Prime Assets Rebound Strongly
The Investment Company Institute's latest "Money Market Fund Assets" report shows that Prime money market funds rebounded strongly after dipping for two weeks in a row. They've still risen by $79.9 billion, or 21.7%, year-to-date. ICI writes, "Total money market fund assets increased by $10.56 billion to $2.74 trillion for the week ended Wednesday, November 8, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $4.17 billion and prime funds increased by $5.59 billion. Tax-exempt money market funds increased by $794 million." Total Government MMF assets, which include Treasury funds too, stand at $2.162 trillion (78.9% of a1l money funds), while Total Prime MMFs stand at $449.6 billion (16.4%). Tax Exempt MMFs total $129.1 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $917 million to $982.65 billion. Among retail funds, government money market fund assets decreased by $692 million to $595.65 billion, prime money market fund assets increased by $713 million to $264.03 billion, and tax-exempt fund assets increased by $897 million to $122.97 billion." Retail assets account for over a third of total assets, or 35.9%, and Government Retail assets make up 60.6% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $9.64 billion to $1.76 trillion. Among institutional funds, government money market fund assets increased by $4.86 billion to $1.57 trillion, prime money market fund assets increased by $4.88 billion to $185.56 billion, and tax-exempt fund assets decreased by $103 million to $6.12 billion." Institutional assets account for 64.1% of all MMF assets, with Government Inst assets making up 89.1% of all Institutional MMFs.
