ICI: MMF Assets Record $6.187 Trillion
The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday, which shows money market mutual fund assets rising to a record $6.187 trillion in the latest week. Assets have risen in 12 of the last 16 weeks, increasing by $210.0 billion (or 3.5%) since April 24. MMF assets are up by $301 billion, or 6.4%, year-to-date in 2024 (through 8/7/24), with Institutional MMFs up $84 billion, or 2.7% and Retail MMFs up $217 billion, or 12.9%. Over the past 52 weeks, money funds have risen by $657 billion, or 11.9%, with Retail MMFs up by $447 billion (21.7%) and Inst MMFs rising by $210 billion (6.1%). The weekly release says, "Total money market fund assets increased by $52.69 billion to $6.19 trillion for the week ended Wednesday, August 7, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $51.67 billion and prime funds increased by $551 million. Tax-exempt money market funds increased by $468 million." ICI's stats show Institutional MMFs rising $37.3 billion and Retail MMFs rising $15.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.007 trillion (80.9% of all money funds), while Total Prime MMFs were $1.052 trillion (17.0%). Tax Exempt MMFs totaled $129.0 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $15.38 billion to $2.51 trillion. Among retail funds, government money market fund assets increased by $12.66 billion to $1.60 trillion, prime money market fund assets increased by $2.16 billion to $792.35 billion, and tax-exempt fund assets increased by $561 million to $117.21 billion." Retail assets account for over a third of total assets, or 40.5%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $37.31 billion to $3.68 trillion. Among institutional funds, government money market fund assets increased by $39.01 billion to $3.41 trillion, prime money market fund assets decreased by $1.61 billion to $259.19 billion, and tax-exempt fund assets decreased by $93 million to $11.76 billion." Institutional assets accounted for 59.5% of all MMF assets, with Government Institutional assets making up 92.6% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $34.3 billion in August (through 8/7) to $6.540 trillion. They hit a record $6.559 trillion on 7/11 but have since eased off a bit. Assets rose by $16.6 billion in July, $15.7 billion in June and $91.4 billion in May, but they fell $15.8 billion in April and $68.8 billion in March. They 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 and $98.3 billion in August. 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.
