Prime Up Yet Again, 21% YTD
The Investment Company Institute released its latest "Money Market Fund Assets" report yesterday. It shows that Prime money market funds rose for the 10th week out of the past 11, and the 16th out of the past 18. Prime MMFs have risen by $39.9 billion, or 9.5%, over the past 20 weeks, and $77.1 billion, or 20.9%, year-to-date. ICI writes, "Total money market fund assets increased by $2.89 billion to $2.74 trillion for the week ended Wednesday, October 18, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $1.95 billion and prime funds increased by $1.11 billion. Tax-exempt money market funds decreased by $167 million." Total Government MMF assets, which include Treasury funds too, stand at $2.169 trillion (79.0% of all money funds), while Total Prime MMFs stand at $446.8 billion (16.3%). Tax Exempt MMFs total $128.1 billion, or 4.7%. They explain, "Assets of retail money market funds decreased by $865 million to $983.68 billion. Among retail funds, government money market fund assets decreased by $1.45 billion to $599.18 billion, prime money market fund assets increased by $571 million to $262.17 billion, and tax-exempt fund assets increased by $17 million to $122.33 billion." Retail assets account for over a third of total assets, or 35.8%, and Government Retail assets make up 60.9% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $3.76 billion to $1.76 trillion. Among institutional funds, government money market fund assets increased by $3.40 billion to $1.57 trillion, prime money market fund assets increased by $539 million to $184.59 billion, and tax-exempt fund assets decreased by $184 million to $5.81 billion." Institutional assets account for 64.2% of all MMF assets, with Government Inst assets making up 89.2% of all Institutional MMFs.
