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 of $1.697 trillion, the previous record of $1.672 trillion was seen two months prior. Yields were mixed, while assets for USD, EUR and GBP MMFs all rose 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, increased by $29.5 billion over the 30 days through 6/11. The totals are up $113.1 billion (7.1%) 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 increased $15.8 billion over the last 30 days and are up $51.8 billion YTD to $887.8 billion; they increased $92.3 billion in 2025. Euro funds increased E2.9 billion over the past month. YTD, they're up E29.4 billion to E359.8 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L7.7 billion over 30 days, and they're up L13.5 billion YTD at L286.6B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (323) account for over half (52.3%) of the "European" money fund total, while Euro (EUR) money funds (241) make up 24.9% and Pound Sterling (GBP) funds (211) total 22.8%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Friday), below.
Offshore USD MMFs yield 3.57% (7-Day) on average (as of 6/11/26), unchanged 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 2.01% on average, up 4 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 34 months ago, but they broke back below 5.0% 23 months ago. They now yield 3.76%, 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 June MFI International Portfolio Holdings, with data as of 5/31/26, show that European-domiciled US Dollar MMFs, on average, consist of 29% in Commercial Paper (CP), 17% in Certificates of Deposit (CDs), 25% in Repo, 16% in Treasury securities, 12% in Other securities (primarily Time Deposits) and 1% in Government Agency securities. USD funds have on average 46.4% of their portfolios maturing Overnight, 5.8% maturing in 2-7 Days, 7.7% maturing in 8-30 Days, 9.8% maturing in 31-60 Days, 8.6% maturing in 61-90 Days, 12.4% maturing in 91-180 Days and 9.2% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (35.4%), Canada (12.2%), France (10.5%), Japan (7.6%), the U.K. (5.1%), Germany (5.0%), Australia (4.7%), the Netherlands (4.0%), Sweden (3.4%) and Finland (2.5%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $142.7B (16.1%), Fixed Income Clearing Corp with $42.7B (4.8%), JP Morgan with $30.8B (3.5%), RBC with $30.2B (3.4%), Barclays PLC with $22.4B (2.5%), Wells Fargo with $22.0B (2.5%), Credit Agricole with $21.6B (2.4%), Nordea Bank with $21.1B (2.4%), Toronto-Dominion Bank with $20.6B (2.3%) and Citi with $17.8B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 37% in CP, 22% in CDs, 14% in Other (primarily Time Deposits), 24% in Repo, 2% in Treasuries and 1% in Agency securities. EUR funds have on average 40.8% of their portfolios maturing Overnight, 7.3% maturing in 2-7 Days, 11.8% maturing in 8-30 Days, 12.2% maturing in 31-60 Days, 8.2% maturing in 61-90 Days, 11.3% maturing in 91-180 Days and 8.3% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (25.4%), the U.S. (10.6%), Japan (10.2%), Canada (9.9%), the Netherlands (7.0%), Germany (5.6%), the U.K. (5.1%), Belgium (4.2%), Australia (4.0%) and Sweden (4.0%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E18.1B (5.6%), BNP Paribas with E14.4B (4.5%), JP Morgan with E11.9B (3.7%), ING Bank with E10.9B (3.4%), Mizuho Corporate Bank Ltd with E10.4B (3.2%), Bank of Nova Scotia with E8.8B (2.7%), Societe Generale with E8.4B (2.6%), RBC with E8.4B (2.6%), Agence Central de Organismes de Securite Sociale with E8.2B (2.6%) and Republic of France with E8.1B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 5/31/26): 36% in CDs, 20% in CP, 21% in Other (Time Deposits), 20% in Repo, 2% in Treasury and 1% in Agency. Sterling funds have on average 38.2% of their portfolios maturing Overnight, 7.2% maturing in 2-7 Days, 8.0% maturing in 8-30 Days, 12.2% maturing in 31-60 Days, 10.6% maturing in 61-90 Days, 13.9% maturing in 91-180 Days and 9.9% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (16.4%), France (14.7%), the U.K. (12.6%), Japan (11.7%), the U.S. (10.8%), Australia (7.6%), the Netherlands (5.2%), Singapore (3.7%), Finland (3.1%) and Sweden (2.9%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L14.4B (5.5%), RBC with L13.5B (5.2%), BNP Paribas with L10.8B (4.2%), Citi with L9.0B (3.4%), Toronto-Dominion Bank with L8.4B (3.2%), Bank of Nova Scotia with L8.0B (3.1%), Credit Agricole with L7.5B (2.9%), Mizuho Corporate Bank Ltd with L7.3B (2.8%), Nordea Bank with L6.9B (2.7%) and Sumitomo Mitsui Trust Bank with L6.7B (2.6%).
In related news, the U.K.'s Financial Conduct Authority released a statement "FCA update on reforms to the UK Money Market Fund Regulation," which tells us, "We are planning to introduce, through a new rule, a requirement that all MMFs hold sufficient liquidity for adequate resilience. This is to support our objectives of maintaining financial stability and market integrity. We intend to retain in rules the current minimum WLA requirements as set out in UK MMFR. However, we intend to set out in guidance our strong supervisory expectation that stable NAV MMFs will need to hold 40% WLA and variable NAV MMFs will need to hold 20% WLA in order to meet the new resilience requirement."
They explain, "Given this modified approach to WLA compared to what had been proposed in the consultation, our expectation is that MMFs' ability to be temporarily below the 40%/20% WLA levels should be used only to meet redemptions or for reasons that are beyond the manager's control (which we consider would arise very rarely). We would not expect MMFs to regularly hold lower levels of WLA at quarter and year-end. However, we are planning to retain the current minimum DLA requirements and do not plan new guidance on DLA levels. DLA as well as WLA should be sufficient for adequate resilience."
The FCA adds, "We intend to introduce in large part the other measures set out in the CP, including delinking and enhanced Know Your Customer requirements on investor concentration and the risk of correlated withdrawal. Our updated proposals will deliver a clear increase in the level of resilience expected of UK MMFs while making sure they can continue to meet the needs of investors. They are subject to final consideration and sign-off within the FCA."
See Reuters' "UK financial regulator softens proposed change to UK money market fund rules," which says, "Britain's financial regulator on Monday slightly softened its proposals for money market funds to hold more liquid assets which are designed to ensure they are resilient enough to weather financial shocks." (See too Crane Data's May 28 News, "Reuters: UK to Tighten MF Rules;" our May 18 News, "EC Report Proposes Higher Weekly Liquidity Levels for European MMFs;" our May 15 News, "European Money Fund Assets Inch Down to $1.67 Tril; MFI Intl Holdings," which says, 'The FCA, which regulates markets in the U.K., published a policy paper titled, 'Reforms to Money Market Fund Regulations;'' and our May 26 News, "European Money Fund Symposium Heads to Paris, Sept. 24-25; CD Events.")
