Assets Up 4th Straight Week
ICI's latest "Money Market Mutual Fund Assets" report shows assets increasing for the fourth straight week. It says, "Total money market fund assets increased by $19.18 billion to $2.63 trillion for the week ended Wednesday, July 8, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) increased by $1.30 billion and prime funds increased by $13.28 billion. Tax-exempt money market funds increased by $4.61 billion. Assets of retail money market funds increased by $7.29 billion to $872.00 billion. Among retail funds, Treasury money market fund assets increased by $3.56 billion to $195.02 billion, prime money market fund assets increased by $1.12 billion to $497.29 billion, and tax-exempt fund assets increased by $2.61 billion to $179.69 billion. Assets of institutional money market funds increased by $11.89 billion to $1.76 trillion. Among institutional funds, Treasury money market fund assets decreased by $2.26 billion to $779.05 billion, prime money market fund assets increased by $12.16 billion to $913.93 billion, and tax-exempt fund assets increased by $2.00 billion to $68.76 billion." Year-to-date, money fund assets are down $99 billion or 3.6%. Money fund assets increased by $15.2 billion in June according to Crane Data's Money Fund Intelligence XLS, a surprisingly strong showing for what is traditionally one of the weakest months of the year. (Only March has averaged larger average outflows since 2008 -- $69 billion vs. $45 billion for June.) This marks the first time MMF assets have increased in June in 9 years (since 2007)!
