Prime Still Lucky: Up 12th Week in 13
The Investment Company Institute's latest "Money Market Fund Assets" report show Prime money market funds rising for the 6th week in a row, the 12th week in the past 13, and the 16th week in the past 19 (up $38.9, or 9.6%). They've now increased by $70.5 billion, or 19.0%, year-to-date. ICI writes, "Total money market fund assets increased by $16.77 billion to $2.74 trillion for the week ended Wednesday, September 13, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $13.03 billion and prime funds increased by $4.46 billion. Tax-exempt money market funds decreased by $725 million." Total Government MMF assets, which include Treasury funds too, stand at $2.168 trillion (79.2% of all money funds), while Total Prime MMFs stand at $442.5 billion (16.2%). Tax Exempt MMFs total $128.1 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $692 million to $971.02 billion. Among retail funds, government money market fund assets increased by $147 million to $588.18 billion, prime money market fund assets increased by $1.01 billion to $260.49 billion, and tax-exempt fund assets decreased by $467 million to $122.34 billion." Retail assets account for over a third of total assets, or 35.5%, and Government Retail assets make up 60.6% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $16.08 billion to $1.77 trillion. Among institutional funds, government money market fund assets increased by $12.89 billion to $1.58 trillion, prime money market fund assets increased by $3.45 billion to $182.02 billion, and tax-exempt fund assets decreased by $258 million to $5.80 billion." Institutional assets account for 64.5% of all MMF assets, with Government Inst assets making up 89.4% of all Institutional MMFs.
