The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2024," this week, which shows that money fund assets globally fell by $35.6 billion, or -0.3%, in Q1'24 to $10.405 trillion. But the series excluded Australia's 6th largest $286.7 billion, so assets would have increased by $236.8 billion (or 2.3%) with Australia included. Increases were led by a sharp jump in money funds in U.S. and China, while Luxembourg and Mexico also rose. Meanwhile, money funds in Ireland and Chile were lower. MMF assets worldwide increased by $944.5 billion, or 10.0%, in the 12 months through 3/31/24, and money funds in the U.S. now represent 57.5% of worldwide assets. We review the latest Worldwide MMF totals, below.
ICI's release says, "Worldwide regulated open-end fund assets increased 0.5 percent to $69.17 trillion at the end of the first quarter of 2024, excluding funds of funds. Worldwide net cash inflow to all funds was $814 billion in the first quarter, compared with $674 billion of net inflows in the fourth 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 first quarter of 2024 contains statistics from 44 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 first quarter of 2024. For example, on a US dollar–denominated basis, fund assets in Europe increased by 2.3 percent in the first quarter, compared with an increase of 4.5 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 4.1 percent to $33.08 trillion at the end of the first quarter of 2024. Bond fund assets increased by 0.8 percent to $13.00 trillion in the first quarter. Balanced/mixed fund assets increased by 0.5 percent to $7.33 trillion in the first quarter, while money market fund assets decreased by 0.3 percent globally to $10.41 trillion."
The release also tells us, "At the end of the first quarter of 2024, 48% 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, 57% of worldwide assets were in the Americas in the first quarter of 2024, 32% were in Europe, and 11 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $814 billion in the first quarter of 2024.... Globally, bond funds posted an inflow of $367 billion in the first quarter of 2024, after recording an inflow of $147 billion in the fourth quarter.... Money market funds worldwide experienced an inflow of $277 billion in the first quarter of 2024 after registering an inflow of $358 billion in the fourth 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 Q1'24 with $5.984 trillion, or 57.5% of all global MMF assets. U.S. MMF assets increased by $64.5 billion (1.1%) in Q1'24 and have increased by $745.5 billion (14.2%) in the 12 months through March 31, 2024. China remained in second place among countries overall. China saw assets increase $141.2 billion (8.9%) in Q1 to $1.730 trillion (16.6% of worldwide assets). Over the 12 months through March 31, 2024, Chinese MMF assets have increased by $135.0 billion, or 8.5%.
Ireland remained third among country rankings, ending Q1 with $783.5 billion (7.5% of worldwide assets). Irish MMFs were down $22.9B for the quarter, or -2.8%, and up $65.0B, or 9.0%, over the last 12 months. Luxembourg remained in fourth place with $575.6 billion (5.5% of worldwide assets). Assets there increased $4.8 billion, or 0.8%, in Q1, and were up $85.0 billion, or 17.3%, over one year. France was in fifth place with $479.3B, or 4.6% of the total, up $19.6 billion in Q1 (4.3%) and up $65.8B (15.9%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.6% of worldwide assets. Its MMF data was unavailable for Q1 so we kept the Q4 numbers. Korea was the 7th ranked country and saw MMF assets increase $9.3 billion, or 7.0%, in Q1'24 to $142.6 billion (1.4% of the total); they've increased $4.7 billion (3.4%) for the year. Mexico moved up to 8th place with $135.3 billion (1.3%); assets there increased $10.5 billion (8.5%) in Q1 and increased by $35.8 billion (36.0%) over 12 months. Brazil fell to 9th place, as assets increased $4.1 billion, or 3.2%, to $129.1 billion (1.2% of total assets) in Q1. They've increased $18.4 billion (16.6%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $102.5B, or 1.0% of total assets, down $4.3 billion (-4.0%) for the quarter.
India was in 11th place, decreasing $1.3 billion, or -2.1%, to $61.5 billion (0.6% of total assets) in Q1 and increasing $7.8 billion (14.5%) over the previous 12 months. Canada ($57.7B, down $172 million and up $14.7B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($39.6B, up $952M and up $5.7B). Chinese Taipei ($27.9B, down $291M and up $1.7B) and United Kingdom ($27.6B, down $508M and up $3.1B), rank 14th and 15th, respectively. Chile, 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 $6.357 trillion, up $76.2 billion in Q1. Asian MMFs decreased by $123.2 billion to $2.072 trillion, and Europe saw its money funds jump $11.6 billion in Q1'24 to $1.954 trillion. Africa saw its money funds decrease $194 million to $21.9 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.)
