Link of The Day
ICI: Assets Jump, Just Shy of Record
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping $72.3 billion to $7.964 trillion. Assets decreased $45.4 billion the previous week and rose $15.2 billion the week before this. Assets saw a record high of $7.979 trillion five weeks ago, so they're just a hair short of the record. MMF assets are up by $578 billion, or 7.8%, over the past 52 weeks (through 10/7/26), with Institutional MMFs up $445 billion, or 10.1% and Retail MMFs up $133 billion, or 4.5%. Year-to-date in 2026, MMF assets are up by $230 billion, or 3.0%, with Institutional MMFs up $187 billion, or 4.0% and Retail MMFs up $43 billion, or 1.4%. ICI's weekly release says, "Total money market fund assets increased by $72.27 billion to $7.96 trillion for the week ended Wednesday, October 7, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $61.15 billion and prime funds increased by $4.11 billion. Tax-exempt money market funds increased by $7.02 billion." ICI's stats show Institutional MMFs increasing $58.3 billion and Retail MMFs increasing $14.0 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.561 trillion (82.4% of all money funds), while Total Prime MMFs were $1.240 trillion (15.6%). Tax Exempt MMFs totaled $163.0 billion (2.0%). It explains, "Assets of retail money market funds increased by $14.01 billion to $3.12 trillion. Among retail funds, government money market fund assets increased by $6.49 billion to $1.99 trillion, prime money market fund assets increased by $1.78 billion to $987.50 billion, and tax-exempt fund assets increased by $5.74 billion to $147.30 billion." Retail assets account for 39.2% of the total, and Government Retail assets make up 63.6% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $58.27 billion to $4.84 trillion. Among institutional funds, government money market fund assets increased by $54.66 billion to $4.58 trillion, prime money market fund assets increased by $2.33 billion to $252.26 billion, and tax-exempt fund assets increased by $1.28 billion to $15.68 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $81.5 billion to $8.375 trillion month-to-date in October (as of 10/7), assets reached an all-time high of $8.404 trillion on July 6. Assets decreased $48.0 billion in September, increased $52.8 billion in August, decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November and $142.1 billion last October. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
BlackRock, ISDA Push Tokenized MMFs
An article titled, "BlackRock's Nikhil Sharma pitches tokenized money market funds as instant collateral at TOKEN2049," on a website called Crypto Briefing," tells us, "Nikhil Sharma, BlackRock's Director of Digital Assets, says tokenized money market funds could be posted as collateral directly. That means no redemption step and no waiting days for cash to settle. Sharma is on the speaker lineup for TOKEN2049 Singapore 2026, set for October 7-8 at Marina Bay Sands. His focus is tokenized money market funds (tMMFs) and stablecoins." The piece adds, "On August 3, 2026, BlackRock launched two new tokenized funds: BSTBL and BRSRV. Both are targeting eligibility as reserve assets under the US GENIUS Act, the federal framework for stablecoins. BRSRV is built specifically for stablecoin reserves and digital-native institutions. Both products build on BUIDL, the tokenized fund BlackRock introduced in March 2024. BUIDL currently manages around $2.5 billion in assets. BlackRock has rolled out tokenized share classes for its European UCITS money market funds, which totaled $311 billion in assets under management as of June 30, 2026." In related news, a speech from the ISDA Digital Assets Forum" quotes Scott O'Malia's Opening Remarks." He comments, "I'll start with tokenization. By enabling near-instant settlement, improving intraday liquidity management and enhancing cross-border collateral mobility, tokenization has the potential to bring substantial efficiency gains to the derivatives market. It also opens the door to new types of assets being posted as collateral, with tokenized money market funds emerging as the front-runner. With trillions of dollars held globally, money market funds have always been a promising source of collateral, but the operational workflows have prevented them from being posted directly. By tokenizing money market funds, we can overcome many of those operational challenges and enable market participants to reduce their reliance on cash and government securities for collateral. This, in turn, could improve market resilience during future episodes of stress, reducing the risk of liquidity squeezes."
Weekly Money Fund Portfolio Holdings
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of Oct. 2) includes Holdings information from 61 money funds (down 2 from a week ago), or $4.330 trillion (up from $3.869 trillion) of the $8.367 trillion in total money fund assets (or 51.8%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our Sept. 11 News, "Sept. MF Portfolio Holdings: Assets Jump; Treasuries Surge, Repo Falls.") Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.024 trillion (up from $1.772 trillion a week ago), or 46.7%; Repurchase Agreements (Repo) totaling $1.479 trillion (up from $1.307 trillion a week ago), or 34.2%, and Government Agency securities totaling $481.9 billion (up from $410.4 billion a week ago), or 11.1%. Commercial Paper (CP) totaled $154.8 billion (down from $170.7 billion a week ago), or 3.6%. Certificates of Deposit (CDs) totaled $83.8 billion (down from $93.5 billion a week ago), or 1.9%. The Other category accounted for $64.8 billion or 1.5%, while VRDNs accounted for $41.7 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.024 trillion, Fixed Income Clearing Corp with $430.6B, the Federal Home Loan Bank with $311.3B, JP Morgan with $149.9B, Citi with $118.0B, Federal Farm Credit Bank with $102.4B, BNP Paribas with $101.2B, RBC with $101.0B, Wells Fargo with $96.9B and Goldman Sachs with $60.8B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($354.8B), JPMorgan 100% US Trs MM ($354.5B), Goldman Sachs FS Govt ($281.8B), Fidelity Inv MM: Govt Port ($249.5B), Morgan Stanley Inst Liq Govt ($214.2B), BlackRock Lq Treas Tr ($191.1B), BlackRock Lq FedFund ($190.5B), State Street Inst US Govt ($187.1B), Fidelity Inv MM: MM Port ($157.9B) and Dreyfus Govt Cash Mgmt ($153.3B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Rise to 3.69%
Money fund yields (7-day, annualized, simple, net) rose 3 basis points to 3.69% on average during the week ended Friday, October 2 (as measured by our Crane 100 Money Fund Index), after increasing 9 bps the week prior. Money fund yields continued moving higher over the past 2 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.67% on 9/30/26, 3.51% on 8/31, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.58%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.81% in the latest week. Government Inst MFs were up 2 bps at 3.67%. Treasury Inst MFs were up 3 bps at 3.66%. Treasury Retail MFs currently yield 3.43%, Government Retail MFs yield 3.39% and Prime Retail MFs yield 3.58%, Tax-exempt MF 7-day yields were up 11 bps to 2.93%. Assets increased $40.3 billion in the week through Friday, and they've increased by $73.6 billion in October month-to-date (through 10/2). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 36 days for the Crane MFA and 37 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 2, shows one change over the past week, Raymond James raised rates for all accounts of $1K to $249K to 0.05%, accounts of $250K to $499K to 0.10%, accounts of $500K to $999K to 0.12%, accounts of $1 million to $4.9 million to 1.15% and accounts of $10 million and greater to 1.75%. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
Reuters Says Merrill Settles Sweep Suit
Reuters writes, "BofA's Merrill Lynch settles cash sweep case for $39 million, must face second lawsuit." The article explains, "Bank of America's Merrill Lynch unit will pay $39 million to settle a class action claiming it paid brokerage customers near-zero interest rates instead of market rates on idle cash in their retirement accounts. The preliminary settlement was filed late Wednesday in Manhattan federal court and requires approval by US District Judge Valerie Caproni. In a separate case, US District Judge Margaret Garnett in Manhattan ordered Merrill Lynch to face most of a similar proposed class action covering retirement and non-retirement accounts. Her decision was dated Wednesday and made public on Thursday." The piece tells us, "Many large banks and brokerages have been sued for allegedly 'sweeping' customers' cash into accounts that paid low or near-zero interest instead of market rates, boosting profits. These lawsuits proliferated in 2023 and 2024 when interest rates were rising." It states, "The settlement resolved claims by holders of Merrill Edge online accounts between December 15, 2016 and March 15, 2020 that allegedly paid 0.05% to 0.14% while other brokerages paid their customers about 2%. Merrill Lynch denied wrongdoing. It agreed in January 2025 to pay $25 million to settle cash sweep claims by the US Securities and Exchange Commission, without admitting wrongdoing." Reuters adds, "Lawsuits over low-yielding sweep accounts have had mixed success. In February, a third Manhattan federal judge said JPMorgan Chase must face part of one such lawsuit. On September 18, a fourth Manhattan federal judge granted final approval to a $70 million settlement with Oppenheimer & Co." For more on Brokerage Sweep lawsuits, see these Crane Data News stories: "Reuters on JPMorgan Sweeps Lawsuit (2/19/26), "Central Bank of Ireland on Fund Regulations; Brokerage Sweeps Lawsuits (8/5/24), "Tradeweb Completes ICD Acquisition; AdvisorHub on Wells Sweep Suit (8/2/24), "IN: Ameriprise Sued Over Sweeps" (7/31/24), "Federated Hermes' Donahue, Cunningham Call Hits Sweeps, Flows, Rates" (7/29/24), "Ameriprise, Raymond James Discuss Sweeps Issues on Earnings Call Q&As" (7/26/24), "Barron's Writes on Pressure on Sweeps" (7/25/24), "WSJ, Investment News on Brokerage Deposit, Advisory Sweep Pressures" (7/19/24), "Schwab, BlackRock Q2 Earnings: Cash Migration Slowing, But Continues" (7/17/24) and "Cash of the Titans Part II: Merrill Hit By Lawsuit Over Brokerage Sweeps (9/3/19).
Capitolis to Acquire eSecLending
A press release, "Capitolis to Acquire eSecLending in $200 Million All-Cash Transaction, Expanding Its Financial Resource Management Solutions and Client Base to Include Largest Asset Owners," states, "Capitolis, the financial technology company, ... announced an agreement to acquire eSecLending for $200 million in an all-cash transaction. eSecLending is a leading independent securities lending business working with many of the world's largest asset owners, including pension funds, insurance companies, and asset managers, to lend securities to major global banks. Over its 26-year history, eSecLending has built an extensive network of institutional investor relationships and a robust ecosystem that includes every major bank and prime broker, supporting its clients' securities financing transactions and fueling significant growth in recent years." It continues, "The acquisition extends the Capitolis platform, adding securities lending as a complementary capability to its existing financial resource optimization solutions. Together, the combined offering provides a differentiated set of capabilities for banks and institutional investors, helping them unlock greater efficiency, optimize resources, and access new opportunities across securities lending, repo, and financing markets. The acquisition also expands Capitolis' reach to eSecLending’s established network of institutional asset owners while adding the infrastructure, expertise, and scale to accelerate innovation and support future growth." The release quotes Capitolis President Okan Pekin, "We've known the eSecLending team for years and have already been partnering to introduce new solutions to the market. We've seen firsthand the strength of their client relationships, the quality of their business, and the deep expertise of their team. Bringing eSecLending and Capitolis together expands our network and enhances our offering with securities lending capabilities that naturally complement our existing set of solutions." CEO Gil Mandelzis adds, "This is a transformational acquisition for Capitolis. We have been enjoying exceptional organic growth over the past few years across our existing business lines, and eSecLending adds a highly complementary new business that aligns closely with our clients' evolving needs. We are thrilled to welcome Craig, the eSecLending team, and their clients to the Capitolis network as we broaden our offering and accelerate our growth."
State Street Sweep Now Live on Stellar
A press release titled, "State Street Galaxy Onchain Liquidity Sweep Fund Goes Live on Stellar," tells us, "The State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP) is now live on the Stellar network. Issued by State Street Investment Management, the asset management arm of State Street Corporation (STT), and tokenized by Galaxy, SWEEP represents a new option for eligible investors seeking a liquid, onchain cash management solution. SWEEP is a tokenized private liquidity fund designed to enable 24/7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund's portfolio. Eligible investors can subscribe and redeem in certain stablecoins, subject to availability from the fund's portfolio, 24 hours a day, seven days a week, instead of waiting on banking hours and settlement windows. On Stellar, the fund is issued through a Stellar smart contract, pairing programmable asset logic with the network’s native issuer controls for authorization, freeze, and clawback." Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, comments, "Cash management only moves onchain where the infrastructure has already proven it works. Stellar has run in production for more than a decade at 99.99% uptime, and SWEEP now puts one of the world's largest money market fund issuers on the Stellar network." The release adds, "SWEEP on Stellar runs on an open institutional stack. Galaxy provides the tokenization technology and distribution, Anchorage provides digital asset custody, Chainlink supports fund pricing and reserve data, NAV Consulting serves as transfer agent, and State Street Bank and Trust Company holds the fund's securities. Each function is handled by a specialized provider on a neutral public network, with no single vendor owning the rails. SWEEP is a private placement available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts."
WSJ Writes Again on AI, Deposits
We wrote yesterday, "WSJ Discusses AI's Impact on Brokerage Sweeps and Bank Cash Sorting," which said, "Just [last] week, the growing interest in Meta Platforms' artificial-intelligence agent Muse once again spooked markets into worrying that cash will be ever easier to move. If it is as simple as directing your agent to find the highest yield, then the inertia that used to protect financial institutions is going away." Today, the Journal follows up and asks, "Lazy Customers Are Great for Banks. Could AI Change That?" This update explains, "AI assistants may soon run your financial life. That could be a big problem for banks." The latest Journal piece tells us, "Americans forgo untold sums of money every year on what some might call a laziness tax, for oversights like failing to refinance their mortgage or incurring a late fee after forgetting to pay a bill. Another silent wealth killer: keeping too much cash sitting in checking or savings accounts that pay little or no interest. Now, artificial intelligence is threatening to put an end to all that." It states, "Apollo Global Management Chief Economist Torsten Slok recently raised the prospect of an AI-induced bank run, saying that people could use bots to sweep their money into accounts that pay higher interest rates. Slok's observation was widely shared on X, and brought to the fore other ways AI could save people money -- and hit corporate profits." The piece says, "The prospect of losing deposits sitting in checking and savings is especially troubling for banks, which rely on those funds to make loans that help keep the economy humming, pocketing the extra interest they make. 'Banks may call it an agentic bank run. Customers might call it checking the interest rate,' said one user on X, in response to Slok's observation. About $7.12 trillion sits in consumer and business bank checking accounts, according to the Federal Reserve Bank of St. Louis. Those often bear little or no interest." It adds, "Many Wall Street analysts don't think a draining of deposits would happen overnight, if at all. For one, banks' larger institutional clients are largely already doing this as a part of so-called treasury management, which involves moving cash into higher-yielding accounts or using it to pay down debt. Consumer accounts may only have a few thousand dollars in balances, and thus relatively less to gain." Finally, the WSJ writes, "There's also the trust factor. People like having their money somewhere they feel is secure, which is often in the traditional banks they know well. Big banks, for their part, tend to covet customers' direct-deposits, sticky funds that rarely move or chase rates, while accounting for the chance other deposits are flightier. 'You're not going to give your money to some bank you've never heard of,' said Peter Crane of Crane Data, which researches money-market funds. Still, investors appear to be taking the prospect of AI disruption seriously."
Crane 100 MF Index Rises to 3.66%
Money fund yields (7-day, annualized, simple, net) rose 9 basis points to 3.66% on average during the week ended Friday, September 25 (as measured by our Crane 100 Money Fund Index), after increasing 6 bps the week prior. Money fund yields continued moving higher over the past week as they digest the Federal Reserve's Sept. 16 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.51% on 8/31/26, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.56%, up 9 bps in the week through Friday. Prime Inst money fund yields were up 11 bps at 3.80% in the latest week. Government Inst MFs were up 10 bps at 3.65%. Treasury Inst MFs were up 7 bps at 3.63%. Treasury Retail MFs currently yield 3.39%, Government Retail MFs yield 3.37% and Prime Retail MFs yield 3.56%, Tax-exempt MF 7-day yields were up 22 bps to 2.79%. Assets increased $11.4 billion in the week through Friday, and they've decreased by $16.1 billion in September month-to-date (through 9/25). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 37 days for the Crane MFA and 37 days the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of September 25, shows one change over the past week, RW Baird raised rates for all accounts of $1K to $999K to 1.07%, accounts of $1 million to $1.9 million to 1.71% and accounts of $5 million and greater to 2.24%. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
Voya Govt MM Limits Expenses to 0.4%
A Prospectus Supplement filing for Voya Government Money Market Portfolio tells us, "Effective immediately, the Prospectuses are revised as follows: 1. Footnote number 2 of the sub-section of the Prospectus entitled 'Fees and Expenses of the Portfolio – Annual Portfolio Operating Expenses' in the Portfolio's Summary Section is deleted in its entirety and replaced with the following: 2. Voya Investments, LLC the 'Investment Adviser') is contractually obligated to limit expenses to 0.40% for Class I shares through May 1, 2027 (the 'Expense Limitation Agreement')." It continues, "`The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the trustees who are not 'interested persons' as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Portfolio's Board of Trustees (the 'Board'). The Expense Limitation Agreement shall terminate with respect to the Portfolio upon termination of the Portfolio's advisory agreement with the Investment Adviser, or it may be terminated by Voya Government Money Market Portfolio (the 'Trust'), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business." Voya adds, "2. The sub-section of the Prospectus entitled 'Expense Limitation Agreement – Voya Government Money Market Portfolio' in the 'Management of the Portfolios' of the Portfolio's Statutory Section is deleted in its entirety and replaced with the following: Money Market Portfolio Expense Limitation Agreement. The distributor and the Investment Adviser have contractually agreed to waive a portion of their management fees and distribution and/or shareholder servicing fees, as applicable, and to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than zero on a daily basis. There is no guarantee that the Portfolio will maintain such a yield. When distribution fees are reduced, dealer compensation may be reduced to the same extent. Management fees waived and expenses reimbursed by the Investment Adviser are subject to possible recoupment by the Investment Adviser within three years. Recoupment is permitted only to the extent that the Portfolio's gross income exceeds its expenses and may not result in a daily yield of less than 0.00%. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Distribution and servicing fees waived are not subject to recoupment. This Money Market Portfolio Expense Limitation Agreement will continue through May 1, 2027. Termination or modification of this arrangement requires approval by the Board."
ICI: MMF Assets Up to $7.94 Trillion
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing $15.0 billion to $7.936 trillion. Assets fell $52.0 billion the previous week and decreased $5.9 billion the week before this. Assets saw a record high of $7.979 trillion three weeks prior. MMF assets are up by $622 billion, or 8.5%, over the past 52 weeks (through 9/23/26), with Institutional MMFs up $469 billion, or 10.8% and Retail MMFs up $153 billion, or 5.2%. Year-to-date in 2026, MMF assets are up by $203 billion, or 2.6%, with Institutional MMFs up $168 billion, or 3.6% and Retail MMFs up $35 billion, or 1.1%. ICI's weekly release says, "Total money market fund assets increased by $15.00 billion to $7.94 trillion for the week ended Wednesday, September 23, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $389 million and prime funds increased by $10.95 billion. Tax-exempt money market funds increased by $3.66 billion." ICI's stats show Institutional MMFs increasing $15.3 billion and Retail MMFs decreasing $0.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.531 trillion (82.3% of all money funds), while Total Prime MMFs were $1.251 trillion (15.8%). Tax Exempt MMFs totaled $154.1 billion (1.9%). It explains, "Assets of retail money market funds decreased by $256 million to $3.11 trillion. Among retail funds, government money market fund assets decreased by $774 million to $1.98 trillion, prime money market fund assets decreased by $1.96 billion to $989.43 billion, and tax-exempt fund assets increased by $2.48 billion to $139.70 billion." Retail assets account for 39.2% of the total, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $15.26 billion to $4.82 trillion. Among institutional funds, government money market fund assets increased by $1.16 billion to $4.55 trillion, prime money market fund assets increased by $12.91 billion to $261.99 billion, and tax-exempt fund assets increased by $1.18 billion to $14.38 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 94.3% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $1.3 billion to $8.343 trillion month-to-date in September (as of 9/23), assets reached an all-time high of $8.404 trillion on July 6. Assets increased $52.8 billion in August, decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October and $105.2 billion last September. Note that `ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
Fidelity Cuts Capital One from Sweeps
Fidelity Investments says in a recent "FDIC Insured Deposit Sweep Program" disclosure, "Capital One Bank removal: As a result of the recent program bank list consolidation, Capital One Bank ('Capital One') will no longer participate in the Fidelity FDIC – Insured Deposit Sweep Program (the 'Program'). This change will affect Fidelity Cash Management Accounts and eligible Individual Retirement Accounts ('Retirement Accounts') that utilize the Program." They explain, "As a result, Fidelity will take the following steps: All eligible Fidelity Cash Management Accounts and Fidelity Retirement Accounts with a Program Bank list that includes Capital One as the first bank (the Primary Core Bank) will be assigned an updated Program Bank list with a new Primary Core Bank. For Fidelity Cash Management Accounts, on or around September 14, 2026, customers will be assigned the bank list with Leader Bank as the Primary Core Bank. For Fidelity Retirement Accounts, on or around September 21, 2026, customers will be assigned the bank list with Santander, Morgan Stanley, Morgan Stanley Private, or Leader Bank as the Primary Core Bank. Customers will receive a Revised Account Profile which will include the updated bank list." It states, "For Fidelity Cash Management Accounts, Fidelity will withdraw all customers' Program Deposits (other than accrued interest) from Capital One on or around September 16, 2026. For Fidelity Retirement Accounts, Fidelity will withdraw all customers' Program Deposits (other than accrued interest) from Capital One on or around September 23, 2026. These funds will be swept to the banks on the Program Bank List assigned to their account. Any accrued interest earned on Program Deposits at Capital One up through the date of the transfer will remain at the bank until it is posted to the customer's account and swept to the banks on the Program Bank List. This will occur on or around October 1, 2026."
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