Biggest Jump of '18 for Prime
ICI released its latest "Money Market Fund Assets" reports yesterday, which showed the biggest increase of Prime MMFs in 2018. Their numbers show money fund assets rising for the second week in a row 3 straight weeks of tax-driven declines. Year-to-date, MMF assets have decreased by $31 billion, or -1.1%, but they've increased by $157 billion, or 5.9%, over 52 weeks. ICI writes, "Total money market fund assets increased by $6.92 billion to $2.81 trillion for the week ended Wednesday, May 9, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $2.42 billion and prime funds increased by $6.94 billion. Tax-exempt money market funds increased by $2.39 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.206 trillion (78.6% of all money funds), while Total Prime MMFs stand at $464.9 billion (16.6%). Tax Exempt MMFs total $135.7 billion, or 4.8%. They explain, "Assets of retail money market funds increased by $2.32 billion to $1.02 trillion. Among retail funds, government money market fund assets increased by $1.17 billion to $626.77 billion, prime money market fund assets decreased by $1.18 billion to $261.29 billion, and tax-exempt fund assets increased by $2.33 billion to $128.13 billion." `Retail assets account for over a third of total assets, or 36.2%, and Government Retail assets make up 61.7% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $4.59 billion to $1.79 trillion. Among institutional funds, government money market fund assets decreased by $3.58 billion to $1.58 trillion, prime money market fund assets increased by $8.12 billion to $203.64 billion, and tax-exempt fund assets increased by $60 million to $7.57 billion." `Institutional assets account for 63.8% of all MMF assets, with Government Inst assets making up 88.2% of all Institutional MMFs.
