Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a new record high $1.597 trillion, rising from $1.558 trillion the month prior. Yields inched lower, while assets for USD and GBP MMFs rose and EUR MMFs fell over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2'25). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $29.0 billion over the 30 days through 11/14. The totals are up $164.4 billion (11.5%) 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 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.)
Offshore US Dollar money funds increased $5.7 billion over the last 30 days and are up $106.0 billion YTD to $849.6 billion; they increased $94.1 billion in 2024. Euro funds decreased E8.9 billion over the past month. YTD, they're up E8.0 billion to E325.7 billion, for 2024, they increased by E82.9 billion. GBP money funds increased L181 million over 30 days, and they're up L21.6 billion YTD at L276.3B, for 2024, they rose L19.3 billion. U.S. Dollar (USD) money funds (291) account for over half (53.2%) of the "European" money fund total, while Euro (EUR) money funds (212) make up 22.2% and Pound Sterling (GBP) funds (198) total 22.5%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Monday), below.
Offshore USD MMFs yield 3.89% (7-Day) on average (as of 11/14/25), down 15 bps from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 1.90% on average, unchanged from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 27 months ago, but they broke back below 5.0% 16 months ago. They now yield 3.96%, down 1 bp from a month ago, but up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's November MFI International Portfolio Holdings, with data as of 10/31/25, show that European-domiciled US Dollar MMFs, on average, consist of 26% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 27% in Repo, 18% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 49.2% of their portfolios maturing Overnight, 4.4% maturing in 2-7 Days, 6.3% maturing in 8-30 Days, 7.7% maturing in 31-60 Days, 9.3% maturing in 61-90 Days, 14.9% maturing in 91-180 Days and 8.1% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (39.7%), France (9.7%), Canada (9.5%), Japan (9.4%), Australia (5.5%), the U.K. (5.2%), the Netherlands (3.8%), Germany (3.8%), Sweden (3.0%) and Finland (2.2%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $154.6B (18.2%), Fixed Income Clearing Corp with $52.6B (6.2%), JP Morgan with $36.2B (4.3%), Credit Agricole with $28.1B (3.3%), Barclays PLC with $24.9B (2.9%), Toronto-Dominion Bank with $19.8B (2.3%), Mizuho Corporate Bank Ltd with $19.2B (2.3%), Australia & New Zealand Banking Group Ltd with $17.8B (2.1%), Nordea Bank with $17.5B (2.1%) and Wells Fargo with $17.3B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 39% in CP, 24% in CDs, 13% in Other (primarily Time Deposits), 21% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 36.1% of their portfolios maturing Overnight, 8.5% maturing in 2-7 Days, 11.2% maturing in 8-30 Days, 7.8% maturing in 31-60 Days, 13.2% maturing in 61-90 Days, 15.2% maturing in 91-180 Days and 8.1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (26.5%), the U.S. (11.4%), Japan (9.8%), Canada (9.0%), the Netherlands (6.7%), Germany (5.2%), the U.K. (4.9%), Australia (4.5%), Finland (3.8%) and Belgium (3.6%).
The 10 Largest Issuers to "offshore" EUR money funds include: BNP Paribas with E15.5B (5.3%), JP Morgan with E14.4B (5.0%), Credit Agricole with E14.0B (4.8%), ING Bank with E9.9B (3.4%), Societe Generale with E9.6B (3.3%), Agence Central de Organismes de Securite Sociale with E8.2B (2.8%), Nordea Bank with E7.4B (2.6%), Mizuho Corporate Bank Ltd with E7.0B (2.4%), Bank of Nova Scotia with E6.9B (2.4%) and KBC Group NV with E6.8B (2.4%).
The GBP funds tracked by MFI International contain, on average (as of 10/31/25): 38% in CDs, 19% in CP, 20% in Other (Time Deposits), 18% in Repo, 4% in Treasury and 1% in Agency. Sterling funds have on average 36.1% of their portfolios maturing Overnight, 8.0% maturing in 2-7 Days, 8.9% maturing in 8-30 Days, 7.2% maturing in 31-60 Days, 14.1% maturing in 61-90 Days, 17.8% maturing in 91-180 Days and 7.9% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Japan (14.8%), France (14.3%), the U.K. (13.0%), Canada (11.5%), the U.S. (10.8%), Australia (8.8%), the Netherlands (5.0%), Singapore (3.4%), Germany (2.9%) and Finland (2.8%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L19.5B (7.8%), Sumitomo Mitsui Banking Corp with L9.9B (4.0%), Mizuho Corporate Bank Ltd with L9.7B (3.9%), RBC with L9.2B (3.7%), JP Morgan with L8.3B (3.3%), BNP Paribas with L8.0B (3.2%), National Australia Bank Ltd with L7.8B (3.1%), Sumitomo Mitsui Trust Bank with L7.5B (3.0%), Citi with L7.2B (2.8%) and Australia & New Zealand Banking Group Ltd with L6.9B (2.8%).
