The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2021," which shows that money fund assets globally rose by $164.6 billion, or 2.0%, in Q1'21 to $8.479 trillion. The increase was driven by big jumps in U.S. and Chinese money market fund assets, but European assets plunged. MMF assets worldwide increased by $791.4 billion, or 10.3%, in the 12 months through 3/31/21, and money funds in the U.S. now represent 53.0% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: Thanks to our speakers and to those who attended our "Asian Money Fund Symposium" webinar. The replay is available here for those that missed it, and watch for the materials to be posted to our "Money Fund Webinar 2021 Download Center soon.)
ICI's release says, "Worldwide regulated open-end fund assets increased 2.5 percent to $64.63 trillion at the end of the first quarter of 2021, excluding funds of funds. Worldwide net cash inflow to all funds was $1.2 trillion in the first quarter, compared with $744 billion of net inflows in the fourth quarter of 2020. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the fourth quarter of 2020 contains statistics from 46 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets reported in US dollars was decreased by US dollar depreciation over the first quarter of 2021. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 0.2 percent in the first quarter, compared with an increase of 4.5 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 5.0 percent to $29.76 trillion at the end of the first quarter of 2021. Bond fund assets decreased by 1.0 percent to $12.92 trillion in the first quarter. Balanced/mixed fund assets increased 1.9 percent to $7.95 trillion in the first quarter.... Money market fund assets increased by 1.9 percent globally to $8.48 trillion."
The release also tells us, "At the end of the first quarter of 2021, 46 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 20 percent and the asset share of balanced/mixed funds was 12 percent. Money market fund assets represented 13 percent of the worldwide total."
ICI adds, "Net sales of regulated open-end funds worldwide were $1,187 billion in the first quarter of 2021. Flows out of equity funds worldwide were $347 billion in the first quarter, after experiencing $192 billion of net inflows in the fourth quarter of 2020. Globally, bond funds posted an inflow of $317 billion in the first quarter of 2021, after recording an inflow of $326 billion in the fourth quarter.... Money market funds worldwide experienced an inflow of $263 billion in the first quarter of 2021 after registering an inflow of $90 billion in the fourth quarter of 2020."
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. sustained its position as the largest money fund market in Q1'21 with $4.497 trillion, or 53.0% of all global MMF assets. U.S. MMF assets increased by $163.6 billion (3.8%) in Q1'21 and increased by $159.5 billion (3.7%) in the 12 months through Mar. 31, 2021. China remained in second place among countries overall. China saw assets increase $156.4 billion (12.7%) in Q1, to $1.390 trillion (16.4% of worldwide assets). Over the 12 months through Mar. 31, 2021, Chinese MMF assets have risen by $230.5 billion, or 19.9%.
Ireland remained third among country rankings, ending Q1 with $691.0 billion (8.1% of worldwide assets). Dublin-based MMFs were down $64.8B for the quarter, or -8.6%, and up $75.5B, or 12.3%, over the last 12 months. Luxembourg remained in fourth place with $481.1 billion (5.7% of worldwide assets). Assets there decreased $27.5 billion, or -5.4%, in Q1, and were up $73.2 billion, or 17.9%, over one year. France was in fifth place with $443.6B, or 5.2% of the total, down $37.9 billion in Q1 (-7.9%) and up $114.1B (34.6%) over 12 months.
Australia was listed in sixth place with $270.8 billion, or 3.2% of worldwide assets. Its MMFs decreased by $4.4 billion, or -1.6%, in Q1. Japan was in seventh place with $128.7 billion (1.5%); assets there fell $3.6 billion (-2.7%) in Q1 and increased by $18.4 billion (16.6%) over 12 months. Korea, the 8th ranked country, saw MMF assets decrease $4.5 billion, or -3.9%, in Q1'21 to $111.7 billion (12.6% of the world's total MMF assets); they've risen $12.5 billion (12.6%) for the year. Brazil was in 9th place, assets increased $4.9 billion, or 5.3%, to $92.5 billion (1.1% of total assets) in Q1. They've increased $21.2 billion (27.9%) over the previous 12 months. ICI's statistics show Mexico in 10th place with $64.1B, or 0.8% of total assets, down $285B (-0.4%) in Q1 and up $9.4 million (17.3%) for the year.
India was in 11th place, decreasing $5.9 billion, or -9.2%, to $58.3 billion (0.7% of total assets) in Q1 and increasing $6.5 billion (12.5%) over the previous 12 months. Chinese Taipei ($37.9B, up $1.3B and up $12.2B over the quarter and year, respectively) ranked 12th ahead of Chile ($23.4B, down $10.0B and up $424M). Canada ($32.7B, down $3.5B and down $531M) and South Africa ($28.6B down $1.2B and up $7.7B), rank 13th through 15th, respectively. The U.K., Switzerland, Norway, Argentina and Germany round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $4.726 trillion, up $156.5 billion in Q1. Asian MMFs increased by $139.3 billion to $2.009 trillion, and Europe saw its money funds decrease by $130.0 billion in Q1’21 to $1.715 trillion. Africa saw its money funds decrease $1.2B to $28.6 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. (Let us know too if you'd like to see our latest Money Fund Intelligence International product, which tracks "offshore" money market funds domiciled in Europe and outside the U.S.)
