ICI: MMFs Break Record $5.6 Trillion
The Investment Company Institute's latest "Money Market Fund Assets" report shows MMF assets hitting record levels for 7th week out of the past 8 (they were down a hair 2 weeks ago) and breaking above the $5.6 trillion level for the first time ever. ICI's weekly asset series jumped to a record $5.625 trillion, and shows MMFs up over $1.06 trillion, or 23.2%, over the past 52 weeks. Assets are up by $890 billion, or 18.8%, year-to-date in 2023, with Institutional MMFs up $462 billion, or 15.1% and Retail MMFs up $428 billion, or 25.5%. (Totals are up $804.6 billion, or 16.7%, since 2/22/23.) Over the past 52 weeks, money funds have risen $1.061 billion, or 23.2%, with Retail MMFs rising by $599 billion (39.7%) and Inst MMFs rising by $462 billion (15.1%). Their weekly release says, "Total money market fund assets increased by $41.83 billion to $5.62 trillion for the week ended Wednesday, September 6, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $31.38 billion and prime funds increased by $7.36 billion. Tax-exempt money market funds increased by $3.09 billion." ICI's stats show Institutional MMFs rising $24.1 billion and Retail MMFs rising $17.7 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.621 trillion (82.2% of all money funds), while Total Prime MMFs were $885.8 billion (15.7%). Tax Exempt MMFs totaled $115.1 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $17.74 billion to $2.11 trillion. Among retail funds, government money market fund assets increased by $9.12 billion to $1.39 trillion, prime money market fund assets increased by $6.10 billion to $612.54 billion, and tax-exempt fund assets increased by $2.53 billion to $106.76 billion." Retail assets account for over a third of total assets, or 37.4%, and Government Retail assets make up 65.8% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $24.08 billion to $3.52 trillion. Among institutional funds, government money market fund assets increased by $22.26 billion to $3.23 trillion, prime money market fund assets increased by $1.25 billion to $273.22 billion, and tax-exempt fund assets increased by $566 million to $11.46 billion." Institutional assets accounted for 62.6% of all MMF assets, with Government Institutional assets making up 91.9% of all Institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets broke the $6.0 trillion level on Sept. 1 and hit a record $6.030 trillion on Tuesday, 9/5, before easing back to $6.022 trillion Wednesday. Assets have risen by $42.5 billion in September through 9/6 after rising by $98.3 billion in August and $34.7 billion in July. 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.
