ICI: MMFs Hit Record $4.77 Trillion
Money market mutual fund assets showed gains for the tenth week in a row, hitting yet another record and inching closer the $4.8 trillion level. ICI's latest weekly "Money Market Fund Assets" report says, "Total money market fund assets increased by $34.28 billion to $4.77 trillion for the week ended Wednesday, May 6, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $19.20 billion and prime funds increased by $15.55 billion. Tax-exempt money market funds decreased by $480 million." ICI's stats show Institutional MMFs rising $25.2 billion and Retail MMFs increasing $9.1 billion. Total Government MMF assets, including Treasury funds, were $3.918 trillion (82.2% of all money funds), while Total Prime MMFs were $714.5 billion (15.0%). Tax Exempt MMFs totaled $135.8 billion, 2.8%. Money fund assets are up an eye-popping $1.136 trillion, or 31.3%, year-to-date in 2020, with Inst MMFs up $943 billion (41.7%) and Retail MMFs up $193 billion (14.1%). Over the past 52 weeks, ICI's money fund asset series has increased by $1.684 trillion, or 54.6%, with Retail MMFs rising by $357 billion (29.6%) and Inst MMFs rising by $1.327 trillion (70.7%). They explain, "Assets of retail money market funds increased by $9.06 billion to $1.56 trillion. Among retail funds, government money market fund assets increased by $4.46 billion to $993.26 billion, prime money market fund assets increased by $5.76 billion to $448.68 billion, and tax-exempt fund assets decreased by $1.17 billion to $121.19 billion." Retail assets account for just under a third of total assets, or 32.8%, and Government Retail assets make up 63.5% of all Retail MMFs. ICI adds, "Assets of institutional money market funds increased by $25.22 billion to $3.21 trillion. Among institutional funds, government money market fund assets increased by $14.74 billion to $2.92 trillion, prime money market fund assets increased by $9.79 billion to $265.84 billion, and tax-exempt fund assets increased by $689 million to $14.62 billion." Institutional assets accounted for 67.2% of all MMF assets, with Government Institutional assets making up 91.3% of all Institutional MMF totals. (Note: Crane Data has its own separate, and larger, daily and monthly asset series.)
