ICI: MMF Assets Hit Another Record
Money market mutual fund assets increased by $18.7 billion the past week to a record $6.077 trillion after jumping $49.9 billion the previous week, according to ICI's latest weekly "Money Market Fund Assets" report. MMF assets are up by $191 billion, or 3.7%, year-to-date in 2024 (through 3/6/24), with Institutional MMFs up $97 billion, or 3.1% and Retail MMFs up $94 billion, or 4.9%. Over the past 52 weeks, money funds have risen a massive $1.165 trillion, or 23.8%, with Retail MMFs rising by $556 billion (30.7%) and Inst MMFs rising by $609 billion (19.8%). The weekly release says, "Total money market fund assets increased by $18.65 billion to $6.08 trillion for the week ended Wednesday, March 6, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $21.56 billion and prime funds decreased by $3.57 billion. Tax-exempt money market funds increased by $658 million." ICI's stats show Institutional MMFs rising $3.6 billion and Retail MMFs rising $18.7 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.938 trillion (81.3% of all money funds), while Total Prime MMFs were $1.019 trillion (16.8%). Tax Exempt MMFs totaled $119.9 billion (2.0%). ICI explains, "Assets of retail money market funds increased by $15.07 billion to $2.38 trillion. Among retail funds, government money market fund assets increased by $7.77 billion to $1.53 trillion, prime money market fund assets increased by $6.49 billion to $740.23 billion, and tax-exempt fund assets increased by $807 million to $109.08 billion." Retail assets account for over a third of total assets, or 39.2%, and Government Retail assets make up 64.4% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $3.59 billion to $3.69 trillion. Among institutional funds, government money market fund assets increased by $13.79 billion to $3.40 trillion, prime money market fund assets decreased by $10.06 billion to $279.26 billion, and tax-exempt fund assets decreased by $149 million to $10.84 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 92.1% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $13.8 billion in March (through 3/6) to $6.480 trillion (they were a record $6.494 trillion the previous day). Assets rose $72.1 billion in February, $93.9 billion in January, $32.7 billion in December and $226.4 billion in November. MMF totals fell by $31.9 billion in October. They rose $93.9 billion in September, $98.3 billion in August and $34.7 billion in July. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.
