Reuters on $100 Billion Drop.
Reuters writes "These Money Market Funds Lost $100 Billion in Assets in a Week". The piece, posted on Time's Money.com, says, "Assets of U.S. prime money market funds for institutional investors posted a drop of over $100 billion in assets in the latest week as new regulations are scheduled to go into effect next week, the Money Fund Report said on Wednesday. A number of institutional prime money funds have been converting to funds that own only U.S. government securities in an effort to be exempted from the new Securities and Exchange Commission rules that will be implemented on Oct. 14." It adds, "Institutional prime funds, which could invest in riskier securities in addition to government debt, saw a $122.30 billion asset drop to $223.33 billion in the week ended Oct. 4, according to the report published by iMoneyNet. Institutional government-only funds experienced an $87.27 billion increase, bringing their total assets to $1.506 trillion in the latest week. Since October 2015, institutional investors and fund managers have shifted about $860 billion of assets into government-only funds from prime funds." (Note: Crane Data's Money Fund Intelligence Daily shows Prime MMF assets down by $116 billion in the week through 10/4.) See also, the Financial Times writes, "Funds sniff openings in US money market industry upheaval."
