MMFs Drop But Prime to Retake $400B
The Investment Company Institute released its latest weekly "Money Market Mutual Fund Assets" report, which shows Prime assets decreasing for the second week in a row. It says, "Total money market fund assets decreased by $23.26 billion to $2.65 trillion for the week ended Wednesday, March 22, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $26.05 billion and prime funds increased by $3.12 billion. Tax-exempt money market funds decreased by $340 million." Total Government MMF assets, which include Treasury funds too stand at $2.125 trillion (80.1% of all money funds), while Total Prime MMFs stand at $398.0 billion (15.0%). Tax Exempt MMFs total $130.5 billion, or 4.9%. It explains, "Assets of retail money market funds increased by $820 million to $983.90 billion. Among retail funds, government money market fund assets decreased by $150 million to $603.24 billion, prime money market fund assets increased by $960 million to $254.79 billion, and tax-exempt fund assets increased by $20 million to $125.87 billion." Retail assets account for over a third of total assets, or 37.0%, and Government Retail assets make up 61.3% of all Retail MMFs. The release continues, "Assets of institutional money market funds decreased by $24.08 billion to $1.67 trillion. Among institutional funds, government money market fund assets decreased by $25.89 billion to $1.52 trillion, prime money market fund assets increased by $2.16 billion to $143.18 billion, and tax-exempt fund assets decreased by $350 million to $4.62 billion." Institutional assets account for 63.0% of all MMF assets, with Government Inst assets making up 91.1% of all Institutional MMFs.
