The Investment Company Institute announced earlier this week that "SEC Chairman Mary Jo White to Address ICI GMM and that the "Address Marks Chairman White's First Scheduled Speech to Fund Industry." The release explains, "Newly confirmed U.S. Securities and Exchange Commission Chairman Mary Jo White will address the Investment Company Institute's 55th Annual General Membership Meeting (GMM) at 8 a.m. on Friday, May 3, in Washington, DC. The appearance will mark Chairman White's first scheduled speech to the fund industry." While it's unclear whether money market mutual funds will be a major part of her first address, we're guessing that White will take the occasion to buy more time for a regulatory reform proposal.
The release adds, "Chairman White was sworn in as the 31st Chair of the SEC on April 10, 2013. Previously, she was chair of the litigation department at Debevoise & Plimpton. From 1993 to 2002, White was U.S. Attorney for the Southern District of New York, where she specialized in prosecuting complex securities and financial institution frauds and international terrorism cases. She is the only woman to serve as the district's U.S. Attorney in the 200-year-plus history of that office."
ICI's General Membership Meeting will also features talks with Mary John Miller, Under Secretary of Domestic Finance for the U.S. Treasury, Lloyd C. Blankfein, Chairman and CEO, The Goldman Sachs Group, and a panel moderated by Marie Chandoha, President and CEO, Charles Schwab Investment Management, Inc.. ICI says, "Register today to hear these great speakers and many more at ICI's 55th Annual General Membership Meeting (GMM)."
In other news, ICI released its weekly "Money Market Mutual Fund Assets," which shows money fund assets dropping below the $2.6 trillion level. It says, "Total money market mutual fund assets decreased by $27.47 billion to $2.595 trillion for the week ended Wednesday, April 17, the Investment Company Institute reported today. Taxable government funds decreased by $5.72 billion, taxable non-government funds decreased by $17.22 billion, and tax-exempt funds decreased by $4.53 billion."
The report adds, "Assets of retail money market funds decreased by $1.89 billion to $903.56 billion. Taxable government money market fund assets in the retail category increased by $10 million to $193.47 billion, taxable non-government money market fund assets decreased by $40 million to $518.15 billion, and tax-exempt fund assets decreased by $1.87 billion to $191.94 billion.... Assets of institutional money market funds decreased by $25.58 billion to $1.691 trillion. Among institutional funds, taxable government money market fund assets decreased by $5.74 billion to $694.61 billion, taxable non-government money market fund assets decreased by $17.18 billion to $921.50 billion, and tax-exempt fund assets decreased by $2.66 billion to $75.38 billion."
The past two weeks, money fund assets have decreased by $36.3 billion, the largest April 15 tax-related outflow since 2010. Year-to-date, money fund assets have declined by $110 billion, or 4.1%. Institutional funds are down by $70 billion, or 4.0%, while Retail funds are down by $40 billion, or 4.2%. Given the heavy buildup of money fund assets in late 2012, due partly to special dividends, we expect outflows from tax payments to be particularly heavy over the coming days.
