Money market fund assets rose for the fourth straight week, hitting the $2.70 trillion level for the first time since January 2015, according to ICI's latest "Money Market Mutual Fund Assets" report. Government money funds (which ICI labels "Treasury") broke back over the $1 trillion level, which they first breached in August, and Institutional money funds broke back above $1.8 trillion. The release says, "Total money market fund assets increased by $9.50 billion to $2.70 trillion for the week ended Wednesday, October 14, the Investment Company Institute reported today. Among taxable money market funds, Treasury funds (including agency and repo) increased by $7.31 billion and prime funds increased by $1.98 billion. Tax-exempt money market funds increased by $210 million. Assets of retail money market funds decreased by $1.51 billion to $898.34 billion. Among retail funds, Treasury money market fund assets decreased by $310 million to $206.29 billion, prime money market fund assets decreased by $1.30 billion to $511.95 billion, and tax-exempt fund assets increased by $110 million to $180.10 billion. Assets of institutional money market funds increased by $11.00 billion to $1.80 trillion. Among institutional funds, Treasury money market fund assets increased by $7.62 billion to $794.16 billion, prime money market fund assets increased by $3.28 billion to $937.89 billion, and tax-exempt fund assets increased by $100 million to $67.45 billion." Year-to-date, money fund assets are down just $35 billion, or 1.3%. Month-to-date, money fund assets are up $29 billion. In other news, Pensions & Investments writes, "Fidelity Ditches Pyramis Name, Rebrands Institutional Distribution Business." It says, "Fidelity Investments consolidated a number of its divisions to create a new business for consultants and institutional investors.... The new business, Fidelity Institutional Asset Management, combines the distribution and client service teams from Pyramis Global Advisors and Fidelity Financial Advisor Solutions."
