The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Fourth Quarter 2024," Friday, which shows that money fund assets globally rose by $382.8 billion, or 3.4%, in Q4'24 to a record $11.598 trillion. (The totals would have been $11.871 trillion if Australia and New Zealand had been included.) Increases were led by a sharp jump in money funds in U.S. and Luxembourg, while Ireland and China also rose. Meanwhile, money funds in France and Korea were lower. MMF assets worldwide increased by $1.157 trillion, or 11.1%, in the 12 months through 12/31/24, and money funds in the U.S. now represent 59.1% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: For those attending our Bond Fund Symposium March 27-28, Attendees and Crane Data Subscribers may access the BFS Conference Materials here.)
ICI's release says, "Worldwide regulated open-end fund assets, excluding assets in funds of funds, decreased 1.5 percent to $73.86 trillion at the end of the fourth quarter of 2024. Worldwide net cash inflows to all funds were $1.3 trillion in the fourth quarter, compared with $912 billion of net inflows in the third 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 fourth quarter of 2024 contains statistics from 44 jurisdictions."
It explains, "The growth of total regulated open-end fund assets reported in US dollars was negative because the US dollar appreciated over the fourth quarter of 2024. For example, fund assets in Europe increased in the fourth quarter by 3.3 percent on a euro-denominated basis but decreased by 4.2 percent on a US dollar–denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets decreased by 1.0 percent to $35.68 trillion at the end of the fourth quarter of 2024. Bond fund assets decreased by 2.6 percent to $13.77 trillion in the fourth quarter. Balanced/mixed fund assets decreased by 5.9 percent to $7.29 trillion in the fourth quarter, while money market fund assets increased by 3.4 percent globally to $11.60 trillion."
The release also tells us, "At the end of the fourth 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 16% of the worldwide total. By region, 58% of worldwide assets were in the Americas in the fourth quarter of 2024, 31% were in Europe, and 11% were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $1.3 trillion in the fourth quarter of 2024.... Globally, bond funds posted an inflow of $315 billion in the fourth quarter of 2024, after recording an inflow of $244 billion in the third quarter.... Money market funds worldwide experienced an inflow of $582 billion in the fourth quarter of 2024 after registering an inflow of $403 billion in the third 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 Q4'24 with $6.852 trillion, or 59.1% of all global MMF assets. U.S. MMF assets increased by $428.2 billion (6.7%) in Q4'24 and have increased by $933.1 billion (15.8%) in the 12 months through December 31, 2024. China remained in second place among countries overall. China saw assets increase $7.3 billion (0.4%) in Q4 to $1.864 trillion (16.1% of worldwide assets). Over the 12 months through December 31, 2024, Chinese MMF assets have increased by $276.0 billion, or 17.4%.
Ireland remained third among country rankings, ending Q4 with $914.1 billion (7.9% of worldwide assets). Irish MMFs were up $7.4B for the quarter, or 0.8%, and up $107.7B, or 13.4%, over the last 12 months. Luxembourg remained in fourth place with $640.3 billion (5.5% of worldwide assets). Assets there increased $20.0 billion, or 3.2%, in Q4, and were up $69.6 billion, or 12.2%, over one year. France was in fifth place with $450.7B, or 3.9% of the total, down $41.3 billion in Q4 (-8.4%) and down $9.1B (-2.0%) over 12 months.
Australia was listed (by us) in sixth place with $268.7 billion, or 2.3% of worldwide assets. Its MMF data was unavailable for Q4, Q3, Q2 and Q1 so we kept the 2023 Q4 numbers. Mexico was in 7th place with $125.6 billion (1.1%); assets there decreased $4.5 billion (-3.5%) in Q4 and increased by $836 million (0.7%) over 12 months. Korea was the 8th ranked country and saw MMF assets decrease $21.7 billion, or -15.9%, in Q4'24 to $114.6 billion (1.0% of the total); they've decreased $18.7 billion (-14.0%) for the year. Brazil was in 9th place, as assets decreased $15.0 billion, or -12.2%, to $108.0 billion (0.9% of total assets) in Q4. They've decreased $17.0 billion (-13.6%) over the previous 12 months. ICI's statistics show Japan was listed in 10th place with $97.1B, or 0.8% of total assets, down $4.1 billion (-4.1%) for the quarter.
India was in 11th place, increasing $1.9 billion, or 2.4%, to $81.2 billion (0.7% of total assets) in Q4 and increasing $18.5 billion (29.4%) over the previous 12 months. Canada ($59.5B, down $1.2 billion and up $1.6B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($42.0B, down $7.0B and up $3.4B). Turkey ($35.5B, up $9.5B and up $30.5B) and Chile ($32.8B, down $2.8B and down $433M), rank 14th and 15th, respectively. Argentina, United Kingdom, Chinese Taipei, Spain and South Africa round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $7.213 trillion, up $407.9 billion in Q4. Asian MMFs decreased by $14.8 billion to $2.197 trillion, and Europe saw its money funds fall $8.8 billion in Q4'24 to $2.165 trillion. Africa saw its money funds decrease $1.4 billion to $22.4 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.)
