Money Fund Assets Jump Again
Money fund assets rose for the 26th week out of the past 29, surging towards the $3.6 trillion level. Assets broke $3.5 trillion last week, their first time above that level September 2009. ICI's latest "Money Market Fund Assets" report shows that MMF totals have increased by $508.0 billion, or 16.7%, year-to-date. Over the past 52 weeks, ICI's money fund asset series has increased by $648 billion, or 22.3%, with Retail MMFs rising by $248 billion (22.5%) and Inst MMFs rising by $400 billion (22.2%). ICI writes, "Total money market fund assets increased by $42.50 billion to $3.56 trillion for the week ended Wednesday, November 6, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $28.11 billion and prime funds increased by $13.05 billion. Tax-exempt money market funds increased by $1.35 billion." ICI's weekly series shows Institutional MMFs jumping $33.6 billion and Retail MMFs increasing $8.9 billion. Total Government MMF assets, including Treasury funds, were $2.654 trillion (74.7% of all money funds), while Total Prime MMFs were $763.1 billion (21.5%). Tax Exempt MMFs totaled $138.7 billion, 3.9%. They explain, "Assets of retail money market funds increased by $8.87 billion to $1.35 trillion. Among retail funds, government money market fund assets increased by $4.72 billion to $770.34 billion, prime money market fund assets increased by $3.46 billion to $452.22 billion, and tax-exempt fund assets increased by $686 million to $126.12 billion." Retail assets account for over a third of total assets, or 37.9%, and Government Retail assets make up 57.1% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $33.63 billion to $2.21 trillion. Among institutional funds, government money market fund assets increased by $23.39 billion to $1.88 trillion, prime money market fund assets increased by $9.58 billion to $310.90 billion, and tax-exempt fund assets increased by $662 million to $12.56 billion." Institutional assets accounted for 62.1% of all MMF assets, with Government Institutional assets making up 85.3% of all Institutional MMF totals.
