MMF Assets Increase $24 Billion
ICI's weekly "Money Market Mutual Fund Assets" release says, "Total money market mutual fund assets increased by $24.23 billion to $2.878 trillion for the week ended Wednesday, May 12, the Investment Company Institute reported today. Taxable government funds increased by $25.48 billion, taxable non-government funds increased by $280 million, and tax-exempt funds decreased by $1.53 billion." See also the press release, "BNY Mellon Asset Servicing and Investor Analytics to Provide Money Market Stress Test Service for Six ING Funds," which says, "BNY Mellon Asset Servicing, the global leader in securities servicing, and Investor Analytics, a global leader in risk measurement and risk management solutions, have been selected by ING Funds to model the impact of interest-rate shocks, credit risk shocks and liquidity risk shocks on its six money market funds. This service, available through BNY Mellon's strategic alliance with Investor Analytics, will help money market funds comply with Rule 2a-7 issued by the U.S. Securities and Exchange Commission (SEC). The rule, which became effective May 5, 2010, requires money market funds to examine combinations of potential stresses." The release quotes Joseph Keenan, MD at BNY Mellon Asset Servicing, "Our selection by ING reinforces our commitment to providing a broad range of services to the mutual fund industry. We see this capability as a foundation for providing risk analysis and stress testing for our clients globally as regulatory pressures continue to rise."
