Prime Up Again, Over 20% YTD
The Investment Company Institute released its latest "Money Market Fund Assets" report yesterday. It shows that Prime money market funds rose for the 8th week out of the past nine, and the 14th out of the past 16. Prime MMFs have risen by $37.8 billion, or 9.3%, over the past 18 weeks, and $75.0 billion, or 20.3%, year-to-date. ICI writes, "Total money market fund assets increased by $384 million to $2.74 trillion for the week ended Wednesday, October 4, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $1.69 billion and prime funds increased by $1.41 billion. Tax-exempt money market funds increased by $663 million." Total Government MMF assets, which include Treasury funds too, stand at $2.168 trillion (79.1% of all money funds), while Total Prime MMFs stand at $444.6 billion (16.2%). Tax Exempt MMFs total $128.3 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $1.22 billion to $985.38 billion. Among retail funds, government money market fund assets increased by $302 million to $600.67 billion, prime money market fund assets increased by $590 million to $262.48 billion, and tax-exempt fund assets increased by $325 million to $122.22 billion." Retail assets account for over a third of total assets, or 36.0%, and Government Retail assets make up 61.0% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $833 million to $1.76 trillion. Among institutional funds, government money market fund assets decreased by $2.00 billion to $1.57 trillion, prime money market fund assets increased by $824 million to $182.15 billion, and tax-exempt fund assets increased by $338 million to $6.10 billion." Institutional assets account for 64.0% of all MMF assets, with Government Inst assets making up 89.3% of all Institutional MMFs.
