The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2023," last week, which shows that money fund assets globally jumped by $610.0 billion, or 6.9%, in Q1'23 to $9.461 trillion. The increases were led by sharp jumps in money funds in U.S., China, France and Luxembourg. Meanwhile, money funds in Ireland were lower. MMF assets worldwide increased by $825.6 billion, or 9.6%, in the 12 months through 3/31/22, and money funds in the U.S. now represent 55.4% of worldwide assets. We review the latest Worldwide MMF totals, below. (Note: Welcome to Atlanta! For those attending this week's Money Fund Symposium, June 21-23, conference materials have been posted to our "Money Fund Symposium 2023 Download Center." We hope you all have a great show and enjoy your visit!)
ICI's release says, "Worldwide regulated open-end fund assets increased 5.0 percent to $63.12 trillion at the end of the first quarter of 2023, excluding funds of funds. Worldwide net cash inflow to all funds was $706 billion in the first quarter, compared with $122 billion of net inflows in the fourth 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 first quarter of 2023 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 first quarter of 2023. For example, on a US dollar–denominated basis, fund assets in Europe increased by 4.7 percent in the first quarter, compared with an increase of 2.6 percent on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets increased by 5.8 percent to $28.52 trillion at the end of the first quarter of 2023. Bond fund assets increased by 4.0 percent to $11.99 trillion in the first quarter. Balanced/mixed fund assets increased by 2.8 percent to $7.23 trillion in the first quarter, while money market fund assets increased by 6.9 percent globally to $9.46 trillion."
The release also tells us, "At the end of the first quarter of 2023, 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 11%. Money market fund assets represented 15% of the worldwide total. By region, 53% of worldwide assets were in the Americas in the first quarter of 2023, 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 $706 billion in the first quarter of 2023..... Globally, bond funds posted an inflow of $145 billion in the first quarter of 2023, after recording an outflow of $123 billion in the fourth quarter.... Money market funds worldwide experienced an inflow of $573 billion in the first quarter of 2023 after registering an inflow of $332 billion in the fourth 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 Q1'23 with $5.238 trillion, or 55.4% of all global MMF assets. U.S. MMF assets increased by $461.7 billion (9.7%) in Q1'23 and have increased by $646.2 billion (14.1%) in the 12 months through March 31, 2023. China remained in second place among countries overall. China saw assets increase $78.9 billion (5.2%) in Q1 to $1.595 trillion (16.9% of worldwide assets). Over the 12 months through March 31, 2023, Chinese MMF assets have increased by $15.1 billion, or 1.0%.
Ireland remained third among country rankings, ending Q1 with $718.5 billion (7.6% of worldwide assets). Irish MMFs were down $19.4B for the quarter, or -2.6%, and up $39.6B, or 5.8%, over the last 12 months. Luxembourg remained in fourth place with $490.6 billion (5.2% of worldwide assets). Assets there increased $26.0 billion, or 5.6%, in Q1, and were up $42.0 billion, or 9.4%, over one year. France was in fifth place with $413.5B, or 4.4% of the total, up $29.9 billion in Q1 (7.8%) and up $47.7B (13.0%) over 12 months.
Australia was listed in sixth place with $253.7 billion, or 2.7% of worldwide assets. Its MMFs decreased by $1.2 billion, or -0.5%, in Q1. Korea was the 7th ranked country and saw MMF assets increase $16.4 billion, or 13.5%, in Q1'23 to $137.9 billion (1.5% of the total); they've increased $11.0 billion (8.7%) for the year. Brazil was at 8th place with $110.6 billion (1.2%); assets there increased $13.4 billion (13.8%) in Q1 and decreased by $2.0 billion (-1.8%) over 12 months. Japan was 9th place, as assets decreased $5.2 billion, or -4.9%, to 101.0 billion (1.1% of total assets) in Q1. They've decreased $10.9 billion (-9.7%) over the previous 12 months. ICI's statistics show Mexico remained in 10th place with $99.5B, or 1.1% of total assets, up $13.8 billion (16.1%) for the quarter.
India was in 11th place, decreasing $7.9 billion, or -12.9%, to $53.7 billion (0.6% of total assets) in Q1 and decreasing $7.1 billion (-11.6%) over the previous 12 months. Canada ($43.0B, up $5.5B and up $15.5B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($33.9B, up $3.5B and up $10.9B). Chile ($27.8B, up $2.8B and up $1.1B) and Chinese Taipei ($26.3B, up $596M and down $2.2B), rank 14th and 15th, respectively. The United Kingdom, South Africa, Argentina, Belgium 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 $5.045 trillion, unchanged in Q1. Asian MMFs increased by $80.3 billion to $2.177 trillion, and Europe saw its money funds jump $27.3 billion in Q1'23 to $1.719 trillion. Africa saw its money funds decrease $642M to $21.9 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.)
