The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Second Quarter 2022," which shows that money fund assets globally fell by $153.5 billion, or -1.8%, in Q2'22 to $8.482 trillion. The decreases were led by drops in money funds in the U.S., Ireland and Luxembourg. Meanwhile, money funds in China and Australia increased. MMF assets worldwide decreased by $83.0 billion, or -1.0%, in the 12 months through 6/30/22, and money funds in the U.S. represent 53.5% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: We hope to see you this week at our European Money Fund Symposium, which will take place Sept. 27-28 in Paris, France!)
ICI's release says, "Worldwide regulated open-end fund assets decreased 11.5 percent to $59.91 trillion at the end of the second quarter of 2022, excluding funds of funds. Worldwide net cash outflow to all funds was $130 billion in the second quarter, compared with $79 billion of net inflows in the first quarter of 2022. 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 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 second quarter of 2022. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 12.8 percent in the second quarter, compared with a decrease of 6.8 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets decreased by 15.9 percent to $26.63 trillion at the end of the second quarter of 2022. Bond fund assets decreased by 8.9 percent to $11.89 trillion in the second quarter. Balanced/mixed fund assets decreased by 11.5 percent to $7.30 trillion in the second quarter, while money market fund assets decreased by 1.9 percent globally to $8.48 trillion."
The release also tells us, "At the end of the second quarter of 2022, 44 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 14 percent of the worldwide total. By region, 53 percent of worldwide assets were in the Americas in the second quarter of 2022, 32 percent were in Europe, and 16 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales of regulated open-end funds worldwide were $130 billion in the second quarter of 2022.... Globally, bond funds posted an outflow of $123 billion in the second quarter of 2022, after recording an outflow of $56 billion in the first quarter.... Money market funds worldwide experienced an inflow of $36 billion in the second quarter of 2022 after registering an outflow of $212 billion in the first quarter of 2022."
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 Q2'22 with $4.541 trillion, or 53.5% of all global MMF assets. U.S. MMF assets decreased by $51.3 billion (-1.1%) in Q2'22 but have increased by $6.8 billion (0.2%) in the 12 months through June 30, 2022. China remained in second place among countries overall. China saw assets jump $2.6 billion (0.2%) in Q2 to $1.582 trillion (18.7% of worldwide assets). Over the 12 months through June 30, 2022, Chinese MMF assets have surged by $146.3 billion, or 10.2%.
Ireland remained third among country rankings, ending Q2 with $649.8 billion (7.7% of worldwide assets). Dublin-based MMFs were down $29.1B for the quarter, or -4.3%, and down $49.4B, or -7.1%, over the last 12 months. Luxembourg remained in fourth place with $427.3 billion (5.0% of worldwide assets). Assets there decreased $21.2 billion, or -4.7%, in Q2, and were down $57.7 billion, or -11.9%, over one year. France was in fifth place with $344.8B, or 4.1% of the total, down $21.0 billion in Q2 (-5.7%) and down $80.2B (-18.9%) over 12 months.
Australia was listed in sixth place with $254.5 billion, or 3.0% of worldwide assets. Its MMFs increased by $4.5 billion, or 1.8%, in Q2. Korea was the 7th ranked country and saw MMF assets decrease $12.7 billion, or -10.0%, in Q2'22 to $114.2 billion (1.3% of the total); they've decreased $12.3 billion (-9.7%) for the year. Brazil remained at 8th place with $106.8 billion (1.3%); assets there fell $5.9 billion (-5.2%) in Q2 and decreased by $7.8 billion (-6.8%) over 12 months. Japan was 9th place, as assets decreased $10.4 billion, or -9.3%, to 101.5 billion (1.2% of total assets) in Q2. They've decreased $23.4 billion (-18.7%) over the previous 12 months. ICI's statistics show Mexico remained in 10th place with $78.5B, or 0.9% of total assets, up $3.9 billion (5.2%) for the quarter.
India was in 11th place, decreasing $802 million, or -1.3%, to $59.9 billion (0.7% of total assets) in Q2 and increasing $793 million (1.3%) over the previous 12 months. Canada ($29.0B, up $1.6B and up $2.0B over the quarter and year, respectively) ranked 12th ahead of Chinese Taipei. ($26.9B, down $1.6B and down $7.7B). The United Kingdom ($26.4B, down $2.9B and down $2.7B) and South Africa ($22.2B down $1.9B and down $4.1B), rank 14th and 15th, respectively. Switzerland, Chile, Argentina, Norway and Belgium round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $4.796 trillion, down $57.7 billion in Q2. Asian MMFs decreased by $18.4 billion to $2.152 trillion, and Europe saw its money funds plunge $75.5 billion in Q2'22 to $1.512 trillion. Africa saw its money funds decrease $1.9B to $22.2 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.)
