ICI: Money Fund Assets Up Again
The Investment Company Institute's latest weekly "Money Market Fund Assets" shows that MMF assets rose for the 7th week in a row, increasing by $119.7 billion, or 3.9%, since April 17. Money fund assets have increased by $115 billion, or 3.5%, year-to-date, according to ICI's weekly series, rising to MMFs' highest level since February 2010. They write, "Total money market fund assets increased by $14.26 billion to $3.16 trillion for the week ended Wednesday, June 5, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $9.38 billion and prime funds increased by $5.66 billion <b:>`_. Tax-exempt money market funds decreased by $783 million." ICI's weekly series shows Institutional MMFs rising $8.4 billion and Retail MMFs rising $5.9 billion. Total Government MMF assets, including Treasury funds, stood at $2.360 trillion (74.6% of all money funds), while Total Prime MMFs rose to $666.8 billion (21.1%). Tax Exempt MMFs totaled $136.1 billion, or 4.3%. ICI states, "Assets of retail money market funds increased by $5.86 billion to $1.22 trillion. Among retail funds, government money market fund assets increased by $3.12 billion to $696.77 billion, prime money market fund assets increased by $3.56 billion to $398.70 billion, and tax-exempt fund assets decreased by $809 million to $126.43 billion." Retail assets account for over a third of total assets, or 38.6%, and Government Retail assets make up 57.0% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $8.40 billion to $1.94 trillion. Among institutional funds, government money market fund assets increased by $6.26 billion to $1.66 trillion, prime money market fund assets increased by $2.10 billion to $268.12 billion, and tax-exempt fund assets increased by $27 million to $9.68 billion." Institutional assets accounted for 61.4% of all MMF assets, with Government Institutional assets making up 85.7% of all Institutional MMF totals.
