Federated Investors reported preliminary earnings this morning, which included record growth and levels of money market mutual fund assets. Money funds overall had a record quarter in dollar growth terms, rising $355 billion, or 11.3%. This barely beat out Q3 2007's $347 billion surge, though Q307 was larger in percentage terms (13.6%). Over the past year, money fund assets overall (as measured by ICI's weekly series) grew by $1.049 trillion, or 42.8%.
Fidelity remains by far the largest money fund manager. It also showed the largest asset increase, rising $69.9 billion, or 19.2%, to $408.3 billion in the quarter (12.5% market share). No. 2 BlackRock showed the 2nd largest dollar increase, up $41.0 billion, or 18.6%, to $261.4 billion. Seventh-ranked Goldman ($186.0 billion) brought in the third-largest asset total, $39.7 billion (up 27.0%). And fourth-ranked Federated showed the 4th-largest gain, up $36.3 billion to $231.8. (Totals include only U.S. money funds tracked by Crane Data.)
JPMorgan (#3 with $253.0 billion) gained $30.5 billion, or 13.6%, and Schwab (#5 with $202.7 billion) gained $29.4 billion, or 16.3%. Vanguard (#6 with $193.0 billion) gained $15.1 billion, or 8.3%, while `Dreyfus (#8 with $168.6 billion) gained $27.3 billion, or 18.8%.
Among the 25 largest money fund managers, Lehman Brothers showed the largest percentage increase (up 36.6%), rising $8.1 billion to $30.1 billion. The next largest percentage increase was seen by Reserve, which grew by 35.6% in the quarter, up $22.0 billion to $75.5 billion. (For more detail, see the upcoming issue of our quarterly Money Fund Intelligence Distribution Survey.)
