The Investment Company Institute released its "Worldwide Regulated Open-End Fund Assets and Flows First Quarter 2017" Tuesday. The latest data collection on mutual funds in other countries (as well as the U.S.) shows that money fund assets globally rose by $127.3 billion, or 2.5%, in Q1'17, though U.S. and Chinese money funds fell. MMF assets worldwide have increased by $161.5 billion, or 3.2%, the past 12 months. Japan, France and Korea showed the biggest asset increases in Q1'17, while Japan, Luxembourg, France and Brazil showed the largest increases over 12 months. China, the U.S., Belgium and Sweden posted the largest declines over the past year. We review the latest `Worldwide MMF totals below.
ICI's release says, "Worldwide regulated open-end fund assets increased 5.9 percent to $42.77 trillion at the end of the first quarter of 2017, excluding funds of funds.... The Investment Company Institute compiles worldwide open-end fund statistics on behalf of the International Investment Funds Association, the organization of national fund associations.... Bond fund assets increased by 5.5 percent to $9.35 trillion in the first quarter. Balanced/mixed fund assets increased by 5.9 percent to $5.65 trillion in the first quarter, while money market fund assets increased by 0.4 percent globally to $5.15 trillion."
It explains, "At the end of the first quarter of 2017, 43 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 22 percent and the asset share of balanced/mixed funds was 13 percent. Money market fund assets represented 12 percent of the worldwide total. By region, 52 percent of worldwide assets were in the Americas in the first quarter of 2017, 35 percent were in Europe, and 13 percent were in Africa and the Asia-Pacific regions."
The release adds, "Globally, bond funds posted an inflow of $268 billion in the first quarter of 2017, after recording an inflow of $94 billion in the fourth quarter. Inflows from balanced/mixed funds worldwide totaled $77 billion in the first quarter of 2017, compared with $36 billion of inflows in the fourth quarter of 2016. Money market funds worldwide experienced an inflow of $29 billion in the first quarter of 2017 after registering an inflow of $96 billion in the fourth quarter of 2016."
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. maintained its position as the largest money fund market in Q1'17 with $2.664 trillion (or 51.7% of all global MMF assets). U.S. MMF assets decreased by $63.8 billion in Q1'17 and decreased by $27.8B in the 12 months through March 31, 2017. China remained in second place among countries overall, though assets fell again in the latest quarter and past year. China saw assets decline $31.5 billion (down 5.1%) in Q1 to $585.4 billion (11.4% of worldwide assets). Over the last 12 months through March 31, 2017, Chinese MMF assets have dropped $46.6 billion, or -7.4%.
Ireland remained third among these country rankings, ending Q1 with $516.0 billion (10.0% of worldwide assets). Dublin-based MMFs were up $11.9B for the quarter, or 2.4%, and up $5.7B, or 1.1%, over the last 12 months. France remained in fourth place with $404.8 billion (7.9% of worldwide assets). Assets here increased $40.8 billion, or 11.2%, in Q1, and were up $44.9 billion, or 12.5%, over one year. Luxembourg was in fifth place with $363.0B, or 7.0% of the total, up $10.4 billion in Q1 (2.9%) and up $50.0B (16.0%) over 12 months.
Japan saw assets skyrocket, rising by $107.3 billion to $107.9 billion, which moved them into sixth place. (We assume this is a reclassification of some sort, and will be looking into.) Korea, now the 7th ranked country, saw MMF assets rise $19.3 billion, or 22.2%, to $106.4 billion (2.1% of total) in Q1 and rise $13.0 billion (13.9%) for the year. Brazil declined to 8th place, but assets increased $14.7 billion, or 20.3%, to $86.8 billion (1.7% of total assets) in Q1. They've increased $16.0 billion (22.6%) over the previous 12 months.
ICI's statistics show Mexico in 9th place with $52.2B, or 1.0% of total, up $4.8B (10.2%) in Q1 and down $3.1B (-5.7%) for the year. India was in 10th place, increasing $3.0 billion, or 6.6%, to $48.4 billion (0.9% of total assets) in Q1 and increasing $12.3 billion (34.0%) over the previous 12 months. (See our recent News, "Money Fund Symposium a Wrap; Assets Down, Prime Up; Indian MMFs." Note also that ICI's data no longer includes money fund figures for Australia, but they would rank as the sixth largest market at $322 billion, their level of two years ago, if they were still included. Australia's MMF assets were shifted into the "Other" category two years ago.)
Taiwan ($27.2B, up $530M and down $2.4B over the quarter and year, respectively), South Africa ($22.4B, up $816M and up $3.7B), Chile ($22.1B, up $2.4B and up $6.0B), Switzerland ($18.8B, up $454M and down $1.4B), and Canada ($18.9B, up $710M and up $300M) ranked 11th through 15th, respectively. Sweden, the United Kingdom, Spain, Norway, and Poland round out the 20 largest countries with money market mutual funds. In what looks like another statistical anomaly, the UK also jumped in the latest rankings, rising $12.1 billion to $22.6 billion.
Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have primarily domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data, or if you'd like to see our MFI International product. (Note: Visit our European Money Fund Symposium website to learn more about our upcoming conference in Paris, Sept. 25-26, where European and global money fund issues will be discussed in detail.)
