahue says in the press release, "Investors with interest in capital preservation and liquidity continued to rely on our money market offerings and -- for those interested in moving further out the yield curve in the pursuit of higher yields than money market products -- our ultrashort funds." The release tells us, "Money market assets were a record $684.7 billion at March 31, 2026, up $47.6 billion or 7% from $637.1 billion at March 31, 2025 and up $2.1 billion from $682.6 billion at Dec. 31, 2025. Money market fund assets were $502.8 billion at March 31, 2026, up $37.9 billion or 8% from $464.9 billion at March 31, 2025 and down $5.6 billion or 1% from $508.4 billion at Dec. 31, 2025."
Franklin Templeton (BEN) released its latest earnings earlier this week, and the earnings call briefly mentioned tokenized money funds. During the Q&A, Brian Bedell from Deutsche Bank asks, "Actually, one on Franklin Crypto. Jenny, if you could just talk a little bit about ... what market are you targeting for that and the different product types as you evolve your Franklin digital assets? And then also on the tokenization of money funds and BENJI [Franklin OnChain US Govt Money Fund, FOBXX]. [What is] your view as to what extent we'll see the development of tokenized money funds accelerate given obviously, the use cases and the yield cases, especially within the digital asset platforms?"
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