MMF Assets Jump in Early June
ICI's latest weekly "Money Market Fund Assets" report shows assets up strongly in the latest week after being flat the previous week (and up sharply the week before that). Year-to-date, MMFs are down by $152 billion, or -3.2%, with Institutional MMFs down $108 billion, or -3.4% and Retail MMFs down $44 billion, or -1.4%. Over the past 52 weeks, money fund assets are down by $53 billion, or -1.1%, with Retail MMFs falling by $9 billion (-0.6%) and Inst MMFs falling by $44 billion (-1.4%). (For the month of June, through 6/8, MMF assets have increased by $34.0 billion to $4.994 trillion according to Crane's MFI Daily, which tracks a broader universe of funds.) ICI's weekly release says, "Total money market fund assets increased by $26.40 billion to $4.55 trillion for the week ended Wednesday, June 8, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $19.89 billion and prime funds increased by $4.96 billion. Tax-exempt money market funds increased by $1.54 billion." ICI's stats show Institutional MMFs rising $22.5 billion and Retail MMFs increasing $3.9 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.023 trillion (88.4% of all money funds), while Total Prime MMFs were $427.3 billion (9.4%). Tax Exempt MMFs totaled $102.6 billion (2.3%). ICI explains, "Assets of retail money market funds increased by $3.86 billion to $1.42 trillion. Among retail funds, government money market fund assets decreased by $440 million to $1.13 trillion, prime money market fund assets increased by $2.44 billion to $205.94 billion, and tax-exempt fund assets increased by $1.86 billion to $92.59 billion." Retail assets account for just under a third of total assets, or 31.3%, and Government Retail assets make up 79.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $22.53 billion to $3.13 trillion. Among institutional funds, government money market fund assets increased by $20.33 billion to $2.90 trillion, prime money market fund assets increased by $2.52 billion to $221.36 billion, and tax-exempt fund assets decreased by $324 million to $10.01 billion." Institutional assets accounted for 68.7% of all MMF assets, with Government Institutional assets making up 92.6% of all Institutional MMF totals. (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.)
