ICI: Assets Up 7th Week, Near Record
The Investment Company Institute published its latest weekly "Money Market Fund Assets" report, Thursday. ICI's weekly shows money market mutual fund assets rising for the seventh straight week to $6.093 trillion, just $18 billion below their April 3 record of $6.111 trillion. MMF assets are up by $206 billion, or 4.4%, year-to-date in 2024 (through 6/5/24), with Institutional MMFs up $48 billion, or 1.6% and Retail MMFs up $158 billion, or 9.4%. Over the past 52 weeks, money funds have risen by $636 billion, or 11.7%, with Retail MMFs rising by $465 billion (23.4%) and Inst MMFs rising by $171 billion (4.9%). The weekly release says, "Total money market fund assets increased by $23.14 billion to $6.09 trillion for the week ended Wednesday, June 5, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $16.37 billion and prime funds increased by $5.27 billion. Tax-exempt money market funds increased by $1.50 billion." ICI's stats show Institutional MMFs increasing $8.9 billion and Retail MMFs rising $14.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.921 trillion (80.8% of all money funds), while Total Prime MMFs were $1.041 trillion (17.1%). Tax Exempt MMFs totaled $130.7 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $14.25 billion to $2.45 trillion. Among retail funds, government money market fund assets increased by $8.95 billion to $1.56 trillion, prime money market fund assets increased by $4.19 billion to $769.33 billion, and tax-exempt fund assets increased by $1.10 billion to $118.66 billion." Retail assets account for over a third of total assets, or 40.2%, and Government Retail assets make up 63.7% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $8.90 billion to $3.64 trillion. Among institutional funds, government money market fund assets increased by $7.42 billion to $3.36 trillion, prime money market fund assets increased by $1.08 billion to $271.55 billion, and tax-exempt fund assets increased by $393 million to $12.04 billion." Institutional assets accounted for 59.8% of all MMF assets, with Government Institutional assets making up 92.2% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $5.4 billion in June (through 6/5) to $6.479 trillion. (They hit a record $6.538 trillion on 4/2.) Assets rose by $91.4 billion in May, fell $15.8 billion in April and $68.8 billion in March. But they 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.
