Money Fund Assets Higher Again
ICI's latest "Money Market Fund Assets" report shows that money fund assets rose for the 15th time in the past 17 weeks. ICI's weekly series shows Retail MMFs dropped by $2.4 billion, while Institutional MMFs grew by $9.3 billion. Total Government MMF assets, including Treasury funds, stood at $2.314 trillion (75.1% of all money funds), while Total Prime MMFs reached $626.9 billion (20.4%). Tax Exempt MMFs totaled $138.3 billion, or 4.5%. They write, "Total money market fund assets increased by $6.91 billion to $3.08 trillion for the week ended Wednesday, Feb. 27, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $2.45 billion and prime funds increased by $4.89 billion. Tax-exempt money market funds decreased by $433 million." ICI states, "Assets of retail money market funds decreased by $2.36 billion to $1.19 trillion. Among retail funds, government money market fund assets decreased by $4.90 billion to $691.81 billion, prime money market fund assets increased by $2.45 billion to $373.67 billion, and tax-exempt fund assets increased by $103 million to $129.01 billion." Retail assets account for over a third of total assets, or 38.8%, and Government Retail assets make up 57.9% of all Retail MMFs. The release concludes, "Assets of institutional money market funds increased by $9.27 billion to $1.88 trillion. Among institutional funds, government money market fund assets increased by $7.35 billion to $1.62 trillion, prime money market fund assets increased by $2.45 billion to $253.27 billion, and tax-exempt fund assets decreased by $535 million to $9.30 billion." Institutional assets accounted for 61.2% of all MMF assets, with Government Institutional assets making up 86.1% of all Institutional MMF totals.
