ICI: Money Fund Assets Push Higher
Money fund assets rose for the second week in a row and the 16th week out of the past 17 weeks, reaching their highest level since October 2009. ICI's latest "Money Market Fund Assets" report shows that MMF totals have increased by $311.4 billion, or 10.2%, since April 17, and they've increased by $307 billion, or 10.1%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $494 billion, or 17.3%, with Retail MMFs rising by $222 billion (21.3%) and Inst MMFs rising by $272 billion (15.0%). ICI writes, "Total money market fund assets increased by $18.02 billion to $3.35 trillion for the week ended Wednesday, August 14, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $18.49 billion and prime funds were unchanged. Tax-exempt money market funds decreased by $460 million." ICI's weekly series shows Institutional MMFs rising $18.27 billion and Retail MMFs decreasing $0.25 billion. Total Government MMF assets, including Treasury funds, stood at $2.512 trillion (74.9% of all money funds), while Total Prime MMFs were $707.1 billion (19.9%). Tax Exempt MMFs totaled $135.5 billion, 4.0%. They explain, "Assets of retail money market funds decreased by $251 million to $1.27 trillion. Among retail funds, government money market fund assets increased by $782 million to $722.24 billion, prime money market fund assets decreased by $647 million to $419.85 billion, and tax-exempt fund assets decreased by $386 million to $124.72 billion." Retail assets account for over a third of total assets, or 37.8%, and Government Retail assets make up 57.0% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $18.27 billion to $2.09 trillion. Among institutional funds, government money market fund assets increased by $17.70 billion to $1.79 trillion, prime money market fund assets increased by $0.64 billion to $287.29 billion, and tax-exempt fund assets decreased by $0.07 billion to $10.74 billion." Institutional assets accounted for 62.2% of all MMF assets, with Government Institutional assets making up 85.7% of all Institutional MMF totals.
