The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2024," this week, which shows that money fund assets globally rose by $201.6 billion, or 1.9%, in Q2'24 to $10.643 trillion. Increases were led by a sharp jump in money funds in U.S. and China, while Luxembourg and India also rose. Meanwhile, money funds in Brazil and Japan were lower. MMF assets worldwide increased by $923.8 billion, or 9.5%, in the 12 months through 6/30/24, and money funds in the U.S. now represent 57.2% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: We hope you enjoyed Day 1 of our European Money Fund Symposium in London! We look forward to an informative Day 2, and thanks to all who attended and supported!)
ICI's release says, "Worldwide regulated open-end fund assets increased 1.5 percent to $70.20 trillion at the end of the second quarter of 2024, excluding funds of funds. Worldwide net cash inflow to all funds was $830 billion in the second quarter, compared with $817 billion of net inflows in the first quarter of 2024. 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 second 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 second quarter of 2024. For example, on a US dollar–denominated basis, fund assets in Europe increased by 1.1 percent in the second quarter, compared with an increase of 2.1 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 1.5 percent to $33.58 trillion at the end of the second quarter of 2024. Bond fund assets increased by 2.0 percent to $13.26 trillion in the second quarter. Balanced/mixed fund assets decreased by 0.6 percent to $7.29 trillion in the second quarter, while money market fund assets increased by 2.3 percent globally to $10.64 trillion."
The release also tells us, "At the end of the second 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 10%. Money market fund assets represented 15% of the worldwide total. By region, 57% of worldwide assets were in the Americas in the second quarter of 2024, 32% were in Europe, and 11% were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $830 billion in the second quarter of 2024.... Globally, bond funds posted an inflow of $429 billion in the second quarter of 2024, after recording an inflow of $369 billion in the first quarter.... Money market funds worldwide experienced an inflow of $262 billion in the second quarter of 2024 after registering an inflow of $277 billion in the first quarter of 2024."
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 Q2'24 with $6.092 trillion, or 57.2% of all global MMF assets. U.S. MMF assets increased by $172.7 billion (2.9%) in Q2'24 and have increased by $642.1 billion (11.8%) in the 12 months through June 30, 2024. China remained in second place among countries overall. China saw assets increase $226.3 billion (14.2%) in Q2 to $1.815 trillion (17.1% of worldwide assets). Over the 12 months through June 30, 2024, Chinese MMF assets have increased by $231.3 billion, or 14.6%.
Ireland remained third among country rankings, ending Q2 with $814.0 billion (7.6% of worldwide assets). Irish MMFs were up $7.6B for the quarter, or 0.9%, and up $102.5B, or 14.4%, over the last 12 months. Luxembourg remained in fourth place with $586.4 billion (5.5% of worldwide assets). Assets there increased $15.6 billion, or 2.7%, in Q2, and were up $85.0 billion, or 16.9%, over one year. France was in fifth place with $460.6B, or 4.3% of the total, up $861 million in Q2 (0.2%) and up $33.1B (7.8%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.5% of worldwide assets. Its MMF data was unavailable for Q2 and Q1 so we kept the Q4 numbers. Korea was the 7th ranked country and saw MMF assets increase $4.8 billion, or 3.6%, in Q2'24 to $138.1 billion (1.3% of the total); they've increased $8.8 billion (6.8%) for the year. Mexico was in 8th place with $132.9 billion (1.2%); assets there increased $8.1 billion (6.5%) in Q2 and increased by $21.1 billion (18.8%) over 12 months. Brazil was in 9th place, as assets decreased $5.4 billion, or -4.3%, to $119.6 billion (1.1% of total assets) in Q2. They've increased $2.9 billion (2.5%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $95.5B, or 0.9% of total assets, down $11.4 billion (-10.7%) for the quarter.
India was in 11th place, increasing $12.2 billion, or 19.4%, to $74.9 billion (0.7% of total assets) in Q2 and increasing $6.7 billion (9.9%) over the previous 12 months. Canada ($59.4B, up $1.5 billion and up $10.5B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($43.4B, up $4.8B and up $6.6B). Chile ($34.9B, up $1.6B and up $4.7B) and United Kingdom ($28.3B, up $206M and up $2.2B), rank 14th and 15th, respectively. Chinese Taipei, Argentina, South Africa, Spain and Turkey round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $6.468 trillion, up $187.2 billion in Q2. Asian MMFs decreased by $36.6 billion to $2.159 trillion, and Europe saw its money funds jump $50.2 billion in Q2'24 to $1.993 trillion. Africa saw its money funds increase $777 million to $22.9 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.)
