The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Fourth Quarter 2023," last week, which shows that money fund assets globally jumped by $497.0 billion, or 5.1%, in Q4'23 to $10.441 trillion. The increases were led by a sharp jump in money funds in U.S., while Ireland, Luxembourg, France and China also rose. Meanwhile, money funds in Argentina and Belgium were lower. MMF assets worldwide increased by $1.585 trillion, or 19.1%, in the 12 months through 12/31/23, and money funds in the U.S. now represent 56.7% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: For those attending our Bond Fund Symposium Monday in Philadelphia, welcome! Attendees and Crane Data subscribers may access the conference binder, Powerpoints and recordings (after the show) via our "Bond Fund Symposium 2024 Download Center.")
ICI's release says, "Worldwide regulated open-end fund assets increased 8.6 percent to $68.85 trillion at the end of the fourth quarter of 2023, excluding funds of funds. Worldwide net cash inflow to all funds was $700 billion in the fourth quarter, compared with $403 billion of net inflows in the third 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 fourth 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 increased by US dollar depreciation over the fourth quarter of 2023. For example, on a US dollar–denominated basis, fund assets in Europe increased by 9.3 percent in the fourth quarter, compared with an increase of 4.7 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 11.0 percent to $31.79 trillion at the end of the fourth quarter of 2023. Bond fund assets increased by 7.7 percent to $12.89 trillion in the fourth quarter. Balanced/mixed fund assets increased by 5.8 percent to $7.30 trillion in the fourth quarter, while money market fund assets increased by 5.0 percent globally to $10.44 trillion."
The release also tells us, "At the end of the fourth quarter of 2023, 46% 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 15% of the worldwide total. By region, 54% of worldwide assets were in the Americas in the fourth quarter of 2023, 31% were in Europe, and 14 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $700 billion in the fourth quarter of 2023.... Globally, bond funds posted an inflow of $152 billion in the fourth quarter of 2023, after recording an inflow of $108 billion in the third quarter.... Money market funds worldwide experienced an inflow of $355 billion in the fourth quarter of 2023 after registering an inflow of $275 billion in the third 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 Q4'23 with $5.919 trillion, or 56.7% of all global MMF assets. U.S. MMF assets increased by $238.8 billion (4.4%) in Q4'23 and have increased by $1.143 trillion (25.0%) in the 12 months through December 31, 2023. China remained in second place among countries overall. China saw assets increase $27.8 billion (1.8%) in Q4 to $1.588 trillion (15.2% of worldwide assets). Over the 12 months through December 31, 2023, Chinese MMF assets have increased by $72.7 billion, or 4.8%.
Ireland remained third among country rankings, ending Q4 with $806.4 billion (7.7% of worldwide assets). Irish MMFs were up $84.8B for the quarter, or 11.9%, and up $68.4B, or 10.9%, over the last 12 months. Luxembourg remained in fourth place with $570.7 billion (5.5% of worldwide assets). Assets there increased $60.9 billion, or 12.1%, in Q4, and were up $106.2 billion, or 26.2%, over one year. France was in fifth place with $459.8B, or 4.4% of the total, up $32.5 billion in Q4 (7.6%) and up $76.2B (24.7%) over 12 months.
Australia was listed in sixth place with $268.7 billion, or 2.6% of worldwide assets. Its MMFs increased by $19.7 billion, or 7.8%, in Q4. Korea was the 7th ranked country and saw MMF assets increase $4.7 billion, or 3.6%, in Q4'23 to $133.3 billion (1.3% of the total); they've increased $11.8 billion (11.9%) for the year. Brazil was at 8th place with $125.0 billion (1.2%); assets there increased $6.6 billion (5.6%) in Q4 and increased by $27.8 billion (27.9%) over 12 months. Mexico remained in 9th place, as assets increased $8.9 billion, or 8.0%, to 124.8 billion (1.2% of total assets) in Q4. They've increased $39.0 billion (47.0%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $106.8B, or 1.0% of total assets, up $5.4 billion (5.1%) for the quarter.
India was in 11th place, increasing $53 million, or 0.1%, to $62.8 billion (0.6% of total assets) in Q4 and increasing $1.2 billion (2.1%) over the previous 12 months. Canada ($57.8B, up $4.5B and up $20.3B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($38.6B, down $891M and up $8.2B). Chile ($33.3B, up $1.7B and up $8.2B) and Chinese Taipei ($28.2B, up $2.3B and up $2.5B), rank 14th and 15th, respectively. The United Kingdom, South Africa, Argentina, Spain 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 $6.281 trillion, up $253.6 billion in Q4. Asian MMFs increased by $60.8 billion to $2.196 trillion, and Europe saw its money funds jump $181.7 billion in Q4'23 to $1.943 trillion. Africa saw its money funds increase $818 million to $22.1 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.)
