ICI: MMF Assets Inch Higher in Week
The Investment Company Institute's latest "Money Market Fund Assets" report shows MMF assets inching higher after declining for four of the past five weeks. Assets have risen by $638 billion, or 13.2%, over the prior 21 weeks (breaking the $5.4 billion at the end of May). ICI shows assets up by $723 billion, or 15.3%, year-to-date in 2023, with Institutional MMFs up $372 billion, or 12.2% and Retail MMFs up $352 billion, or 21.0%. Over the past 52 weeks, money fund assets have risen $876 billion, or 19.1%, with Retail MMFs rising by $553 billion (37.4%) and Inst MMFs rising by $323 billion (10.4%). Their weekly release says, "Total money market fund assets increased by $4.22 billion to $5.46 trillion for the week ended Wednesday, July 19, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $1.01 billion and prime funds increased by $7.56 billion. Tax-exempt money market funds decreased by $4.35 billion." ICI's stats show Institutional MMFs falling $3.0 billion and Retail MMFs rising $7.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.495 trillion (82.3% of all money funds), while Total Prime MMFs were $850.0 billion (15.6%). Tax Exempt MMFs totaled $113.2 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $7.21 billion to $2.03 trillion. Among retail funds, government money market fund assets increased by $5.57 billion to $1.35 trillion, prime money market fund assets increased by $5.34 billion to $574.10 billion, and tax-exempt fund assets decreased by $3.69 billion to $102.47 billion." Retail assets account for over a third of total assets, or 37.2%, and Government Retail assets make up 66.7% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $2.99 billion to $3.43 trillion. Among institutional funds, government money market fund assets decreased by $4.55 billion to $3.14 trillion, prime money market fund assets increased by $2.22 billion to $275.94 billion, and tax-exempt fund assets decreased by $663 million to $10.71 billion." Institutional assets accounted for 62.8% of all MMF assets, with Government Institutional assets making up 91.7% of all Institutional MMF totals. (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $20.0 billion in July through 7/19 to $5.866 trillion. 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.)
