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.)
Offshore US Dollar money funds decreased $9.4 billion over the last 30 days and are up $39.0 billion YTD to $875.0 billion; they increased $92.3 billion in 2025. Euro funds decreased E142 million over the past month. YTD, they're up E24.6 billion to E355.0 billion, for 2025, they increased by E12.6 billion. GBP money funds decreased L7.0 billion over 30 days, and they're up L6.6 billion YTD at L279.7B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (318) account for over half (52.4%) of the "European" money fund total, while Euro (EUR) money funds (231) make up 25.0% and Pound Sterling (GBP) funds (211) total 22.6%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Thursday), below.
Offshore USD MMFs yield 3.57% (7-Day) on average (as of 5/13/26), down 1 bp 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 1.97% on average, up 3 bps 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 33 months ago, but they broke back below 5.0% 22 months ago. They now yield 3.74%, up 2 bp from a month ago, and up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's May MFI International Portfolio Holdings, with data as of 4/30/26, show that European-domiciled US Dollar MMFs, on average, consist of 29% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 26% in Repo, 15% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 47.4% of their portfolios maturing Overnight, 6.0% maturing in 2-7 Days, 7.9% maturing in 8-30 Days, 7.6% maturing in 31-60 Days, 8.2% maturing in 61-90 Days, 13.5% maturing in 91-180 Days and 9.4% maturing beyond 181 Days. USD holdings are affiliated with the following countries: France (25.6%), the U.S. (10.9%), Canada (9.6%), Japan (9.5%), the Netherlands (5.9%), Germany (5.7%), the U.K. (5.3%), Belgium (4.5%), Australia (4.2%) and Finland (3.9%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $133.1B (15.4%), Fixed Income Clearing Corp with $38.3B (4.4%), JP Morgan with $33.8B (3.9%), Wells Fargo with $29.9B (3.5%), Barclays PLC with $24.6B (2.8%), Credit Agricole with $24.4B (2.8%), Nordea Bank with $20.7B (2.4%), Toronto-Dominion Bank with $20.5B (2.4%), RBC with $19.9B (2.3%) and Australia & New Zealand Banking Group Ltd with $17.1B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 36% in CP, 22% in CDs, 15% in Other (primarily Time Deposits), 24% in Repo, 2% in Treasuries and 1% in Agency securities. EUR funds have on average 40.5% of their portfolios maturing Overnight, 8.0% maturing in 2-7 Days, 10.1% maturing in 8-30 Days, 10.0% maturing in 31-60 Days, 11.1% maturing in 61-90 Days, 12.3% maturing in 91-180 Days and 8.1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (48.0%), Italy (6.9%), Supranational (6.5%), Belgium (6.0%), the U.S. (4.9%), Canada (4.3%), Japan (4.3%), Germany (4.1%), the Netherlands (2.7%) and the U.K. (2.4%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E16.8B (5.4%), BNP Paribas with E14.3B (4.6%), JP Morgan with E12.0B (3.9%), ING Bank with E10.7B (3.5%), Agence Central de Organismes de Securite Sociale with E8.9B (2.9%), Republic of France with E8.7B (2.8%), Mizuho Corporate Bank Ltd with E8.4B (2.7%), Societe Generale with E8.3B (2.7%), Bank of Nova Scotia with E8.1B (2.6%) and Nordea Bank with E7.8B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 4/30/26): 36% in CDs, 20% in CP, 22% in Other (Time Deposits), 19% in Repo, 2% in Treasury and 1% in Agency. Sterling funds have on average 36.9% of their portfolios maturing Overnight, 8.9% maturing in 2-7 Days, 10.0% maturing in 8-30 Days, 8.3% maturing in 31-60 Days, 11.4% maturing in 61-90 Days, 13.7% maturing in 91-180 Days and 10.8% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (16.6%), France (15.9%), the U.K. (13.1%), Japan (11.5%), the U.S. (9.9%), Australia (8.0%), the Netherlands (4.9%), Singapore (3.9%), Finland (3.1%) and Sweden (2.8%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L14.7B (5.6%), RBC with L13.9B (5.3%), BNP Paribas with L11.2B (4.3%), Bank of Nova Scotia with L8.0B (3.1%), Toronto-Dominion Bank with L7.9B (3.0%), Sumitomo Mitsui Trust Bank with L7.6B (2.9%), Credit Agricole with L7.4B (2.8%), National Australia Bank Ltd with L7.3B (2.8%), Nordea Bank with L7.3B (2.8%) and JP Morgan with L6.9B (2.6%).
In related news, the FCA, which regulates markets in the U.K., published a policy paper titled, "Reforms to Money Market Fund Regulations." It states, "Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors, including asset managers, insurers, pension funds, large corporates and local authorities. However, recent periods of market stress have highlighted the need to strengthen the resilience of these funds. The Government, together with the Financial Conduct Authority (FCA) and the Bank of England, have worked actively with international partners, including with the European Commission and at the Financial Stability Board, to enhance MMF resilience so these funds are better able to withstand market disruption."
The post explain, "As part of this, the Government and FCA committed to reforming the UK Money Market Fund Regulation (MMFR) regime, to ensure the UK's regulatory framework appropriately supports the resilience of these markets while maintaining our international competitiveness. These reforms mark an important step forward in enhancing the resilience of the wider non-bank financial sector."
It continues, "In 2023, HM Treasury and FCA consulted on replacing and reforming MMFR. The Government will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. This will include guidance setting out expectations that UK MMFs hold higher levels of liquidity. This approach reflects internationally developed proposals that the UK helped to shape alongside other jurisdictions. The Government and the FCA also welcomed feedback from across the sector to help develop a proportionate set of proposals that will enhance the resilience of Money Market Funds."
The update adds, "The UK's new regime is expected to be in place by Q4 2026, subject to Parliamentary approval, and the FCA will issue a statement shortly with further details on its plans. The Government recognises the cross-border nature of this sector, and the important role that EU domiciled MMFs play in the UK market. In March, at the Joint EU-UK Financial Regulatory Forum, the UK and EU recognised the value of constructive engagement on the practices that will enhance the resilience of our respective MMF sectors. The Government therefore welcomes the report published by European Commission on 11 May that sets out their expectations for these funds. The Government can confirm its intention to extend the Temporary Marketing Permissions Regime, with a view to establishing a longer-term solution on market access, in line with the UK's framework and process for recognition of overseas firms and funds." (Watch for excerpts of the European Commission's "Report on the adequacy of the Money Market Funds Regulation from a prudential and economic point of view" in tomorrow's News.)
