MMF Asset Dip, Flat on Week
Money fund assets decreased for the first time in 7 weeks, but they've risen 9 weeks out of the past 11 and 23 weeks out of the past 26. ICI's latest "Money Market Fund Assets" report shows that MMF totals have increased by $421 billion, or 13.8%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $595 billion, or 20.7%, with Retail MMFs rising by $249 billion (23.0%) and Inst MMFs rising by $346 billion (19.3%). ICI writes, "Total money market fund assets decreased by $1.55 billion to $3.47 trillion for the week ended Wednesday, October 16, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $10.55 billion and prime funds increased by $7.13 billion. Tax-exempt money market funds increased by $1.87 billion." ICI's weekly series shows Institutional MMFs falling $10.3 billion and Retail MMFs increasing $8.7 billion. Total Government MMF assets, including Treasury funds, were $2.587 trillion (74.6% of all money funds), while Total Prime MMFs were $742.8 billion (21.4%). Tax Exempt MMFs totaled $138.7 billion, 4.0%. They explain, "Assets of retail money market funds increased by $8.71 billion to $1.33 trillion. Among retail funds, government money market fund assets increased by $5.13 billion to $763.29 billion, prime money market fund assets increased by $2.81 billion to $442.74 billion, and tax-exempt fund assets increased by $744 million to $125.90 billion." Retail assets account for over a third of total assets, or 38.4%, and Government Retail assets make up 57.3% of all Retail MMFs. The release adds, "Assets of institutional money market funds decreased by $10.27 billion to $2.14 trillion. Among institutional funds, government money market fund assets decreased by $15.67 billion to $1.82 trillion, prime money market fund assets increased by $4.31 billion to $300.07 billion, and tax-exempt fund assets increased by $1.09 billion to $12.81 billion." Institutional assets accounted for 61.6% of all MMF assets, with Government Institutional assets making up 85.4% of all Institutional MMF totals. Earlier this month, assets tracked by Crane Data's Money Fund Intelligence Daily broke the $3.8 trillion level for the first time ever. Month-to-date through October 16, assets tracked by our MFID have increased by $38.2 billion but have dipped below the record to $3.797 trillion. In October so far, the Crane Institutional MF Index has increased by $15.8 billion to $2.517 trillion, while the Crane Retail MF Index rose $19.3 billion to $1.140 trillion. Prime MMFs have increased by $24.6 billion to $1.056 trillion while Govt (including Treasury) MMFs have grown by $10.5 billion to $2.600 trillion.
