ICI: MMFs Inch Higher Again
Money market mutual fund assets rose slightly for the third week in a row, after falling sharply in mid-March (and intra-week at month-end). The Investment Company Institute's latest "Money Market Fund Assets" report shows that year-to-date, MMF assets have decreased by $10 billion, or -0.4%. Over 52 weeks they've increased by $184 billion, or 7.0%. ICI's numbers also show Prime money market fund assets increased for the third week in the past 4, while Govt MMF assets rose for the third week in a row. ICI writes, "Total money market fund assets increased by $3.12 billion to $2.83 trillion for the week ended Wednesday, April 4, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $2.21 billion and prime funds increased by $1.31 billion. Tax-exempt money market funds decreased by $410 million." Total Government MMF assets, which include Treasury funds too, stand at $2.244 trillion (79.2% of all money funds), while Total Prime MMFs stand at $454.6 billion (16.1%). Tax Exempt MMFs total $133.3 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $5.94 billion to $1.01 trillion. Among retail funds, government money market fund assets increased by $5.53 billion to $624.35 billion, prime money market fund assets increased by $782 million to $263.10 billion, and tax-exempt fund assets decreased by $364 million to $126.73 billion." Retail assets account for over a third of total assets, or 35.8%, and Government Retail assets make up 61.6% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $2.83 billion to $1.82 trillion. Among institutional funds, government money market fund assets decreased by $3.31 billion to $1.62 trillion, prime money market fund assets increased by $531 million to $191.47 billion, and tax-exempt fund assets decreased by $45 million to $6.61 billion." Institutional assets account for 64.2% of all MMF assets, with Government Inst assets making up 89.1% of all Institutional MMFs.
