Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds decreased over the past 30 days to $1.696 trillion, the month prior assets reached a record high of $1.706 trillion. Yields were up, while assets for USD and EUR MMFs declined and GBP MMFs 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, decreased by $10.2 billion over the 30 days through 8/13. The totals are up $111.5 billion (7.0%) 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: Please join us for our upcoming European Money Fund Symposium, which will be held Sept. 24-25 in Paris, France.)
Offshore US Dollar money funds decreased $9.5 billion over the last 30 days and are up $56.2 billion YTD to $892.2 billion; they increased $92.3 billion in 2025. Euro funds decreased E1.4 billion over the past month. YTD, they're up E21.6 billion to E352.0 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L680 million over 30 days, and they're up L15.9 billion YTD at L289.0B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (328) account for over half (52.6%) of the "European" money fund total, while Euro (EUR) money funds (248) make up 24.4% and Pound Sterling (GBP) funds (213) total 23.0%. 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 3.61% (7-Day) on average (as of 8/13/26), up 4 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 2.22% 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 36 months ago, but they broke back below 5.0% 25 months ago. They now yield 3.78%, up 1 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 August MFI International Portfolio Holdings, with data as of 7/31/26, show that European-domiciled US Dollar MMFs, on average, consist of 28% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 28% in Repo, 15% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 50.6% of their portfolios maturing Overnight, 5.5% maturing in 2-7 Days, 7.2% maturing in 8-30 Days, 8.0% maturing in 31-60 Days, 7.6% maturing in 61-90 Days, 12.4% maturing in 91-180 Days and 8.7% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (37.0%), France (10.8%), Canada (10.2%), Japan (7.3%), the U.K. (5.6%), Germany (5.4%), Australia (4.8%), the Netherlands (3.4%), Finland (3.3%) and Sweden (3.1%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $133.2B (15.0%), Fixed Income Clearing Corp with $49.9B (5.6%), JP Morgan with $36.9B (4.2%), Nordea Bank with $28.1B (3.2%), Barclays PLC with $24.1B (2.7%), Credit Agricole with $22.6B (2.6%), Societe Generale with $20.0B (2.3%), Deutsche Bank AG with $19.2B (2.2%), RBC with $18.4B (2.1%) and Australia & New Zealand Banking Group Ltd with $18.0B (2.0%).
Euro MMFs tracked by Crane Data contain, on average 36% in CP, 22% in CDs, 13% in Other (primarily Time Deposits), 26% in Repo, 3% in Treasuries and 0% in Agency securities. EUR funds have on average 40.9% of their portfolios maturing Overnight, 7.2% maturing in 2-7 Days, 9.1% maturing in 8-30 Days, 11.9% maturing in 31-60 Days, 8.8% maturing in 61-90 Days, 13.8% maturing in 91-180 Days and 8.4% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (24.8%), the U.S. (10.9%), Canada (10.3%), Japan (9.8%), the Netherlands (6.0%), the U.K. (5.1%), Germany (4.9%), Sweden (4.5%), Belgium (4.2%) and Finland (3.9%).
The 10 Largest Issuers to "offshore" EUR money funds include: Credit Agricole with E15.7B (5.0%), BNP Paribas with E15.1B (4.8%), JP Morgan with E12.3B (3.9%), Mizuho Corporate Bank Ltd with E10.6B (3.4%), ING Bank with E10.2B (3.2%), Bank of Nova Scotia with E8.6B (2.7%), Republic of France with E8.6B (2.7%), RBC with E8.4B (2.7%), Societe Generale with E8.3B (2.6%) and Nordea Bank with E8.1B (2.6%).
The GBP funds tracked by MFI International contain, on average (as of 7/31/26): 33% in CDs, 23% in CP, 20% in Other (Time Deposits), 20% in Repo, 3% in Treasury and 1% in Agency. Sterling funds have on average 37.1% of their portfolios maturing Overnight, 7.5% maturing in 2-7 Days, 9.0% maturing in 8-30 Days, 10.1% maturing in 31-60 Days, 9.6% maturing in 61-90 Days, 16.7% maturing in 91-180 Days and 10.1% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (15.1%), France (15.0%), the U.K. (12.9%), the U.S. (11.5%), Japan (10.0%), Australia (8.2%), the Netherlands (5.4%), Singapore (4.0%), Spain (3.1%) and Finland (2.9%).
The 10 Largest Issuers to "offshore" GBP money funds include: UK Treasury with L15.4B (5.8%), RBC with L13.2B (5.0%), BNP Paribas with L13.1B (4.9%), Citi with L9.6B (3.6%), JP Morgan with L8.0B (3.0%), Mizuho Corporate Bank Ltd with L7.7B (2.9%), Banco Santander with L7.6B (2.8%), Credit Agricole with L7.5B (2.8%), Australia & New Zealand Banking Group Ltd with L7.5B (2.8%) and Toronto-Dominion Bank with L7.2B (2.7%).
In other news, State Street Investment Management (SSIM) recently posted a "Monthly Cash Review USD," titled, "Higher-for-longer keeps cash in focus." Will Goldthwait writes, "July had a little something for everyone.... For cash investors, however, the story was considerably simpler. Short-term yields remained attractive, money market funds continued to offer compelling income opportunities, and the Federal Reserve once again demonstrated that rate cuts are not distributed simply because certain people want them."
A section titled, "What Matters For Cash Investors," states, "Despite the headlines, the environment for cash investors remained constructive. The money market curve continues to offer attractive yields, liquidity conditions remained healthy, and front-end interest rates stayed elevated. Funding markets functioned smoothly despite increased Treasury bill issuance and periodic market volatility. More importantly, the month reinforced a message that cash investors have benefited from repeatedly over the past year: patience continues to generate income."
The brief adds, "July reminded investors that uncertainty is not a policy mistake. It is often the natural consequence of an economy that continues to evolve. The Federal Reserve does not know precisely where inflation, growth or employment will be six months from now. Nor does anyone else.... Looking ahead, as long as inflation remains above target and policymakers continue to emphasise data dependence, the environment should remain supportive for cash investors. In the meantime, the cash market continues doing what it does best: generating income, preserving liquidity and quietly avoiding most of the drama. That sounds like a pretty good outcome."
