ICI Shows Prime Up Yet Again
ICI's latest weekly Money Market Fund Assets report shows yet another increase in overall and Prime money market mutual fund assets. Prime MMFs rose by $2.2 billion to $415.5 billion, their 9th increase in the past 11 weeks. Prime assets have risen by $17.3 billion over the past 10 weeks, or 4.4%, and year-to-date Prime assets have increased by $37.2 billion, or 9.4%. ICI writes, "Total money market fund assets increased by $4.74 billion to $2.63 trillion for the week ended Wednesday, July 5, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $569 million and prime funds increased by $2.21 billion. Tax-exempt money market funds increased by $1.96 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.081 trillion (79.2% of all money funds), while Total Prime MMFs stand at $415.5 billion (15.8%). Tax Exempt MMFs total $130.6 billion, or 5.0%. They explain, "Assets of retail money market funds increased by $4.47 billion to $958.08 billion. Among retail funds, government money market fund assets increased by $2.64 billion to $581.45 billion, prime money market fund assets increased by $727 million to $252.65 billion, and tax-exempt fund assets increased by $1.10 billion to $123.98 billion." Retail assets account for over a third of total assets, or 36.5%, and Government Retail assets make up 60.7% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $268 million to $1.67 trillion. Among institutional funds, government money market fund assets decreased by $2.07 billion to $1.50 trillion, prime money market fund assets increased by $1.48 billion to $162.80 billion, and tax-exempt fund assets increased by $865 million to $6.57 billion." Institutional assets account for 63.5% of all MMF assets, with Government Inst assets making up 89.8% of all Institutional MMFs.
