MMF Assets Down, RBB Liquidates
Following a rebound last week, money fund assets fell this week says ICI in its latest weekly "Money Market Mutual Fund Assets" report. The release says, "Total money market fund assets decreased by $18.60 billion to $2.67 trillion for the week ended Wednesday, March 4, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) decreased by $8.15 billion and prime funds decreased by $11.22 billion. Tax-exempt money market funds increased by $780 million. Assets of retail money market funds decreased by $2.57 billion to $893.52 billion. Among retail funds, Treasury money market fund assets decreased by $1.57 billion to $194.51 billion, prime money market fund assets decreased by $1.18 billion to $509.53 billion, and tax-exempt fund assets increased by $180 million to $189.49 billion. Assets of institutional money market funds decreased by $16.04 billion to $1.78 trillion. Among institutional funds, Treasury money market fund assets decreased by $6.59 billion to $773.52 billion, prime money market fund assets decreased by $10.05 billion to $932.98 billion, and tax-exempt fund assets increased by $600 million to $72.37 billion." Year-to-date, money fund assets have decreased by $61 billion, or 2.2%. In other news, two Prime Retail MMF have been liquidated, the $9 million RBB Bedford Money Market Fund and the $1 million RBB Sansom Street MMF. The SEC filing says, "On December 5, 2014, the Board of Directors of The RBB Fund, Inc. (the "Board") approved a plan of liquidation and termination for the Money Market Portfolio (the "Fund").... On or about January 30, 2015 (the "Liquidation Date"), the Fund will redeem all investors' shares at net asset value, and the Fund will terminate. Investors holding shares of the Fund on the Liquidation Date will receive cash representing proceeds from the redemption. Absent other instructions, the cash proceeds will be distributed by mailing a check to each investor of record at such investor's address of record."
