ICI's MMF Series Breaks $6.1 Trillion
Money market mutual fund assets increased by $31.3 billion the past week to a record $6.108 trillion after jumping $18.7 billion the previous week, according to ICI's latest weekly "Money Market Fund Assets" report. MMF assets are up by $222 billion, or 4.7%, year-to-date in 2024 (through 3/13/24), with Institutional MMFs up $122 billion, or 4.0% and Retail MMFs up $100 billion, or 6.0%. Over the past 52 weeks, money funds have risen a massive $1.094 trillion, or 21.8%, with Retail MMFs rising by $544 billion (29.4%) and Inst MMFs rising by $550 billion (17.4%). The weekly release says, "Total money market fund assets increased by $31.33 billion to $6.11 trillion for the week ended Wednesday, March 13, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $34.30 billion and prime funds decreased by $3.33 billion. Tax-exempt money market funds increased by $362 million." ICI's stats show Institutional MMFs rising $23.5 billion and Retail MMFs rising $7.8 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.972 trillion (81.4% of all money funds), while Total Prime MMFs were $1.016 trillion (16.6%). Tax Exempt MMFs totaled $120.3 billion (2.0%). ICI explains, "Assets of retail money market funds increased by $7.83 billion to $2.39 trillion. Among retail funds, government money market fund assets increased by $3.49 billion to $1.54 trillion, prime money market fund assets increased by $3.92 billion to $744.16 billion, and tax-exempt fund assets increased by $414 million to $109.50 billion." Retail assets account for over a third of total assets, or 37.5%, and Government Retail assets make up 64.3% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $23.50 billion to $3.72 trillion. Among institutional funds, government money market fund assets increased by $30.81 billion to $3.44 trillion, prime money market fund assets decreased by $7.25 billion to $272.00 billion, and tax-exempt fund assets decreased by $52 million to $10.79 billion." Institutional assets accounted for 62.5% of all MMF assets, with Government Institutional assets making up 92.4% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $50.0 billion in March (through 3/13) to $6.516 trillion (they were a record $6.519 trillion the previous day). Assets rose $72.1 billion in February, $93.9 billion in January, $32.7 billion in December and $226.4 billion in November. MMF totals fell by $31.9 billion in October. They rose $93.9 billion in September, $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.
