ICI: MMF Assets Dip, But Prime Up
The Investment Company Institute's latest "Money Market Fund Assets" report shows overall assets dipping in the latest week, though Prime MMFs rose and Tax Exempt MMFs jumped. For 2017, MMF assets increased by $113 billion, or 4.1%, their biggest annual increase since 2009, and Prime MMFs increased by $69.1 billion, or 17.8%. ICI writes, "Total money market fund assets decreased by $7.59 billion to $2.84 trillion for the week ended Wednesday, January 3, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $12.98 billion and prime funds increased by $2.60 billion. Tax-exempt money market funds increased by $2.79 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.245 trillion (79.1% of all money funds), while Total Prime MMFs stand at $459.5 billion (16.2%). Tax Exempt MMFs total $134.0 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $7.56 billion to $1.01 trillion. Among retail funds, government money market fund assets increased by $4.20 billion to $616.20 billion, prime money market fund assets increased by $912 million to $269.67 billion, and tax-exempt fund assets increased by $2.45 billion to $128.09 billion." Retail assets account for over a third of total assets, or 35.7%, and Government Retail assets make up 60.8% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $15.15 billion to $1.82 trillion. Among institutional funds, government money market fund assets decreased by $17.19 billion to $1.63 trillion, prime money market fund assets increased by $1.69 billion to $189.87 billion, and tax-exempt fund assets increased by $347 million to $5.94 billion." Institutional assets account for 64.3% of all MMF assets, with Government Inst assets making up 89.3% of all Institutional MMFs.
