The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2021," which shows that money fund assets globally rose by $86.0 billion, or 1.0%, in Q2'21 to $8.565 trillion. The increase was driven by gains in Chinese and U.S. money market fund assets, but French and Australian MMF assets declined. MMF assets worldwide increased by $404.9 billion, or 5.0%, in the 12 months through 6/30/21, and money funds in the U.S. now represent 52.9% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: Thanks to our speakers and sponsors, and to those who attended our "Money Fund Symposium" last week in Philadelphia! The recording and materials are available here for Attendees and Crane Data subscribers. Mark your calendars for next year's MF Symposium in Minneapolis, June 20-22, 2022.)
ICI's release says, "Worldwide regulated open-end fund assets increased 6.1 percent to $68.55 trillion at the end of the second quarter of 2021, excluding funds of funds. Worldwide net cash inflow to all funds was $853 billion in the second quarter, compared with $1.2 trillion of net inflows in the first quarter of 2021. 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 second quarter of 2021 contains statistics from 46 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets reported in US dollars was increased by US dollar depreciation over the second quarter of 2021. For example, on a US dollar-denominated basis, fund assets in Europe increased by 5.9 percent in the second 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 7.8 percent to $32.09 trillion at the end of the second quarter of 2021. Bond fund assets increased by 4.5 percent to $13.51 trillion in the second quarter. Balanced/mixed fund assets increased by 7.1 percent to $8.51 trillion in the second quarter, while money market fund assets increased by 1.1 percent globally to $8.56 trillion."
The release also tells us, "At the end of the second quarter of 2021, 47 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 12 percent of the worldwide total."
ICI adds, "Net sales of regulated open-end funds worldwide were $853 billion in the second quarter of 2021. Flows into equity funds worldwide were $256 billion in the second quarter, after experiencing $347 billion of net inflows in the first quarter of 2021. Globally, bond funds posted an inflow of $304 billion in the second quarter of 2021, after recording an inflow of $318 billion in the first quarter..... Money market funds worldwide experienced an inflow of $79 billion in the second quarter of 2021 after registering an inflow of $263 billion in the first quarter of 2021."
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 Q2'21 with $4.534 trillion, or 52.9% of all global MMF assets. U.S. MMF assets increased by $37.2 billion (0.8%) in Q2'21 but decreased by $100.4 billion (-2.2%) in the 12 months through June 30, 2021. China remained in second place among countries overall. China saw assets jump $45.7 billion (3.3%) in Q2, to $1.436 trillion (16.8% of worldwide assets). Over the 12 months through June 30, 2021, Chinese MMF assets have surged by $363.8 billion, or 33.9%.
Ireland remained third among country rankings, ending Q2 with $699.2 billion (8.2% of worldwide assets). Dublin-based MMFs were up $8.1B for the quarter, or 1.2%, and up $25.4B, or 3.8%, over the last 12 months. Luxembourg remained in fourth place with $485.0 billion (5.7% of worldwide assets). Assets there increased $3.9 billion, or 0.8%, in Q2, and were up $3.8 billion, or 0.8%, over one year. France was in fifth place with $424.9B, or 5.0% of the total, down $18.6 billion in Q2 (-4.2%) and up $65.4B (18.2%) over 12 months.
Australia was listed in sixth place with $258.5 billion, or 3.0% of worldwide assets. Its MMFs decreased by $12.3 billion, or -4.5%, in Q2. Korea, moved up to be the 7th ranked country, saw MMF assets increase $14.9 billion, or 13.3%, in Q2'21 to $126.6 billion (1.5% of the world's total MMF assets); they've risen $13.7 billion (12.1%) for the year. Japan fell to 8th place with $125.0 billion (1.5%); assets there fell $3.7 billion (-2.9%) in Q2 and increased by $10.9 billion (9.6%) over 12 months. Brazil was in 9th place, assets increased $17.3 billion, or 17.7%, to $114.6 billion (1.3% of total assets) in Q2. They've increased $33.6 billion (41.5%) over the previous 12 months. ICI's statistics show Mexico in 10th place with $66.5B, or 0.8% of total assets, up $2.4B (3.8%) in Q2 and up $8.0 billion (41.5%) for the year.
India was in 11th place, increasing $801 million, or 1.4%, to $59.1 billion (0.7% of total assets) in Q2 and decreasing $6.2 billion (-9.5%) over the previous 12 months. Chinese Taipei ($34.5B, down $3.3B but up $4.3B over the quarter and year, respectively) ranked 12th ahead of the U.K. ($29.1B, up $780M and up $2.1B). Canada ($27.0B, down $2.3B and down $4.9B) and South Africa ($26.3B down $2.2B and up $2.0B), rank 13th through 15th, respectively. Chile, 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 $4.782 trillion, up $55.7 billion in Q2. Asian MMFs increased by $42.2 billion to $2.052 trillion, and Europe saw its money funds decrease by $9.7 billion in Q2’21 to $1.705 trillion. Africa saw its money funds decrease $2.2B to $26.3 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.)
