Money Fund Assets Dip on Qtr End
ICI's latest "Money Market Fund Assets" report shows money fund assets inched lower at quarter-end. Money fund assets remain almost flat, decreased by $16 billion, or -0.6%, but they've increased by $190 billion, or 7.2%, over 52 weeks. ICI writes, "Total money market fund assets decreased by $3.27 billion to $2.82 trillion for the six-day period ended Tuesday, July 3, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $5.25 billion and prime funds decreased by $549 million. Tax-exempt money market funds increased by $2.53 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.208 trillion (78.2% of all money funds), while Total Prime MMFs stand at $475.9 billion (16.9%). Tax Exempt MMFs total $138.3 billion, or 4.9%. They explain, "Assets of retail money market funds increased by $5.56 billion to $1.03 trillion. Among retail funds, government money market fund assets increased by $1.94 billion to $629.26 billion, prime money market fund assets increased by $2.00 billion to $274.57 billion, and tax-exempt fund assets increased by $1.63 billion to $129.19 billion." Retail assets account for over a third of total assets, or 36.6%, and Government Retail assets make up 60.9% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $8.83 billion to $1.79 trillion. Among institutional funds, government money market fund assets decreased by $7.18 billion to $1.58 trillion, prime money market fund assets decreased by $2.54 billion to $201.33 billion, and tax-exempt fund assets increased by $895 million to $9.08 billion." Institutional assets account for 63.4% of all MMF assets, with Government Inst assets making up 88.2% of all Institutional MMFs.
