The Investment Company Institute released its "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2019" last week. The most recent data collection on mutual funds in other countries (as well as the U.S.) shows that money fund assets globally rose by $83.7 billion, or 1.4%, in Q1'19, to break above the $6.1 trillion level ($6.160T). The increase was led by big gains in Chinese and U.S.-based money funds. Money fund assets in Ireland fell. MMF assets worldwide have increased by $62.1 billion, or 1.0%, the past 12 months, and money funds in the U.S. continue to represent exactly 50.0% of worldwide assets. We review the latest Worldwide Money Market Fund totals, below.
ICI's release says, "Worldwide regulated open-end fund assets increased 7.1 percent to $50.00 trillion at the end of the first quarter of 2019, excluding funds of funds. Worldwide net cash inflow to all funds was $323 billion in the first quarter, compared with $86 billion of net inflows in the fourth quarter of 2018. The Investment Company Institute compiles worldwide open-end fund statistics on behalf of the International Investment Funds Association, the organization of national fund associations. The collection for the first quarter of 2019 contains statistics from 47 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets reported in US dollars was reduced by a slight appreciation of the US dollar over the first quarter of 2019 against certain currencies, notably the euro. For example, on a US dollar-denominated basis, fund assets in Europe increased by 4.7 percent in the first quarter, compared with an increase of 6.7 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar-denominated basis, equity fund assets increased by 10.9 percent to $22.09 trillion at the end of the first quarter of 2019. Bond fund assets increased by 4.9 percent to $10.63 trillion in the first quarter. Balanced/mixed fund assets increased by 5.9 percent to $6.19 trillion in the first quarter, while money market fund assets increased by 1.2 percent globally to $6.16 trillion.”
The release also says, "At the end of the first quarter of 2019, 44 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 21 percent and the asset share of balanced/mixed funds was 12 percent. Money market fund assets represented 12 percent of the worldwide total.”
It adds, "Net sales of regulated open-end funds worldwide were $323 billion in the first quarter of 2019. Flows out of equity funds worldwide were $28 billion in the first quarter, after experiencing $100 billion of net inflows in the fourth quarter of 2018. Globally, bond funds posted an inflow of $267 billion in the first quarter of 2019, after recording an outflow of $68 billion in the fourth quarter. Inflows from balanced/mixed funds worldwide totaled $8 billion in the first quarter of 2019, compared with $45 billion of outflows in the fourth quarter of 2018. Money market funds worldwide experienced an inflow of $38 billion in the first quarter of 2019 after registering an inflow of $82 billion in the fourth quarter of 2018.”
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. maintained its position as the largest money fund market in Q1'19 with $3.079 trillion, or 50.0% of all global MMF assets. U.S. MMF assets increased by $42.3 billion (1.4%) in Q1'19 and increased by $286.3B (10.3%) in the 12 months through March 31, 2019. China remained in second place among countries overall, as assets rebounded in the latest quarter. China saw assets increase $61.2 billion (5.5%) in Q1 to $1.171 trillion (19.0% of worldwide assets). But over the 12 months through March 31, 2019, Chinese MMF assets have fallen by $67.8 billion, or -5.5%.
Ireland remained third among country rankings, ending Q1 with $545.7 billion (8.9% of worldwide assets). Dublin-based MMFs were down $13.0B for the quarter, or -2.3%, and down $45.0B, or -7.6%, over the last 12 months. Luxembourg remained in fourth place with $385.6 billion (6.3% of worldwide assets). Assets here increased $2.1 billion, or 0.5%, in Q1, and were up $8.3 billion, or 2.2%, over one year. France was in fifth place with $380.4B, or 6.2% of the total, up $6.7 billion in Q1 (1.8%) but down $64.9B (-14.6%) over 12 months.
Japan remained in sixth place with $97.6 billion (1.6%); assets there dropped $2.6 billion (-2.6%) in Q1 and $10.5 billion (-9.7%) over 12 months. Korea, the 7th ranked country, saw MMF assets rise $7.4 billion, or 9.1%, in Q1’19 to $88.0 billion (1.4% of the world's total MMF assets); they've fallen $12.4 billion (-12.3%) for the year. Brazil remained in 8th place, as assets increased $2.1 billion, or 2.8%, to $76.6 billion (1.3% of total assets) in Q1. They've decreased $2.7 billion (-3.3%) over the previous 12 months.
ICI's statistics show India remaining in 9th place with $63.8B, or 1.0% of total, up $162M (0.3%) in Q1 and up $12.1B (23.5%) for the year. Mexico was in 10th place, increasing $4.2 billion, or 7.2%, to $62.9 billion (1.0% of total assets) in Q1 and increasing $4.2 billion (7.2%) over the previous 12 months. (Note that ICI's data no longer includes money fund figures for Australia. Australia's MMF assets, which had been one of the largest markets in the world, were mysteriously shifted into the "Other" category several years ago.)
The United Kingdom ($26.0B, up $758M and down $3.7B over the quarter and year, respectively) ranked 11th ahead of Chinese Taipei ($24.5B, up $1.9B and down $4.2B), which moved up to 12th place. South Africa ($24.3B, up $1.5B and down $1.8B), Canada ($22.2B, up $521M and up $2.3B), and Chile ($19.4B, down $2.0B and down $6.2B) rank 13th through 15th, respectively. Switzerland, Belgium, Norway, Germany and Spain round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $3.269 trillion, up $47.9 billion in Q1, while Asia and Pacific money funds, which surpassed European money funds in Q3'18, increased $3.1 billion to $1.452 trillion. Europe saw its money funds increase by $31.2 billion in Q1'19 to $1.415 trillion, and Africa saw its money funds increase $1.5B to $24.3 billion.
Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have mainly domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data, or if you'd like to see our MFI International product.
