Money Fund Assets Up Again
The ICI's latest weekly "Money Market Fund Assets" shows that assets rose for the third week in a row, after falling 4 weeks ago on tax payments. They write, "Total money market fund assets increased by $12.27 billion to $3.08 trillion for the week ended Wednesday, May 8, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $1.93 billion and prime funds increased by $5.40 billion. Tax-exempt money market funds increased by $4.93 billion." ICI's weekly series shows Institutional MMFs rising $7.5 billion while Retail MMFs rose by $4.7 billion. Total Government MMF assets, including Treasury funds, stood at $2.294 trillion (74.4% of all money funds), while Total Prime MMFs rose to $650.9 billion (21.1%). Tax Exempt MMFs totaled $139.5 billion, or 4.5%. ICI states, "Assets of retail money market funds increased by $4.73 billion to $1.21 trillion. Among retail funds, government money market fund assets decreased by $197 million to $689.48 billion, prime money market fund assets increased by $1.23 billion to $388.32 billion, and tax-exempt fund assets increased by $3.70 billion to $128.61 billion." Retail assets account for over a third of total assets, or 39.1%, and Government Retail assets make up 57.2% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $7.53 billion to $1.88 trillion. Among institutional funds, government money market fund assets increased by $2.13 billion to $1.60 trillion, prime money market fund assets increased by $4.17 billion to $262.60 billion, and tax-exempt fund assets increased by $1.23 billion to $10.84 billion." Institutional assets accounted for 60.9% of all MMF assets, with Government Institutional assets making up 85.4% of all Institutional MMF totals.
