ICI: MMF Assets 7th Straight Record
The Investment Company Institute's latest "Money Market Fund Assets" report shows MMF assets hitting a record for the 7th week in a row and the 13th week out of the past 15. Assets have risen by $636 billion, or 13.2%, over the past 15 weeks, and they broke the $5.4 billion barrier last week. ICI shows assets up by $722 billion, or 15.2%, year-to-date in 2023, with Institutional MMFs up $416 billion, or 13.6% and Retail MMFs up $306 billion, or 18.2%. Over the past 52 weeks, money fund assets have risen $930 billion, or 20.6%, with Retail MMFs rising by $563 billion (39.6%) and Inst MMFs rising by $368 billion (11.8%). (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets hit a record $5.865 trillion on Wednesday, 6/7. 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.) The weekly release says, "Total money market fund assets increased by $36.63 billion to $5.46 trillion for the week ended Wednesday, June 7, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $18.01 billion and prime funds increased by $15.78 billion. Tax-exempt money market funds increased by $2.84 billion." ICI's stats show Institutional MMFs jumping $24.0 billion and Retail MMFs rising $12.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.528 trillion (83.0% of all money funds), while Total Prime MMFs were $813.0 billion (14.9%). Tax Exempt MMFs totaled $115.2 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $12.58 billion to $1.98 trillion. Among retail funds, government money market fund assets increased by $4.38 billion to $1.33 trillion, prime money market fund assets increased by $6.12 billion to $546.32 billion, and tax-exempt fund assets increased by $2.08 billion to $103.93 billion." Retail assets account for over a third of total assets, or 36.3%, and Government Retail assets make up 67.2% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $24.04 billion to $3.47 trillion. Among institutional funds, government money market fund assets increased by $13.62 billion to $3.20 trillion, prime money market fund assets increased by $9.66 billion to $266.71 billion, and tax-exempt fund assets increased by $763 million to $11.28 billion." Institutional assets accounted for 63.7% of all MMF assets, with Government Institutional assets making up 92.0% of all Institutional MMF totals.
