Money market mutual fund assets increased by $21.79 billion to a record $3.608 trillion in the week ended Nov. 5. This marks the first time ICI's money fund asset series has ever broken above the $3.6 trillion mark. Retail assets decreased by $1.45 billion to $1.263 trillion while institutional assets increased by $23.24 billion to $2.345 trillion. Over the past 5 weeks, money fund assets have increased by $160.11 billion, or 4.6%.
General purpose (or "prime") Institutional assets declined for the first time in 4 weeks, by $2.14 billion to $1.053 trillion, though these numbers were distorted downwards by Reserve Primary's huge payment this week. Government (including Treasury) Institutional funds increased for the eighth week in a row, rising $23.86 billion to $1.103 trillion. Govt Inst funds have increased by $409.57 billion over the past 10 weeks. Tax Exempt Institutional assets increased by $1.52 billion to $188.57 billion.
General purpose Retail assets declined by $409 million to $700.08 billion, while Government Retail assets declined by $3.27 billion to $262.34 billion. Tax Exempt Retail assets increased by $2.23 billion to $300.66 billion in the week ended Wednesday. Year-to-date, total money fund assets have increased by $463 billion, or 14.7%. Over 52 weeks, money fund assets have increased by $594 billion, or 19.7%.
Over the past week (through Wednesday), the average yield on money market funds, as measured by our Crane Money Fund Average, fell by 18 basis points to 1.58%. Our Crane 100 Money Fund Index fell by 19 bps to 1.97%. Our Crane Tax-Exempt Money Fund Index fell 30 bps to 1.40%.
The spread between Treasury, Government and Prime funds remains at historic highs with approximately a full percentage point of yield separating each category. Prime Institutional funds yield 2.38%, Government Institutional funds yield 1.41%, and Treasury Inst funds yield 0.45% (7-day simple yield as of Wednesday according to Money Fund Intelligence Daily). Prime Individual funds yield 2.08% vs. 1.24% for Govt Individual and 0.27% for Treas Individual funds.
Note: The November issues of Money Fund Intelligence, MFI XLS, and Crane Index will be sent out to subscribers Monday morning, Nov. 10.
