Prime Gains Up Almost 8% YTD
ICI's new "Money Market Fund Assets" report shows Prime assets rising for their third week in a row. They gained $1.9 billion, after increasing $5.5 billion last week, when they broke over the $400 billion barrier. Year-to-date, Prime MMF assets are up by $29.2 billion, or 7.8%. ICI says, "Total money market fund assets increased by $6.16 billion to $2.65 trillion for the week ended Wednesday, May 10, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $3.91 billion and prime funds increased by $1.89 billion. Tax-exempt money market funds increased by $370 million." Total Government MMF assets, which include Treasury funds too, stand at $2.115 trillion (79.8% of all money funds), while Total Prime MMFs stand at $405.5 billion (15.3%). Tax Exempt MMFs total $129.3 billion, or 4.9%. It explains, "Assets of retail money market funds decreased by $3.94 billion to $965.23 billion. Among retail funds, government money market fund assets decreased by $3.44 billion to $590.11 billion, prime money market fund assets decreased by $410 million to $251.57 billion, and tax-exempt fund assets decreased by $100 million to $123.55 billion." Retail assets account for over a third of total assets, or 36.4%, and Government Retail assets make up 61.1% of all Retail MMFs. The release continues, "Assets of institutional money market funds increased by $10.10 billion to $1.68 trillion. Among institutional funds, government money market fund assets increased by $7.34 billion to $1.52 trillion, prime money market fund assets increased by $2.30 billion to $153.96 billion, and tax-exempt fund assets increased by $460 million to $5.75 billion." Institutional assets account for 63.6% of all MMF assets, with Government Inst assets making up 90.5% of all Institutional MMFs.
