The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Third Quarter 2023," last week, which shows that money fund assets globally jumped by $225.3 billion, or 2.3%, in Q3'23 to $9.944 trillion. The increases were led by a sharp jump in money funds in U.S., while Ireland, Luxembourg, Mexico and Canada also rose. Meanwhile, money funds in China and Australia were lower. MMF assets worldwide increased by $1.639 trillion, or 19.7%, in the 12 months through 9/30/23, and money funds in the U.S. now represent 57.1% of worldwide assets. We review the latest Worldwide MMF totals, below.
ICI's release says, "Worldwide regulated open-end fund assets decreased 2.6 percent to $63.39 trillion at the end of the third quarter of 2023, excluding funds of funds. Worldwide net cash inflow to all funds was $403 billion in the third quarter, compared with $513 billion of net inflows in the second quarter of 2023. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the third quarter of 2023 contains statistics from 45 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets reported in US dollars was decreased by US dollar appreciation over the third quarter of 2023. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 3.0 percent in the third quarter, compared with a decrease of 0.6 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets decreased by 3.8 percent to $28.71 trillion at the end of the third quarter of 2023. Bond fund assets decreased by 2.0 percent to $11.97 trillion in the third quarter. Balanced/mixed fund assets decreased by 5.4 percent to $6.83 trillion in the third quarter, while money market fund assets increased by 2.3 percent globally to $9.94 trillion."
The release also tells us, "At the end of the third quarter of 2023, 45% of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19% and the asset share of balanced/mixed funds was 11%. Money market fund assets represented 16% of the worldwide total. By region, 54% of worldwide assets were in the Americas in the third quarter of 2023, 31% were in Europe, and 15 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $403 billion in the third quarter of 2023.... Globally, bond funds posted an inflow of $107 billion in the third quarter of 2023, after recording an inflow of $226 billion in the second quarter.... Money market funds worldwide experienced an inflow of $276 billion in the third quarter of 2023 after registering an inflow of $314 billion in the second quarter of 2023."
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. sustained its position as the largest money fund market in Q3'23 with $5.681 trillion, or 57.1% of all global MMF assets. U.S. MMF assets increased by $230.6 billion (4.2%) in Q3'23 and have increased by $1.110 trillion (24.3%) in the 12 months through September 30, 2023. China remained in second place among countries overall. China saw assets decrease $22.8 billion (-1.4%) in Q3 to $1.561 trillion (15.7% of worldwide assets). Over the 12 months through September 30, 2023, Chinese MMF assets have increased by $58.6 billion, or 3.9%.
Ireland remained third among country rankings, ending Q3 with $721.6 billion (7.3% of worldwide assets). Irish MMFs were up $10.1B for the quarter, or 1.4%, and up $93.4B, or 14.9%, over the last 12 months. Luxembourg remained in fourth place with $509.9 billion (5.1% of worldwide assets). Assets there increased $8.4 billion, or 1.7%, in Q3, and were up $105.3 billion, or 26.0%, over one year. France was in fifth place with $427.3B, or 4.3% of the total, down $242 million in Q3 (-0.1%) and up $118.6B (38.4%) over 12 months.
Australia was listed in sixth place with $248.9 billion, or 2.5% of worldwide assets. Its MMFs decreased by $4.6 billion, or -1.8%, in Q3. Korea was the 7th ranked country and saw MMF assets decrease $652 million, or -0.5%, in Q3'23 to $128.6 billion (1.3% of the total); they've increased $28.9 billion (29.0%) for the year. Brazil was at 8th place with $118.4 billion (1.2%); assets there increased $1.8 billion (1.5%) in Q3 and increased by $18.7 billion (18.8%) over 12 months. Mexico remained in 9th place, as assets increased $4.0 billion, or 3.6%, to 115.8 billion (1.2% of total assets) in Q3. They've increased $32.8 billion (39.4%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $101.5B, or 1.0% of total assets, down $4.4 billion (-4.1%) for the quarter.
India was in 11th place, decreasing $5.5 billion, or -8.0%, to $62.7 billion (0.6% of total assets) in Q3 and increasing $6.3 billion (11.2%) over the previous 12 months. Canada ($53.3B, up $4.5B and up $22.6B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($39.5B, up $2.6B and up $15.2B). Chile ($31.5B, up $1.4B and up $9.2B) and The United Kingdom ($26.1B, down $73M and up $3.6B), rank 14th and 15th, respectively. Chinese Taipei, Argentina, South Africa, Belgium and Germany round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $6.027 trillion, up $245.4 billion in Q3. Asian MMFs decreased by $40.5 billion to $2.135 trillion, and Europe saw its money funds jump $19.6 billion in Q3'23 to $1.761 trillion. Africa saw its money funds increase $816 million to $21.3 billion.
Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have mainly domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data. (Let us know too if you'd like to see our latest Money Fund Intelligence International product, which tracks "offshore" money market funds domiciled in Europe and outside the U.S.)
