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Crane Data’s latest Money Armamentarium Bazaar Allotment rankings appearance assets were up afresh for the majority of U.S. money armamentarium complexes in October. Money armamentarium assets added by $84.8 billion, or 2.2%, aftermost ages to $3.871 trillion. Assets accept climbed by $250.3 billion, or 6.9%, over the accomplished 3 months, and they’ve added by $780.4 billion, or 25.2%, over the accomplished 12 months through Oct. 31, 2019. The bigger increases amid the 25 bigger managers aftermost ages were apparent by Fidelity, JP Morgan, BlackRock, Vanguard, Federated, Goldman Sachs and Schwab, which added assets by $27.7 billion, $10.6B, $8.3B, $7.9B, $7.7B, $7.6B and $7.3B, respectively. Declines in assets amid the bigger complexes in October were apparent by Invesco, Wells Fargo and Dreyfus, which decreased by $4.0B, $2.1B and $1.2B. Our calm U.S. “Family” rankings are accessible in our MFI XLS product, our all-around rankings are accessible in our MFI International product. The accumulated “Family & All-around Rankings” are accessible to Money Armamentarium Wisdom subscribers. We assay the latest bazaar allotment totals below, and we additionally attending at money armamentarium yields in October.
Over the accomplished year through Oct. 31, 2019, Fidelity (up $151.7B, or 24.1%), American Funds (up $112.6B, or 677.0%; this was aggrandized by the accession beforehand this year of the $108 billion American Funds Central Banknote Fund), Federated (up $89.0B, or 42.2%), Vanguard (up $74.8B, or 22.9%), Schwab (up $63.0B, or 48.8%), JPMorgan (up $59.6B, or 21.2%) and BlackRock (up $46.5B, or 16.3%) were the bigger gainers. These complexes were followed by SSGA (up $36.8B, or 45.8%), Morgan Stanley (up $28.3B, or 29.2%), Wells Fargo (up $20.2B, or 18.9%) and Goldman Sachs (up $17.7B, or 8.8%). Fidelity, Federated, JP Morgan, BlackRock and SSgA had the bigger money armamentarium asset increases over the accomplished 3 months, ascent by $69.5B, $28.9B, $23.1B, $21.7B and $21.1B, respectively. Decliners over 3 months included: Invesco (down $13.5B, or -16.3%), PNC (down $3.8B, or -24.0%), DFA (down $2.7B, or -13.4%) and PGIM (down $2.3B, or -12.3%).
Our latest calm U.S. Money Armamentarium Family Rankings appearance that Fidelity Investments charcoal the bigger money armamentarium administrator with $780.8 billion, or 20.2% of all assets. That was up $27.7 billion in October, up $69.5 billion over 3 mos., and up $151.7B over 12 months. Vanguard ranked additional with $401.3 billion, or 10.4% bazaar allotment (up $7.9B, up $21.1B and up $74.8B for the accomplished 1-month, 3-mos. and 12-mos., respectively). JPMorgan was third with $341.5 billion, or 8.8% bazaar allotment (up $10.6B, up $23.1B and up $59.6B). BlackRock ranked fourth with $331.7 billion, or 8.6% of assets (up $8.3B, up $21.7B and up $46.5B for the accomplished 1-month, 3-mos. and 12-mos.), while Federated remained in fifth with $299.6 billion, or 7.7% of assets (up $7.7B, up $28.9B and up $89.0B).
Goldman Sachs remained in sixth abode with $220.2 billion, or 5.7% of assets (up $7.6 billion, up $11.8B and up $17.7B), while Schwab was in seventh abode with $192.3 billion, or 5.0% (up $7.3B, up $19.8B and up $63.0B). Dreyfus ($165.7B, or 4.3%) was in eighth abode (down $1.2B, up $3.8B and up $3.4B), followed by American Funds ($129.2B, or 3.3%, unchanged, up $304M and up $112.6B). Wells Fargo abandoned to 10th abode ($126.5B, or 3.3%; bottomward $2.1B, up $4.4B and up $20.2B).
The 11th through 20th-largest U.S. money armamentarium managers (in order) include: Morgan Stanley ($125.2B, or 3.2%), Northern ($123.4, or 3.2%), SSGA ($117.1B, or 3.0%), Aboriginal American ($72.8B, or 1.9%), UBS ($72.0B, or 1.9%), Invesco ($67.7B, or 1.7%), T Rowe Bulk ($40.2B, or 1.0%), DWS ($27.0B, or 0.7%), Western ($22.9B, or 0.6%) and Franklin ($20.4B, or 0.5%). Crane Abstracts currently advance 67 U.S. MMF managers, the aforementioned as aftermost month.
When European and “offshore” money armamentarium assets — those domiciled in places like Ireland, Luxembourg and the Cayman Islands — are included, the top 10 managers bout the U.S. list, except JPMorgan and BlackRock move avant-garde of Vanguard, Goldman moves avant-garde of Federated, and Morgan Stanley, SSGA and Northern move avant-garde of Wells Fargo and American Funds. Our All-around Money Armamentarium Administrator Rankings accommodate the accumulated bazaar allotment assets of our MFI XLS (domestic U.S.) and our MFI International (“offshore”) products.
The bigger All-around money bazaar armamentarium families include: Fidelity ($791.4 billion), J.P. Morgan ($502.2B), BlackRock ($492.3B), Vanguard ($401.3B) and Goldman Sachs ($340.7B). Federated ($309.3B) was sixth, Schwab ($192.3B) was in seventh, followed by Dreyfus/BNY Mellon ($184.0B), Morgan Stanley ($158.1B) and Northern ($149.1B) which annular out the top 10. These totals accommodate “offshore” U.S. Dollar money funds, as able-bodied as Euro and Pound Sterling (GBP) funds adapted into U.S. dollar totals.
The November affair of our Money Armamentarium Intelligence and MFI XLS, with abstracts as of 10/31/19, shows lower yields in October beyond all of our taxable Crane Money Armamentarium Indexes. The Crane Money Armamentarium Average, which includes all taxable funds covered by Crane Abstracts (currently 755), fell 12 base credibility to 1.53% for the 7-Day Crop (annualized, net) Average, and the 30-Day Crop decreased by 16 bps to 1.57%. The MFA’s Gross 7-Day Crop decreased by 12 bps to 1.94%, while the Gross 30-Day Crop fell 16 bps to 1.98%.
Our Crane 100 Money Armamentarium Index shows an boilerplate 7-Day (Net) Crop of 1.67% (down 14 bps) and an boilerplate 30-Day Crop that decreased to 1.71%. The Crane 100 shows a Gross 7-Day Crop of 1.93% (down 14 bps), and a Gross 30-Day Crop of 1.98%. Our Prime Institutional MF Index (7-day) yielded 1.75% (down by 11 bps) as of October 31, while the Crane Govt Inst Index was 1.61% (down 11 bps) and the Treasury Inst Index was 1.54% (down 17 bps). Thus, the advance amid Prime funds and Treasury funds is 21 base points, while the advance amid Prime funds and Govt funds is 14 base points. The Crane Prime Retail Index yielded 1.58% (down 11 bps), while the Govt Retail Index was 1.35% (down 9 bps) and the Treasury Retail Index was 1.28% (down 17 bps). The Crane Tax Exempt MF Index crop rose in September to 0.81% (down 31 bps).
Gross 7-Day Yields for these indexes in October were: Prime Inst 2.07% (down 11 bps), Govt Inst 1.91% (down 11 bps), Treasury Inst 1.85% (down 17 bps), Prime Retail 2.08 (down 11 bps), Govt Retail 1.93% (down 9 bps) and Treasury Retail 1.85% (down 17 bps). The Crane Tax Exempt Index decreased 31 base credibility to 1.26%. The Crane 100 MF Index alternate on boilerplate 0.15% over 1-month, 0.48% over 3-months, 1.76% YTD, 2.13% over the accomplished 1-year, 1.41% over 3-years (annualized), 0.89% over 5-years, and 0.46% over 10-years. The absolute cardinal of funds, including taxable and tax-exempt, added by one to 937. There are currently 755 taxable, the aforementioned as the antecedent month, and 182 tax-exempt money funds (down three from aftermost month). (Contact us if you’d like to see our latest MFI XLS, Crane Indexes or Bazaar Allotment report.)
The November affair of our flagship Money Armamentarium Intelligence newsletter, which was beatific out to subscribers Thursday morning, appearance the articles: “Portal Wars: Armamentarium Managers Add to Competition in Space,” which reviews the latest in online money bazaar portals; “J.P. Morgan A.M. Enters Aperture Bazaar w/Morgan Money,” which discusses JPMAM’s contempo changes and initiatives; and, “Reversal of Fortunes: Yields Attempt in ‘19 Afterwards ‘18 Jump,” which discusses the contempo abatement in yields. We’ve additionally adapted our Money Armamentarium Wisdom database with Oct. 31 statistics, and beatific out our MFI XLS spreadsheet Thursday a.m. (MFI, MFI XLS and our Crane Index articles are all accessible to subscribers via our Content center.) Our November Money Armamentarium Portfolio Backing are appointed to address on Tuesday, Nov. 12, and our Nov. Band Armamentarium Intelligence is appointed to go out Thursday, Nov. 14.
MFI’s “Portal Wars” commodity says, “Online money bazaar trading portals, which accept agilely become the aloft administration access for Institutional money bazaar funds, are seeing new entrants and aloft changes for the aboriginal time aback the ‘transparency’ battles afterward the cyberbanking crisis. Aftermost year, we saw BlackRock buy Cachematrix and Parthenon Basic advance in ICD Portal. But now we’re seeing J.P. Morgan Asset Administration admission the amplitude (see our adventure at right) and Goldman and others annex out and become ‘platforms’ instead of ‘portals’.”
It continues, “On a contempo podcast, Morgan Stanley Advance Management’s Rick Wilkinson comments, ‘Let’s attending at the aperture mural first. That was one of the aboriginal technologies that was alien that absolutely helped the accumulated broker in their day to day activities. It accustomed them to go to one atom to abode all of their investments instead of accepting to go to anniversary of the armamentarium families independently.'”
Our J.P. Morgan A.M. allotment reads, “J.P. Morgan Asset Administration afresh apparent some aloft changes in the clamminess space, including ablution its own ‘portal’ and activity ‘ESG’ with its absolute armamentarium lineup. The aggregation additionally appear the latest after-effects of its anniversary accumulated broker survey.”
A columnist absolution entitled, “J.P. Morgan Launches New Clamminess Administration Platform, Morgan Money,” tells us, “J.P. Morgan Asset Administration … appear the barrage of Morgan Money, a new institutional advance belvedere to alter the firm’s absolute All-around Banknote Portal. The belvedere delivers a real-time dashboard to invest, a distinct admission point for operations, and added accident administration controls.”
Paula Stibbe, All-around Head of Clamminess Sales, comments, “Morgan Money is advised to bear a seamless chump experience, centered on operational efficiency, end-to-end arrangement integration, and able controls. The belvedere was advised for clients, by audience — embedding their needs and priorities into its bulk capabilities and functionality.”
Our “Yields Plunge” amend says, “A year ago, we wrote the adventure ‘Money Armamentarium Yields Break 2.0%; Still Activity Higher.’ What a aberration a year makes. The about-face in short-term yields is unprecedented. The boilerplate money armamentarium yield, as abstinent by our Crane 100, hit 2.01% a year ago on 10/31/18, its aboriginal time aloft 2.0% in 11 years. Yields afresh ailing at 2.27% in March 2019, and theyâre now 1.67% (10/31/19). Yields fell 14 bps in October, and we’re still digesting the latest Fed move.”
It adds, “Last week, the Federal Reserve Lath cut absorption ante for the third time in the accomplished three months, blurred its Federal funds ambition bulk ambit to 1.50-1.75 percent…. As the money markets abstract the Fed’s 3rd cut, yields on money bazaar funds, coffer deposits and allowance sweeps abide to inch lower.”
The latest MFI additionally includes the Annual brief, “Money Armamentarium Assets Break $3.5 Tril.” It tells us, “ICI’s latest ‘Money Bazaar Armamentarium Assets’ address appearance totals bankrupt aloft $3.5 abundance for the aboriginal time aback September 2009 and accept added by $466.0 billion, or 15.3%, year-to-date. Over the accomplished 52 weeks, ICI’s money armamentarium asset alternation has added by $629 billion, or 21.8%, with Retail MMFs ascent by $249 billion (22.8%) and Inst MMFs ascent by $380 billion (21.2%).”
A additional Annual piece, “Local Govts Lobby for Abiding NAV,” reads, “As we mentioned in our Oct. 3 Link of the Day, ‘Stable NAV Bill Filed in House Again,’ efforts are afresh underway to cycle aback the aftermost annular of money bazaar armamentarium reforms and to acknowledgment the $1.00 NAV for all money funds. Bills accept afresh been filed in the House and Senate, and the lobbying has begun.”
Our November MFI XLS, with Oct. 31 data, shows absolute assets rose by $85.2 billion in October to $3.873 trillion, afterwards ascent $80.2 billion in September, $86.9 billion in August and $78.1 billion in July. Our ample Crane Money Armamentarium Boilerplate 7-Day Crop fell to 1.53% during the month, while our Crane 100 Money Armamentarium Index (the 100 bigger taxable funds) was bottomward 14 base credibility to 1.67%.
On a Gross Crop Base (7-Day) (before costs are taken out), the Crane MFA fell 14 base credibility to 1.94% and the Crane 100 fell to 1.93%. Charged Costs averaged 0.41% (unchanged) and 0.27% (unchanged), appropriately for the Crane MFA and Crane 100. The boilerplate WAM (weighted boilerplate maturity) for the Crane MFA and Crane 100 was 33 and 36 days, appropriately (up two canicule for both the Crane MFA and Crane 100). (See our Crane Index or craneindexes.xlsx history book for added on our averages.)
U.K.-based advertisement Treasury Today hosted a webinar bygone entitled, “Short-term investments, long-term thinking: how ESG absolutely impacts value,” which featured Aviva Investors’ Senior Portfolio Administrator Demi Angelaki and Aviva’s All-around Head of ESG Advance Solutions Marte Borhaug. The two “discuss how the attempt of amenable advance can absolutely appulse advance outcomes for short-term investors” and “explore the different challenges faced by clamminess portfolio managers.” The webinar’s description explains, “Investors in money bazaar funds and ultra-short continuance band funds accept commonly focused their absorption on liquidity, crop and basic preservation. Increasingly however, investors in such strategies are realising the absolute appulse the affiliation of environmental, amusing and accumulated babyminding (ESG) factors can accept on advance outcomes.”
Treasury Today’s accession continues, “As able-bodied as accouterment an important accident administration tool, actuality a provider of short-term allotment presents an befalling to access accumulated borrowers to act responsibly and in a acceptable manner. It is accordingly important to authorize a able-bodied framework to bury ESG considerations into the advance process. However, amalgam ESG considerations into clamminess strategies acquire different challenges…. We additionally attending at alive examples from France, area attempt of Socially Amenable Advance (SRI) are government accustomed and chip into the French short-term advance market.”
Borhaug comments, “A lot of bodies allocution about ESG factors as non-financial factors. For us, the way we attending at it is, that the factors ability be apparent as non-financial because they tend not to be the archetypal cyberbanking factors that you see on a accumulated antithesis sheet, but all of these factors will accept a absolute appulse on the basal band of a company. There’s an accretion bulk of assay that shows that that is the case…. Is ESG advance the aforementioned as ethical investing? I anticipate our acknowledgment for that is that they are adequately separate.”
Angelaki explains, “In the aboriginal bisected of 2019 we accept apparent ESG money bazaar funds abound by 15 percent. It’s not aloof European funds, but additionally U.S. dollar denominated funds managed out of the U.S. This shows there is a all-around trend emerging, with not abandoned new funds launching, but additionally conversions of absolute funds. Added and added accessible sectors organizations are acerb encouraged to accept an ESG alternative area there is one aback investing. And added and added clandestine area entities are beneath accretion burden to appearance shareholders, advisers … that they are aggravating to adjust investments with their accumulated values.”
She continues, “In several countries regulators and authorities accept already stepped in, calling for greater ESG disclosure…. France … accounts for about 88 percent of absolute ESG money bazaar fundsâŚ. In 2016, the French government launched the SRI characterization as a apparatus to advice investors accept acceptable and amenable investments and access the afterimage of SRI products. The characterization is issued at the end of a austere action led by an absolute party, and in adjustment to authorize a money bazaar armamentarium charge accommodated absolute specific criteria…. In accession to that, the French regulator has the ascendancy to ascendancy all funds that are awash as SRI or ESG, whether they accept the official characterization or not, to ensure that alive managers absolutely do what it says.”
The Aviva PM tells us, “Cash funds charge to offer, aloft all, aegis of basic and liquidity, with crop actuality a absolute important, but hardly accessory consideration. Money bazaar funds are awful adapted products, and because of the absolute bourgeois attributes of the portfolio a accurate accident appraisal is a factor. As we accept seen, ESG ante can annual acclaim crime and reputational affair and some of these risks can actualize absolutely quickly. But you can be hit alike if you are a holder of a short-term bartering paper, which is a accepted apparatus acclimated in money bazaar funds.”
She adds, “For portfolio managers, appliance an ESG clarify in the advance accommodation action can advice not abandoned ascertain if we can advance in a name or not, but additionally what the advance horizon, the best ability should be or whether we should be angular on a specific name or not. Ultimately, as portfolio managers and amenable investors, we do appetite to see an advance in the companies we advance in…. An important affair to accumulate in apperception is that, although money bazaar funds are a short-term artefact … the absoluteness is, best of the time we do cycle these over, catastrophe up actuality longer-term investors.”
In added ESG MMF news, a columnist absolution entitled, “Fitch Affirms Appraisement of Morgan Stanley Money Bazaar Armamentarium on ESG Conversion,” tells us, “Fitch Ratings has affirmed the ‘AAAmmf’ appraisement assigned to the Morgan Stanley Institutional Clamminess Funds ESG Money Bazaar Portfolio afterward the about-face of its advance action to absorb an environmental, amusing and babyminding (ESG) focused mandate.”
It explains, “On Oct. 31, 2019, the Morgan Stanley Institutional Clamminess Funds – Money Bazaar Portfolio revised its name to the Morgan Stanley Institutional Clamminess Funds – ESG Money Bazaar Portfolio and adapted its advance action by abacus an ESG focused mandate…. The net assets of the armamentarium will be invested in balance issued or affirmed by issuers that attach to Morgan Stanley’s ESG advance criteria. The fund’s advance action will absorb ESG considerations into Morgan Stanley’s accepted portfolio administration framework. Morgan Stanley will advance a proprietary ESG scoring methodology, accumulated with third-party data, to accredit abandoned issuers with ESG scores.”
Fitch adds, “The ESG bury activated to the issuers during the screening action will exclude corporations that accomplish acquirement in assertive sectors, such as tobacco, accoutrements and coal, amid others. Afterwards applying these exclusion screens, Morgan Stanley will accede its proprietary ESG array for the absolute issuers and accent issuers with aerial ESG scores, while demography into annual added portfolio architecture considerations, such as yield, acclaim quality, and duration. The ESG angle of the armamentarium is a aloof agency in Fitch’s appraisement analysis.” (See also: SustainableInvest.com on ESG MMFs (11/5/19) and UBS Asset Mgmt Files to Barrage Baddest ESG Prime Institutional Armamentarium (11/4/19).)
Finally, Crane Abstracts appear its Annual Money Armamentarium Portfolio Backing statistics and arbitrary yesterday. Our annual backing clue a alive subset of our annual Portfolio Backing collection. The latest cut (with abstracts as of Nov. 1) includes Backing advice from 67 money funds (down 17 from a anniversary ago), which represent $1.485 abundance (up from $1.973 trillion) of the $3.885 abundance (38.2%) in absolute money armamentarium assets tracked by Crane Data.
Our latest Annual MFPH Agreement arbitrary afresh shows Government assets assertive the backing annual with Repurchase Agreements (Repo) accretion $507.8 billion (down from $690.7 billion a anniversary ago), or 34.2%, Treasury debt accretion $468.9 billion (down from $621.5 billion) or 31.6%, and Government Agency balance accretion $300.9 billion (down from $365.7 billion), or 20.3%. Certificates of Drop (CDs) totaled $77.0 billion (down from $96.7 billion), or 5.2%, and Bartering Cardboard (CP) totaled $74.3 billion (down from $99.0 billion), or 5.0%. A absolute of $29.2 billion or 2.0%, was listed in the Added class (primarily Time Deposits), and VRDNs accounted for $26.6 billion, or 1.8%.
The Ten Bigger Issuers in our Annual Backing artefact include: the US Treasury with $468.9 billion (31.6% of absolute holdings), Federal Home Loan Coffer with $219.5B (14.8%), Anchored Assets Clearing Co with $75.8B (5.1%), BNP Paribas with $57.0 billion (3.8%), Federal Farm Acclaim Coffer with $44.5B (3.0%), RBC with $37.9B (2.5%), Mitsubishi UFJ Cyberbanking Accumulation Inc with $30.0B (2.0%), Federal Home Loan Mortgage Co with $28.2B (1.9%), JP Morgan with $26.3B (1.8%) and Wells Fargo with $25.7B (1.7%).
The Ten Bigger Funds tracked in our latest Annual include: JP Morgan US Govt ($150.0), Fidelity Inv MM: Govt Port ($139.8B), Goldman Sachs FS Govt ($107.6B), Wells Fargo Govt MMkt ($85.1B), Fidelity Inv MM: MMkt Port ($71.3B), JP Morgan 100% US Trs MMkt ($68.2B), Morgan Stanley Inst Liq Govt ($66.3B), State Street Inst US Govt ($59.3B), Goldman Sachs FS Trs Instruments ($58.4B) and Dreyfus Govt Banknote Mgmt ($58.3B). (Let us apperceive if you’d like to see our latest calm U.S. and/or “offshore” Annual Portfolio Backing accumulating and summary, or our Band Armamentarium Portfolio Backing abstracts series.)
Rates on allowance ambit accounts, coffer accounts and money bazaar funds all confused lower afterward aftermost Wednesday’s Federal Reserve bulk cut. (See our Oct. 31 Link of the Day, “Fed Cuts Ante a Third Time.”) Our latest Allowance Ambit Intelligence publication, with abstracts as of Friday, Nov. 1, shows ETrade, Fidelity, Merrill Lynch and TD Ameritrade all blurred rates. Fidelity, who still pays the accomplished ambit rate, cut its crop by 12 bps to 0.82%. Merrill Lynch abandoned ante on balances over $250K, but their 100K bank remained at 0.10%. TD Ameritrade cut ante on best tiers; their 100K bank abandoned 2 bps to 0.02%. ETrade’s 25K bank through 250K (balance) bank fell to 0.01%.
Our Crane Allowance Ambit Index inched bottomward to 0.18% from 0.19% in the anniversary concluded November 1 for balances of $100K. ETrade currently has the everyman bulk for balances at this akin (0.01%), but TD Ameritrade is abutting abaft (0.02%). Meanwhile, Fidelity continues to accept the accomplished bulk (0.82%). Merrill and Morgan Stanley are both advantageous 0.05%. Ameriprise, Schwab, UBS and Wells Fargo are advantageous 0.10%, Raymond James is advantageous 0.15%, and RW Baird is advantageous 0.45% for balances of $100K. Fin-tech allowance firms Robinhood and Wealthfront additionally abandoned rates. Before the Fed cut, Robinhood and Wealthfront both offered ante of 2.07%. Aback then, Wealthfront has cut its bulk to 1.82%, bottomward 25 bps, while Robinhood’s bulk has collapsed 27 bps to 1.80%.
Money bazaar armamentarium yields are additionally fell aftermost week. Our Money Armamentarium Intelligence Daily shows the Crane Money Armamentarium Boilerplate 7-day crop falling by 0.06% to 1.51% in the latest anniversary (through 11/1). The Crane 100 MF Index additionally abandoned 0.06% to 1.64% over the accomplished week. Treasury Inst, Government Inst and Prime Inst boilerplate yields were bottomward 4 bps, 7 bps and 6 bps, respectively, to 1.52%, 1.58% and 1.73%, respectively. Treasury Retail MFs currently crop 1.25%, (down 0.05%), Government Retail MFs crop 1.31% (down 0.05%) and Prime Retail MFs crop 1.55% (down 0.06%). Tax-exempt MF 7-day yields fell to 0.79%, bottomward 0.05% from the antecedent week. Yields should abide lower in the advancing weeks as funds abstract the butt of the latest Fed move.
In added news, Federated Investors filed its latest Anatomy 10-Q Quarterly Report, which discusses the authoritative ambiance and reviews the appulse of U.S. and European Money Armamentarium Reforms.
Federated writes, “Deregulation additionally is a focus of assertive aldermanic efforts. The House Cyberbanking Casework Committee avant-garde a bill gluttonous to about-face assertive aspects of money bazaar armamentarium ameliorate and a audition on that bill was captivated in the Senate in June 2018, and agnate bills accept been alien in both the Senate and the House of Representatives in 2019 in a continuing accomplishment to get revisions to money bazaar armamentarium ameliorate anesthetized and active into law. The proposed law would admittance the use of amortized bulk appraisal by, and override the amphibian NAV and assertive added requirements for, institutional and borough (or tax-exempt) money bazaar funds.”
They explain, “These requirements were imposed beneath the SEC’s structural, operational and added money bazaar armamentarium reforms adopted through amendments to Rule 2a-7, and assertive added regulations, on July 23, 2014 (2014 Money Armamentarium Rules) and accompanying advice (collectively, the 2014 Money Armamentarium Rules and Guidance). Acquiescence with the 2014 Money Armamentarium Rules and Advice became able on October 14, 2016. Federated continues to abutment efforts to admittance the use of amortized bulk appraisal by, and override the amphibian NAV and assertive added requirements imposed beneath the 2014 Money Armamentarium Rules and Advice for, institutional and borough (or tax-exempt) money bazaar funds.”
The 10-Q says, “The accepted authoritative ambiance has impacted, and will abide to impact, Federated’s business, after-effects of operations, cyberbanking action and/or banknote flows. For example, changes adapted beneath the 2014 Money Armamentarium Rules and Advice resulted in a about-face in asset mix from institutional prime and borough (or tax-exempt) money bazaar funds to abiding NAV government money bazaar funds beyond the advance administration industry and at Federated. This about-face impacted Federated’s AUM, revenues and operating income. Administration continues to accept that, as and to the admeasurement absorption ante abide at college levels and do not acknowledgment to abreast zero, money bazaar funds will annual about from added yields, decidedly as compared to drop annual alternatives, and that, as spreads widen, investors who exited prime money bazaar funds will acceptable abide to amend their advance options over time, including Federated’s prime clandestine money bazaar fund. While 2018 and 2019 to date did see a about-face in asset mix aback against institutional prime and borough (tax-exempt) money bazaar funds, there is no agreement such about-face will abide and acknowledgment the asset mix amid institutional prime, borough (or tax-exempt) and government money bazaar funds to pre-October 2016 levels; therefore, the bulk of advance to Federated’s prime money bazaar business can alter and is uncertain.”
It continues, “Management believes that the amphibian NAV, and fees and gates, adapted by the 2014 Money Armamentarium Rules, as able-bodied as added Authoritative Developments, accept been and will abide to be adverse to Federated’s armamentarium business. In accession to the appulse on Federated’s AUM, revenues, operating assets and added aspects of Federated’s business declared above, on a accumulative basis, Federated’s regulatory, artefact development and restructuring, and added efforts in acknowledgment to the Authoritative Developments discussed above, including the centralized and alien assets committed to such efforts, accept had, and may abide to have, a absolute appulse on Federated’s costs and, in turn, cyberbanking performance.”
The address additionally tells us, “On July 19, 2019, the ESMA appear a Final Address on Guidelines on accent assay scenarios beneath the EU Money Bazaar Armamentarium Adjustment (MMF Regulation) and a Final Address on advertisement to competent authorities beneath Commodity 37 of the MMF Regulation, which are aimed at ensuring a articular appliance of the MMF Regulation. As adapted by Commodity 28 of the MMF Regulation, the Guidelines on accent testing authorize accepted advertence ambit of the accent assay scenarios money bazaar funds or managers of money bazaar funds should accommodate in their accent testing scenarios. As adapted by Commodity 37 of the MMF Regulation, the Guidelines on advertisement accommodate advice on how to ample in the advertisement arrangement on money bazaar funds that their managers will address to competent authorities as of the aboriginal division of 2020. Federated continues to assay the new Guidelines and the requirements for compliance.”
Finally, Federated writes, “On April 5, 2017, European Parliament anesthetized EU money bazaar armamentarium reforms (Money Bazaar Armamentarium Adjustment or MMFR). The MMFR provides for the afterward types of money bazaar funds in the EU: (1) Government connected NAV (CNAV) funds; (2) Low animation NAV (LVNAV) funds; (3) Short-term capricious NAV (VNAV) funds; and (4) accepted VNAV funds. The reforms had to be completed in attention to new funds on July 21, 2018 and in attention to assertive absolute funds (including the Federated Funds in Ireland and the UK) on January 21, 2019.”
They add, “Federated activated both centralized and alien assets to complete the about-face of two non-U.S. money bazaar funds to LVNAV funds and two government non-U.S. money bazaar funds to accessible debt CNAV funds, and contrarily began to accede with the MMFR, on January 11, 2019. Federated additionally continues to appoint with barter associations and adapted regulators in affiliation with the MMFR because the European Balance Bazaar Ascendancy and the European Commission abide assignment on implementing the MMFR and government CNAV and LVNAV armamentarium reforms will be accountable to a approaching assay of their capability from a prudential and bread-and-butter angle by the European Commission in 2022.”
UBS Asset Administration is the latest money armamentarium administrator to book to barrage an ESG Money Fund. The allotment filing for UBS Baddest ESG Prime Institutional Armamentarium says the fund’s cold is, “Maximum accepted assets as is constant with clamminess and canning of basic while accumulation baddest environmental, social, and babyminding belief (‘ESG’) into the advance process.” UBS’s offering, which will additionally accommodate “Investor” and “Preferred” armamentarium shares, should become the fifth ESG offering, afterward DWS, BlackRock, SSGA and Morgan Stanley’s launches (or filings). (Note: Goldman has a “social” armamentarium and JPMorgan has chip ESG attempt into all of its funds, as accept several added managers. See our Oct. 17 News, “Morgan Stanley Latest to Convert MMF to ESG; New DWS European ESG.”)
UBS’s new basic announcement says, “The armamentarium invests in balance through an basal adept fund, ESG Prime Adept Fund…. [The absolute bulk arrangement of the Inst armamentarium is 0.18%.] The armamentarium is a money bazaar armamentarium that calculates its net asset bulk to four decimals (e.g., $1.0000) appliance market-based pricing. As a result, its allotment bulk will fluctuate. The armamentarium seeks to accomplish its cold by advance in a adapted portfolio of aerial affection money bazaar instruments of authoritative and clandestine issuers while accumulation axiological sustainability factors, such as ESG achievement of such issuers, into the advance process.”
It explains, “Money bazaar instruments may include: short-term obligations of the US government and its agencies and instrumentalities; repurchase agreements; obligations of issuers in the cyberbanking casework accumulation of industries; bartering paper, added accumulated obligations and asset-backed securities; and borough money bazaar instruments…. In addition, beneath accustomed circumstances, the armamentarium invests at atomic 80% of its net assets (plus the bulk of any borrowing for advance purposes), bent at the time of purchase, in balance that accommodated UBS AM’s sustainability criteria. In developing its sustainability criteria, UBS AM draws aloft firm-wide assets of the UBS Asset Administration Division of UBS Accumulation AG, of which UBS AM is a member.”
The filing continues, “UBS AM conducts its own acclaim analyses of abeyant investments and portfolio holdings, and relies essentially on a committed proprietary acclaim assay team. Embedded in the acclaim assay action is the affiliation of issuer-level acceptable advance assay as guided by the UBS Asset Administration Division’s access to ESG assay and appraisal methodology. The sustainability advance assay provides a added absolute access to aegis alternative than acclaim assay abandoned as centralized and alien ESG ratings are activated to appraise the affection of sustainability practices active by issuers. Acclaim analysts bulk and advance centralized axiological acclaim and ESG ratings, which anatomy the base for a portfolio construction/optimization access and focus on issuers that accord to the fund’s ESG profile. UBS AM’s portfolio architecture action aims to adjust investments in money bazaar instruments with the abstraction of sustainability (i.e., the abeyant for long-term aliment of environmental, bread-and-butter and amusing well-being).”
It tells us, “UBS AM is allotment of the UBS Asset Administration Division of UBS Accumulation AG. The UBS Asset Administration Division, at the all-around level, seeks to be a baton in accumulation sustainability into its administration action and ceremoniousness assorted commitments in the acceptable advance industry. Alive commitments include: Participant in the UN All-around Compact aback its birth in 2000; Absolute affirmation of the GRI (Global Advertisement Initiative) based sustainability disclosure; UBS Asset Administration attestant to Attempt for Amenable Advance (PRI); All-around Initiative for Sustainability Ratings council committee; Sustainability Accounting Standards Board; and, The Forum for Acceptable and Amenable Investing.”
Discussing “Sustainability agency risk,” UBS writes, “Investing primarily in investments that accommodated ESG belief carries the accident that the armamentarium may abandon contrarily adorable advance opportunities, or access or abatement its acknowledgment to assertive types of issuers and, therefore, may underperform compared to funds that do not accede ESG factors in the advance process…. The advance cold of UBS Baddest ESG Prime Institutional Armamentarium is non-fundamental and may be afflicted by the fund’s lath at any time after actor approval.”
They explain, “UBS Baddest ESG Prime Institutional Armamentarium seeks to accomplish its advance cold by advance in a adapted portfolio of aerial affection money bazaar instruments of authoritative and clandestine issuers while accumulation axiological sustainability factors, such as ESG achievement of such issuers, into the advance process. Money bazaar instruments may accommodate short-term obligations of the US government and its instrumentalities; repurchase agreements; obligations of issuers in the cyberbanking casework accumulation of industries; bartering paper, added accumulated obligations and asset-backed securities; and borough money bazaar instruments. UBS Baddest ESG Prime Institutional Armamentarium calculates its net asset bulk to four decimals (e.g., $1.0000) appliance bazaar based pricing, and its allotment bulk will fluctuate.”
The filing states, “Under accustomed circumstances, UBS Baddest ESG Prime Institutional Armamentarium invests at atomic 80% of its net assets (plus the bulk of any borrowing for advance purposes), bent at the time of purchase, in balance that accommodated UBS AM’s sustainability criteria. In developing its sustainability criteria, UBS AM draws aloft firm-wide assets of the UBS Asset Administration Division of UBS Accumulation AG, of which UBS AM is a member. UBS Baddest ESG Prime Institutional Fund’s 80% action is a ‘non-fundamental’ policy. This agency that this advance action may be afflicted by the fund’s lath after actor approval. However, UBS Baddest ESG Prime Institutional Armamentarium has additionally adopted a action to accommodate its shareholders with at atomic 60 days’ above-mentioned accounting apprehension of any change to the 80% advance policy. UBS Baddest ESG Prime Institutional Armamentarium will, beneath accustomed circumstances, advance added than 25% of its absolute assets in the cyberbanking casework accumulation of industries. UBS Baddest ESG Prime Institutional Armamentarium may, however, advance beneath than 25% of its absolute assets in this accumulation of industries as a acting arresting measure.”
They write, “UBS AM conducts its own acclaim analyses of abeyant investments and portfolio holdings, and relies essentially on a committed proprietary acclaim assay team. Embedded in the acclaim assay action is the affiliation of issuer-level acceptable advance assay as guided by the UBS Asset Administration Division’s access to ESG assay and appraisal methodology. The sustainability assay provides a added absolute access to aegis alternative than acclaim assay abandoned as centralized and alien ESG ratings are activated to appraise the affection of sustainability practices active by issuers. Acclaim analysts bulk and advance centralized axiological acclaim and ESG ratings which anatomy the base of a portfolio construction/optimization approach, absorption on companies that accord to affair the ESG contour for the fund. Portfolio architecture focuses on the alignment of a Rule 2a-7 (the adjustment administering money bazaar funds) advance conduct with the abstraction of sustainability — the abeyant for long-term aliment of environmental, bread-and-butter and amusing well-being.”
UBS adds, “Sustainability belief includes the axiological assay of ESG risks of issuers (that is, the issuers of the money bazaar instruments in which the armamentarium may invest), and evaluating whether, at the time of the fund’s investment, such issuers accept bigger than boilerplate achievement in ESG practices and managing ESG risks. The axiological assay of ESG risks may include, but is not bound to, assay of the afterward factors: ecology responsibility; animal rights and activity standards; assortment and admittance in employment; and accumulated governance.”
They acquaint us, “UBS AM will apply a abrogating screening action with attention to aegis alternative for UBS Baddest ESG Prime Institutional Fund, which will exclude from the fund’s portfolio balance or sectors that accomplish articles or appoint in business activities with a abrogating amusing or ecology impact. These may include: arguable weapons; antipersonnel mines; array munitions; developed ball (5% acquirement threshold); tobacco producers (5% acquirement threshold); thermal atramentous (30% acquirement threshold); and, bearing thermal atramentous (30% acquirement threshold). UBS AM may adapt this annual of abrogating screens at any time, after above-mentioned actor approval or notice.”
The announcement says, “Like all money bazaar funds, anniversary of the funds is accountable to maturity, quality, about-face and clamminess requirements pursuant to Rule 2a-7. Anniversary of the funds’ advance strategies are advised to accede with these requirements. Anniversary of the funds may advance in aerial quality, short-term, US dollar-denominated money bazaar instruments advantageous a fixed, capricious or amphibian absorption rate…. Advance primarily in investments that accommodated ESG belief carries the accident that UBS Baddest ESG Prime Institutional Armamentarium may abandon contrarily adorable advance opportunities, or access or abatement its acknowledgment to assertive types of issuers and, therefore, may underperform compared to funds that do not accede ESG factors in the advance process. UBS AM’s appraisal of an issuer’s ESG belief may change over time, which could annual the armamentarium to authority balance that may no best accommodated UBS AM’s accepted ESG criteria.”
It warns, “Investing on the base of ESG belief is qualitative and abstract by attributes and there can be no affirmation that the action activated by any vendors of UBS AM or any acumen acclimatized by UBS AM will reflect the behavior or ethics of any accurate investor. In addition, due to constraints imposed by regulations applicative to money bazaar funds or added considerations apropos to acclaim quality, clamminess or yield, the armamentarium may be beneath able to apparatus as absolutely its ESG advance action than non-money bazaar funds.”
Finally, UBS comments, “Each of UBS Baddest Prime Institutional Armamentarium and UBS Baddest ESG Prime Institutional Armamentarium will advance a cogent allocation of its assets in balance issued by companies in the cyberbanking casework accumulation of industries, including US banking, non-US banking, broker-dealers, allowance companies, accounts companies (e.g., auto finance) and accompanying asset-backed securities. As a result, anniversary fund’s achievement will be decidedly impacted, both absolutely and negatively, by developments in the cyberbanking casework sector, and anniversary armamentarium will be added affected to such developments than added funds that do not apply their investments.”
For added on ESG Money Bazaar Funds, see these Crane Abstracts Annual articles: BlackRock Launches Aboriginal Offshore ESG MMF; ICS LEAF in EUR, GBP, USD (7/22/19), Money Armamentarium Assets Up 13th Anniversary Straight; Fitch on ESG in Money Funds (7/19/19), SSGA Goes Alive with ESG Money Bazaar Fund; Fitch on Prime MF Flows (7/3/19) and Cap Advisors Accumulation Demystifies ESG Investing; Annual Portfolio Backing (6/19/19).
Money armamentarium assets rose for the 25th anniversary out of the accomplished 28, and bankrupt aloft $3.5 abundance for the aboriginal time aback September 2009. ICI’s latest “Money Bazaar Armamentarium Assets” address shows that MMF totals accept added by $466.0 billion, or 15.3%, year-to-date. Over the accomplished 52 weeks, ICI’s money armamentarium asset alternation has added by $629 billion, or 21.8%, with Retail MMFs ascent by $249 billion (22.8%) and Inst MMFs ascent by $380 billion (21.2%). We assay ICI’s latest assets, as able-bodied as their annual “Trends” and “Portfolio Composition” totals, below.
ICI writes, “Total money bazaar armamentarium assets added by $27.27 billion to $3.51 abundance for the anniversary concluded Wednesday, October 30, the Advance Aggregation Institute reported…. Amid taxable money bazaar funds, government funds added by $26.54 billion and prime funds added by $1.46 billion. Tax-exempt money bazaar funds decreased by $738 million.” ICI’s annual alternation shows Institutional MMFs jumping $25.2 billion and Retail MMFs accretion $2.1 billion. Absolute Government MMF assets, including Treasury funds, were $2.626 abundance (74.8% of all money funds), while Absolute Prime MMFs were $750.1 billion (21.4%). Tax Exempt MMFs totaled $137.3 billion, 3.9%.
They explain, “Assets of retail money bazaar funds added by $2.09 billion to $1.34 trillion. Amid retail funds, government money bazaar armamentarium assets added by $442 actor to $765.63 billion, prime money bazaar armamentarium assets added by $1.92 billion to $448.76 billion, and tax-exempt armamentarium assets decreased by $274 actor to $125.44 billion.” Retail assets annual for over a third of absolute assets, or 38.1%, and Government Retail assets accomplish up 57.1% of all Retail MMFs.
The absolution adds, “Assets of institutional money bazaar funds added by $25.18 billion to $2.17 trillion. Amid institutional funds, government money bazaar armamentarium assets added by $26.10 billion to $1.86 trillion, prime money bazaar armamentarium assets decreased by $455 actor to $301.32 billion, and tax-exempt armamentarium assets decreased by $464 actor to $11.90 billion.” Institutional assets accounted for 61.9% of all MMF assets, with Government Institutional assets authoritative up 85.6% of all Institutional MMF totals.
The Advance Aggregation Institute additionally appear its annual “Trends in Alternate Armamentarium Investing” and its latest annual “Month-End Portfolio Backing of Taxable Money Funds” letters yesterday. The latest numbers appearance money armamentarium assets jumping $74.4 billion to $3.441 abundance in September. This follows increases of $87.0 billion in August, $78.2 billion in July and $41.5 billion in June. In the 12 months through Sept. 30, 2019, money armamentarium assets accept added by $577.5 billion, or 20.2%.
The absolution states, “The accumulated assets of the nation’s alternate funds added by $200.85 billion, or 1.0 percent, to $20.13 abundance in September, according to the Advance Aggregation Institute’s official assay of the alternate armamentarium industry. In the survey, alternate armamentarium companies address absolute assets, sales, and redemptions to ICI.”
It explains, “Bond funds had an arrival of $24.38 billion in September, compared with an arrival of $8.96 billion in August…. Money bazaar funds had an arrival of $70.69 billion in September, compared with an arrival of $83.38 billion in August. In September funds offered primarily to institutions had an arrival of $42.53 billion and funds offered primarily to individuals had an arrival of $28.16 billion.”
The latest statistics appearance that Taxable MMFs acquired assets aftermost ages while and Tax Exempt MMFs absent assets. Taxable MMFs added by $75.4 billion in September to $3.307 trillion. Tax-Exempt MMFs decreased $0.9 billion in September to $133.9 billion. Taxable MMF assets added year-over-year by $574.9 billion (21.0%). Tax-Exempt funds rose by $2.6 billion over the accomplished year (2.0%). Band armamentarium assets added by $8.7 billion in September (0.2%) to $4.568 trillion; they’ve risen by $401.1 billion (9.6%) over the accomplished year.
Money funds represent 17.1% of all alternate armamentarium assets (up from 16.9% the antecedent month), while band funds annual for 22.7%, according to ICI. The absolute cardinal of money bazaar funds was 367, the aforementioned the above-mentioned ages and bottomward from 383 a year ago. Taxable money funds numbered 286 funds, and tax-exempt money funds remained at 81 funds.
ICI’s “Month-End Portfolio Holdings” amend confirms a big jump in Treasury backing and a attempt in Repo aftermost month. Repurchase Agreements remained in aboriginal abode amid agreement segments; they decreased by $64.3 billion, or -5.2%, to $1.173 trillion, or 35.5% of holdings. Repo backing accept risen by $253.1 billion, or 27.5%, over the accomplished year. (See our Oct. 10 News, “Oct. Money Armamentarium Portfolio Holdings: Treasuries Surge, Break $1 Trillion.”)
Treasury backing in Taxable money funds added by $113.8 billion, or 13.7%, to $945.2 billion, or 28.6% of holdings. Treasury balance accept added by $180.2 billion, or 23.6%, over the accomplished 12 months. U.S. Government Agency balance were the third bigger segment; they added $33.4 billion, or 5.0%, to $695.4 billion, or 21.0% of holdings. Agency backing accept risen by $74.9 billion, or 12.1%, over the accomplished 12 months.
Certificates of Drop (CDs) stood in fourth place; they decreased by $12.5 billion, or -4.6%, to $258.6 billion (7.8% of assets). CDs captivated by money funds accept developed by $61.7 billion, or 31.4%, over 12 months. Bartering Cardboard remained in fifth place, up $5.5 billion, or 2.4%, to $237.0 billion (7.2% of assets). CP has added by $47.0 billion, or 24.7%, over one year. Notes (including Accumulated and Bank) were up $2.0 billion, or 19.0%, to $12.8 billion (0.4% of assets), while Added backing added to $15.5 billion.
The Cardinal of Accounts Outstanding in ICI’s alternation for taxable money funds added by 301.0 thousand to 35.978 million, while the Cardinal of Funds remained the aforementioned at 286. Over the accomplished 12 months, the cardinal of accounts grew by 3.442 actor and the cardinal of funds decreased by 13. The Boilerplate Ability of Portfolios was 33 days, two added than in August. Over the accomplished 12 months, WAMs of Taxable money accept remained the same.
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