MMFs Assets Dip in Latest Week
Money market mutual fund assets dipped after inching higher for 3 weeks in a row. The Investment Company Institute's latest "Money Market Fund Assets" report shows that year-to-date, MMF assets have decreased by $15 billion, or -0.5%. Over 52 weeks they've increased by $183 billion, or 6.9%. ICI's numbers also show Prime money market fund assets increasing; they've risen in 4 out of the past 5 weeks, while Govt MMF assets fell. ICI writes, "Total money market fund assets decreased by $5.29 billion to $2.83 trillion for the week ended Wednesday, April 11, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $7.86 billion and prime funds increased by $3.50 billion. Tax-exempt money market funds decreased by $934 million." Total Government MMF assets, which include Treasury funds too, stand at $2.236 trillion (79.1% of all money funds), while Total Prime MMFs stand at $458.1 billion (16.2%). Tax Exempt MMFs total $132.4 billion, or 4.7%. They explain, "Assets of retail money market funds decreased by $2.89 billion to $1.01 trillion. Among retail funds, government money market fund assets decreased by $811 million to $623.54 billion, prime money market fund assets decreased by $1.04 billion to $262.06 billion, and tax-exempt fund assets decreased by $1.04 billion to $125.69 billion." Retail assets account for over a third of total assets, or 35.8%, and Government Retail assets make up 61.7% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $2.40 billion to $1.82 trillion. Among institutional funds, government money market fund assets decreased by $7.05 billion to $1.61 trillion, prime money market fund assets increased by $4.54 billion to $196.01 billion, and tax-exempt fund assets increased by $105 million to $6.72 billion." Institutional assets account for 64.2% of all MMF assets, with Government Inst assets making up 89.8% of all Institutional MMFs.
