ICI published its latest weekly "Money Market Fund Assets" report on Thursday. The weekly series shows money fund assets jumping $55.6 billion to a record $7.078 trillion, after rising $7.6 billion the week prior. Money fund assets have increased by `$774.7 billion (or 12.3%) since the Fed last cut rates on 9/18/24 and have increased by $1.101 trillion (or 18.4%) since 4/24/24. MMF assets are up by $924 billion, or 15.0%, over the past 52 weeks (through 7/2/25), with Institutional MMFs up $489 billion, or 13.3% and Retail MMFs up $435 billion, or 17.6%. Year-to-date, MMF assets are up by just $228 billion, or 3.3%, with Institutional MMFs up $55 billion, or 1.3% and Retail MMFs up $173 billion, or 6.3%.
ICI's weekly release says, "Total money market fund assets increased by $55.56 billion to $7.08 trillion for the week ended Wednesday, July 2, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $49.96 billion and prime funds increased by $6.60 billion. Tax-exempt money market funds decreased by $1.00 billion." ICI's stats show Institutional MMFs increasing $43.8 billion and Retail MMFs increasing $11.8 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.769 trillion (81.5% of all money funds), while Total Prime MMFs were $1.170 trillion (16.5%). Tax Exempt MMFs totaled $139.0 billion (2.0%).
It explains, "Assets of retail money market funds increased by $11.78 billion to $2.91 trillion. Among retail funds, government money market fund assets increased by $8.58 billion to $1.83 trillion, prime money market fund assets increased by $4.83 billion to $951.02 billion, and tax-exempt fund assets decreased by $1.63 billion to $126.18 billion." Retail assets account for well over a third of total assets, or 41.1%, and Government Retail assets make up 63.0% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $43.78 billion to $4.17 trillion. Among institutional funds, government money market fund assets increased by $41.38 billion to $3.94 trillion, prime money market fund assets increased by $1.77 billion to $218.93 billion, and tax-exempt fund assets increased by $625 million to $12.80 billion." Institutional assets accounted for 58.9% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $40.6 billion in July (through 7/2/25) to $7.447 trillion; assets hit a record high of $7.463 trillion on July 1 but dipped on 7/2. Assets increased by $6.7 billion in June and jumped by $100.9 billion in May, but fell by $24.4 billion in April. They rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September and $109.7 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 $330 billion lower than Crane's asset series.
In other news, an SEC filing for the SSGA Funds says, "Effective June 30, 2025, the brand name of the global asset management business of State Street Corporation is changing from 'State Street Global Advisors' to 'State Street Investment Management.' Accordingly, effective immediately, 'SSIM' replaces 'SSGA as a defined term and 'SSIM' is defined as 'State Street Investment Management' in each Prospectus and SAI. The brand name change will not result in any changes to the management of the Funds." (See Crane Data's July 1 News, "SSGA Changes Name to State Street Inv. Mgmt.; Cunningham on Fed, MFS.")
Another filing for the UBS Series Funds tells us, a "Supplement to the prospectuses relating to UBS RMA Government Money Market Fund, UBS Select Government Preferred Fund, UBS Select Treasury Preferred Fund, and UBS Select 100% US Treasury Preferred Fund, UBS Select Government Institutional Fund, UBS Select Treasury Institutional Fund, and UBS Select 100% US Treasury Institutional Fund, UBS Prime Preferred Fund, and UBS Prime Reserves Fund, each dated August 28, 2024, as supplemented."
It continues, "Dear Investor, The purpose of this supplement is to update certain information regarding additional compensation received by financial advisors at UBS Financial Services Inc. for the above-named series, series of UBS Series Funds. Effective immediately, the Prospectuses are hereby revised as follows: The section captioned 'Managing your fund account' and sub-captioned 'Additional compensation to affiliated dealer' of the RMA Government Prospectus is revised by replacing the third paragraph of that section in its entirety with the following."
The filing says, "In addition, financial advisors at UBS Financial Services Inc. ('Financial Advisors') receive monthly production credits on all eligible average daily cash balances in sweep programs, money market funds, and UBS Bank USA Core Savings. These production credits are taken into account in the calculation of the applicable Financial Advisors' grid rate schedule (which is used to determine a Financial Advisor's compensation)."
It says, "Only balances in eligible accounts, such as a UBS Resource Management Account and UBS Business Services Account BSA, within the relationship will be aggregated towards calculating the cash balances. All advisory accounts, retirement accounts, and qualified plans are ineligible. Other financial intermediaries through which a fund may be purchased/held may have other compensation arrangements with their staff, and an investor should consult with such other firm regarding questions about such arrangements, if any."
UBS writes, "The section captioned 'Managing your fund account' and sub-captioned 'Additional information about your account' of the Select Preferred Prospectus, Select Institutional Prospectus, Prime Preferred Prospectus, and Prime Reserves Prospectus are revised by replacing the sixth paragraph of that section in its entirety with the following."
It says, "In addition, financial advisors at UBS Financial Services Inc. ('Financial Advisors') receive monthly production credits on all eligible average daily cash balances in sweep programs, money market funds, and UBS Bank USA Core Savings. These production credits are taken into account in the calculation of the applicable Financial Advisors' grid rate schedule (which is used to determine a Financial Advisor's compensation). Only balances in eligible accounts, such as a UBS Resource Management Account and UBS Business Services Account BSA, within the relationship will be aggregated towards calculating the cash balances. All advisory accounts, retirement accounts, and qualified plans are ineligible. Other financial intermediaries through which a fund may be purchased/held may have other compensation arrangements with their staff, and an investor should consult with such other firm regarding questions about such arrangements, if any."
Finally, they comment, "The section captioned 'Managing your fund account' and sub-captioned 'UBS Financial Services Inc.: automated purchasing accounts' and sub-sub-captioned 'Additional information about your account' of the Select Preferred Prospectus, Select Institutional Prospectus, Prime Preferred Prospectus, and Prime Reserves Prospectus are revised by replacing the fifth paragraph of that section in its entirety with the following."
The filing says, "In addition, financial advisors at UBS Financial Services Inc. receive monthly production credits on all eligible average daily cash balances in sweep programs, money market funds, and UBS Bank USA Core Savings. These production credits are taken into account in the calculation of the applicable Financial Advisors' grid rate schedule (which is used to determine a Financial Advisor's compensation). Only balances in eligible accounts, such as a UBS Resource Management Account and UBS Business Services Account BSA, within the relationship will be aggregated towards calculating the cash balances. All advisory accounts, retirement accounts, and qualified plans are ineligible. Other financial intermediaries through which a fund may be purchased/held may have other compensation arrangements with their staff, and an investor should consult with such other firm regarding questions about such arrangements, if any."
