Money fund assets posted their third straight week of gains in the week ended April 13, but the increases, likely driven by the plunge in repo yields, will no doubt disappear as the April 15 (or 18) tax date looms. ICI's latest weekly "Money Market Mutual Fund Assets" report says, "Total money market mutual fund assets increased by $2.32 billion to $2.746 trillion for the week ended Wednesday, April 13, the Investment Company Institute reported today. Taxable government funds increased by $3.71 billion, taxable non-government funds increased by $2.26 billion, and tax-exempt funds decreased by $3.65 billion."
In other news, ICI announced details on its "2011 Money Market Funds Summit", which will be held May 16, 2011 in Washington, DC. A press release sent out yesterday says, "The Investment Company Institute (ICI) will host a one-day summit on Monday, May 16, bringing together top analysts and industry leaders to discuss the current state of the money markets, progress to date in strengthening money market funds since the financial crisis, and the future of money market fund regulation."
It continues, "The summit will feature the following topics and speakers: Keynote: F. William McNabb III, Chairman and CEO of The Vanguard Group, will deliver the opening address. Luncheon speaker: Doug Holtz-Eakin, President of American Action Forum, will speak at the luncheon.... Lou Crandall, Chief Economist at Wrightson, ICAP, LLC, and Paula Tkac, Vice President and Senior Economist at Federal Reserve Bank of Atlanta, will speak on a panel along with other industry experts about money markets today, as they are moving past the financial crisis.... Along with other industry leaders, Anthony Carfang, Partner and Director at Treasury Strategies, Inc., will discuss the global money market fund industry."
The agenda adds, "A panel moderated by Karrie McMillan, General Counsel of ICI, Travis Barker, Chairman of the Institutional Money Market Funds Association in London, and others will discuss the topic of money market fund regulatory changes since the 2008 financial crisis.... Paul Schott Stevens, President & CEO of ICI will moderate a panel about the future of money market fund regulation.... Andrew J. 'Buddy' Donohue, Partner, Morgan, Lewis, & Bockius LLP and former Director of SEC's Division of Investment Management, and Erik R. Sirri, Professor of Finance, Babson College, will provide their insights in this forward-looking discussion. The complete program is posted on ICI's events page. Event location and attendance details: The St. Regis Hotel, 923 16th Street & K Street, NW, Washington, DC 20006.
As we mentioned in our Crane Data April 10 News "SEC to Host Roundtable on Money Funds and Systematic Risk May 10", "The Securities and Exchange Commission announced today that it will host a roundtable discussion in May on money market funds and systemic risk on May 10." Finally, note also that Crane Data will host its 3rd annual Money Fund Symposium on June 22-24, 2011, at The Philadelphia Marriott, so there will plenty of discussions on the future of money fund regulations in the coming months.
