Prime Assets Rise for 4th Week
ICI's new "Money Market Fund Assets" report shows Prime assets rising for their fourth week in a row. They gained $1.1 billion, after increasing $1.9 billion last week and $5.5 billion the week before, when they broke over the $400 billion barrier. Year-to-date, Prime MMF assets are up by $27.8 billion, or 7.2%. ICI says, "Total money market fund assets decreased by $5.13 billion to $2.64 trillion for the week ended Wednesday, May 17, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $6.50 billion and prime funds increased by $1.09 billion. Tax-exempt money market funds increased by $278 million." Total Government MMF assets, which include Treasury funds too, stand at $2.109 trillion (79.7% of all money funds), while Total Prime MMFs stand at $406.6 billion (15.4%). Tax Exempt MMFs total $129.6 billion, or 4.9%. It explains, "Assets of retail money market funds decreased by $2.10 billion to $963.13 billion. Among retail funds, government money market fund assets decreased by $1.86 billion to $588.25 billion, prime money market fund assets decreased by $410 million to $251.16 billion, and tax-exempt fund assets increased by $174 million to $123.72 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 decreased by $3.03 billion to $1.68 trillion. Among institutional funds, government money market fund assets decreased by $4.64 billion to $1.52 trillion, prime money market fund assets increased by $1.50 billion to $155.47 billion, and tax-exempt fund assets increased by $104 million to $5.86 billion." Institutional assets account for 63.6% of all MMF assets, with Government Inst assets making up 90.4% of all Institutional MMFs.
