MMF Assets Rebound in Feb.
ICI's latest "Money Market Fund Assets" report shows that money fund assets rebounded from last week's losses of $13.5 billion. MMFs have now posted gains in 13 out of 15 weeks. ICI's weekly series shows Retail MMFs increasing $5.4 billion, or 0.5%, while Institutional MMFs gained $19.7 billion, or 1.1%. They write, "Total money market fund assets increased by $25.11 billion to $3.06 trillion for the week ended Wednesday, Feb. 6, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $12.74 billion and prime funds increased by $12.62 billion. Tax-exempt money market funds decreased by $248 million." Total Government MMF assets, including Treasury funds, stood at $2.314 trillion (75.6% of all money funds), while Total Prime MMFs reached $607.7 billion (19.8%). Tax Exempt MMFs totaled $141.1 billion, or 4.6%. ICI states, "Assets of retail money market funds increased by $5.42 billion to $1.19 trillion. Among retail funds, government money market fund assets increased by $1.63 billion to $697.35 billion, prime money market fund assets increased by $4.79 billion to $363.79 billion, and tax-exempt fund assets decreased by $1.00 billion to $130.95 billion." Retail assets account for over a third of total assets, or 38.9%, and Government Retail assets make up 58.5% of all Retail MMFs. The release concludes, "Assets of institutional money market funds increased by $19.69 billion to $1.87 trillion. Among institutional funds, government money market fund assets increased by $11.11 billion to $1.62 trillion, prime money market fund assets increased by $7.83 billion to $243.87 billion, and tax-exempt fund assets increased by $753 million to $10.14 billion." Institutional assets accounted for 61.1% of all MMF assets, with Government Institutional assets making up 86.4% of all Institutional MMF totals.
