The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2022," which shows that money fund assets globally fell by $198.0 billion, or -2.2%, in Q1'22 to $8.635 trillion. The decreases were led by drops in money funds in the U.S., France and Luxembourg. Meanwhile, money funds in China and Brazil increased. MMF assets worldwide increased by $156.4 billion, or 1.8%, in the 12 months through 3/31/22, and money funds in the U.S. represent 53.2% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: Thanks again to those who attended our Money Fund Symposium this week in Minneapolis! Conference materials are available in our "Money Fund Symposium 2022 Download Center," and recordings will be posted shortly.)
ICI's release says, "Worldwide regulated open-end fund assets decreased 4.6 percent to $67.80 trillion at the end of the first quarter of 2022, excluding funds of funds. Worldwide net cash inflow to all funds was $81 billion in the first quarter, compared with $1.1 trillion of net inflows in the fourth 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 first quarter of 2022 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 appreciation over the first quarter of 2022. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 6.5 percent in the first quarter, compared with a decrease of 4.6 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets decreased by 5.9 percent to $31.65 trillion at the end of the first quarter of 2022. Bond fund assets decreased by 4.9 percent to $13.05 trillion in the first quarter. Balanced/mixed fund assets decreased by 4.7 percent to $8.37 trillion in the first quarter, while money market fund assets decreased by 2.3 percent globally to $8.64 trillion."
The release also tells us, "At the end of the first quarter of 2022, 47 percent of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19 percent and the asset share of balanced/mixed funds was 12 percent. Money market fund assets represented 13 percent of the worldwide total. By region, 53 percent of worldwide assets were in the Americas in the first quarter of 2022, 32 percent were in Europe, and 15 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $81 billion in the first quarter of 2022.... Globally, bond funds posted an outflow of $56 billion in the first quarter of 2022, after recording an inflow of $235 billion in the fourth quarter.... Money market funds worldwide experienced an outflow of $210 billion in the first quarter of 2022 after registering an inflow of $308 billion in the fourth 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 Q1'22 with $4.592 trillion, or 53.2% of all global MMF assets. U.S. MMF assets decreased by $163.4 billion (-3.4%) in Q1'22 but have increased by $95.4 billion (2.1%) in the 12 months through March 31, 2022. China remained in second place among countries overall. China saw assets jump $89.9 billion (6.0%) in Q1 to $1.579 trillion (18.3% of worldwide assets). Over the 12 months through March 31, 2022, Chinese MMF assets have surged by $189.4 billion, or 13.6%.
Ireland remained third among country rankings, ending Q1 with $678.9 billion (7.9% of worldwide assets). Dublin-based MMFs were down $48.2B for the quarter, or -6.6%, and down $12.1B, or -1.8%, over the last 12 months. Luxembourg remained in fourth place with $448.6 billion (5.2% of worldwide assets). Assets there decreased $53.7 billion, or -10.7%, in Q1, and were down $32.5 billion, or -6.8%, over one year. France was in fifth place with $365.8B, or 4.2% of the total, down $61.5 billion in Q1 (-14.4%) and down $77.8B (-17.5%) over 12 months.
Australia was listed in sixth place with $250.0 billion, or 2.9% of worldwide assets. Its MMFs increased by $7.8 billion, or 3.2%, in Q1. Korea moved up to become the 7th ranked country and saw MMF assets increase $12.6 billion, or 11.1%, in Q1'22 to $126.9 billion (1.5% of the total); they've increased $15.2 billion (13.6%) for the year. Brazil moved up to 8th place with $112.7 billion (1.3%); assets there grew $24.4 billion (27.6%) in Q1 and increased by $15.3 billion (15.7%) over 12 months. Japan fell to 9th place, as assets decreased $8.9 billion, or -7.4%, to 111.9 billion (1.3% of total assets) in Q1. They've decreased $16.8 billion (-13.0%) over the previous 12 months. ICI's statistics show Mexico remained in 10th place with $74.6B, or 0.9% of total assets, up $4.9 billion (7.0%) for the quarter.
India was in 11th place, decreasing $3.3 billion, or -5.1%, to $60.7 billion (0.7% of total assets) in Q1 and increasing $2.4 billion (4.1%) over the previous 12 months. The United Kingdom ($29.3B, down $500M and up $954M over the quarter and year, respectively) ranked 12th ahead of Chinese Taipei. ($28.5B, down $2.4B and down $9.4B). Canada ($27.4B, up $1.4B and down $1.8B) and Chile ($26.6B up $6M and up $3.3B), rank 14th and 15th, respectively. South Africa, Switzerland, Argentina, Norway 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 $4.853 trillion, down $198.0 billion in Q1. Asian MMFs increased by $96.1 billion to $2.170 trillion, and Europe saw its money funds plunge $162.0 billion in Q1'22 to $1.589 trillion. Africa saw its money funds increase $740M to $24.1 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.)
