The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Fourth Quarter 2022," last week, which shows that money fund assets globally jumped by $550.7 billion, or 6.6%, in Q4'22 to $8.856 trillion. The increases were led by sharp jumps in money funds in U.S., Ireland, France and Luxembourg. Meanwhile, only money funds in Brazil were lower. MMF assets worldwide increased by $22.4 billion, or 0.3%, in the 12 months through 12/31/22, and money funds in the U.S. now represent 53.9% of worldwide assets. We review the latest Worldwide MMF totals, below. (Thanks again to those who participated in our Bond Fund Symposium in Boston! Attendees and subscribers may access the materials in our "Bond Fund Symposium 2023 Download Center.")
ICI's release says, "Worldwide regulated open-end fund assets increased 7.1 percent to $60.15 trillion at the end of the fourth quarter of 2022, excluding funds of funds. Worldwide net cash inflow to all funds was $123 billion in the fourth quarter, compared with $39 billion of net outflows in the third 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 fourth 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 increased by US dollar depreciation over the fourth quarter of 2022. For example, on a US dollar–denominated basis, fund assets in Europe increased by 10.4 percent in the fourth quarter, compared with an increase of 0.9 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 8.8 percent to $26.95 trillion at the end of the fourth quarter of 2022. Bond fund assets increased by 2.6 percent to $11.55 trillion in the fourth quarter. Balanced/mixed fund assets increased by 7.7 percent to $7.09 trillion in the fourth quarter, while money market fund assets increased by 6.7 percent globally to $8.86 trillion."
The release also tells us, "At the end of the fourth quarter of 2022, 45% of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 19% and the asset share of balanced/mixed funds was 12%. Money market fund assets represented 15% of the worldwide total. By region, 53% of worldwide assets were in the Americas in the fourth quarter of 2022, 32% were in Europe, and 15 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales out of regulated open-end funds worldwide were $123 billion in the fourth quarter of 2022.... Globally, bond funds posted an outflow of $125 billion in the fourth quarter of 2022, after recording an inflow of $42 billion in the third quarter.... Money market funds worldwide experienced an inflow of $332 billion in the fourth quarter of 2022 after registering an inflow of $17 billion in the third 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 Q4'22 with $4.777 trillion, or 53.9% of all global MMF assets. U.S. MMF assets increased by $206.2 billion (4.5%) in Q4'22 and have increased by $21.0 billion (0.4%) in the 12 months through Dec. 31, 2022. China remained in second place among countries overall. China saw assets increase $13.7 billion (0.9%) in Q4 to $1.516 trillion (17.1% of worldwide assets). Over the 12 months through Dec. 31, 2022, Chinese MMF assets have increased by $26.1 billion, or 1.8%.
Ireland remained third among country rankings, ending Q4 with $738.0 billion (8.3% of worldwide assets). Irish MMFs were up $109.8B for the quarter, or 17.5%, and up $10.9B, or 1.5%, over the last 12 months. Luxembourg remained in fourth place with $464.6 billion (5.2% of worldwide assets). Assets there increased $60.0 billion, or 14.8%, in Q4, and were down $37.7 billion, or -7.5%, over one year. France was in fifth place with $383.6B, or 4.3% of the total, up $75.0 billion in Q4 (24.3%) and down a brutal $43.6B (-10.2%) over 12 months.
Australia was listed in sixth place with $254.9 billion, or 2.9% of worldwide assets. Its MMFs increased by $16.9 billion, or 7.1%, in Q4. Korea moved up to the 7th ranked country and saw MMF assets increase $21.8 billion, or 21.8%, in Q4'22 to $121.5 billion (1.4% of the total); they've increased $7.2 billion (6.3%) for the year. Japan was at 8th place with $106.2 billion (1.2%); assets there increased $12.4 billion (13.2%) in Q4 and decreased by $14.6 billion (-12.1%) over 12 months. Brazil was 9th place, as assets decreased $2.5 billion, or -2.5%, to 97.2 billion (1.1% of total assets) in Q4. They've increased $8.9 billion (10.1%) over the previous 12 months. ICI's statistics show Mexico remained in 10th place with $85.7B, or 1.0% of total assets, up $2.7 billion (3.2%) for the quarter.
India was in 11th place, increasing $5.2 billion, or 9.2%, to $61.6 billion (0.7% of total assets) in Q4 and decreasing $2.4 billion (-3.8%) over the previous 12 months. Canada ($37.5B, up $6.8B and up $11.4B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($30.4B, up $6.1B and up $8.2B). Chinese Taipei ($25.7B, up $1.4B and down $5.3B) and Chile ($25.0B, up $2.7B and down $1.6B), rank 14th and 15th, respectively. The United Kingdom, South Africa, 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 $5.045 trillion, up $216.7 billion in Q4. Asian MMFs increased by $71.6 billion to $2.096 trillion, and Europe saw its money funds jump $261.0 billion in Q4'22 to $1.692 trillion. Africa saw its money funds increase $1.4B to $22.5 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.)
