Money Fund Assets Flat on Week
ICI's latest "Money Market Fund Assets" report shows that money fund assets were flat in the latest week, though Prime MMFs increased. MMFs have posted gains in 12 out of the past 14 weeks, during which time they've risen by $179.5 billion, or 6.2%. ICI's weekly series shows Retail MMFs decreasing $2.8 billion, or -2.4%, while Institutional MMFs increased $5.2 billion, or 2.8%, since the previous week. They write, "Total money market fund assets increased by $2.40 billion to $3.05 trillion for the week ended Wednesday, January 23, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $379 million and prime funds increased by $4.21 billion. Tax-exempt money market funds decreased by $1.43 billion." Total Government MMF assets, including Treasury funds, stood at $2.313 trillion (75.9% of all money funds), while Total Prime MMFs reached $594.7 billion (19.5%). Tax Exempt MMFs totaled $144.0 billion, or 4.7%. ICI explains, "Assets of retail money market funds decreased by $2.84 billion to $1.19 trillion. Among retail funds, government money market fund assets decreased by $4.09 billion to $699.34 billion, prime money market fund assets increased by $2.90 billion to $356.01 billion, and tax-exempt fund assets decreased by $1.65 billion to $134.63 billion." Retail assets account for over a third of total assets, or 39.0%, and Government Retail assets make up 58.8% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $5.24 billion to $1.86 trillion. Among institutional funds, government money market fund assets increased by $3.71 billion to $1.61 trillion, prime money market fund assets increased by $1.31 billion to $238.64 billion, and tax-exempt fund assets increased by $218 million to $9.39 billion." Institutional assets accounted for 61.0% of all MMF assets, with Government Institutional assets making up 86.7% of all Institutional MMF totals.
