The Investment Company Institute published its latest weekly "Money Market Fund Assets" report Thursday. ICI shows money market mutual fund assets jumping for the fifth week in a row (up $37.3 billion) to a record $6.300 trillion. Assets have risen in 16 of the last 20 weeks, increasing by $322.7 billion (or 5.4%) since April 24. MMF assets are up by $414 billion, or 8.7%, year-to-date in 2024 (through 9/4/24), with Institutional MMFs up $150 billion, or 4.9% and Retail MMFs up $264 billion, or 15.7%. Over the past 52 weeks, money funds have risen by $675 billion, or 12.0%, with Retail MMFs up by $448 billion (21.3%) and Inst MMFs rising by $227 billion (6.5%). (Note: Crane Data's separate and more comprehensive asset series shows money funds hitting a record $6.648 trillion this week!)
ICI's weekly release says, "Total money market fund assets increased by $37.26 billion to $6.30 trillion for the week ended Wednesday, September 4, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $37.08 billion and prime funds increased by $368 million. Tax-exempt money market funds decreased by $180 million." ICI's stats show Institutional MMFs rising $18.8 billion and Retail MMFs rising $18.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.116 trillion (81.2% of all money funds), while Total Prime MMFs were $1.054 trillion (16.7%). Tax Exempt MMFs totaled $129.7 billion (2.1%).
ICI explains, "Assets of retail money market funds increased by $18.43 billion to $2.55 trillion. Among retail funds, government money market fund assets increased by $13.71 billion to $1.62 trillion, prime money market fund assets increased by $4.88 billion to $815.50 billion, and tax-exempt fund assets decreased by $155 million to $118.37 billion." Retail assets account for over a third of total assets, or 40.5%, and Government Retail assets make up 63.4% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $18.83 billion to $3.75 trillion. Among institutional funds, government money market fund assets increased by $23.37 billion to $3.50 trillion, prime money market fund assets decreased by $4.51 billion to $238.93 billion, and tax-exempt fund assets decreased by $25 million to $11.30 billion." Institutional assets accounted for 59.5% of all MMF assets, with Government Institutional assets making up 93.3% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $30.9 billion in September (through 9/4) to $6.646 trillion. They hit a record $6.648 trillion on 9/3 but fell slightly on 9/4. Assets rose by $109.7 billion in August, $16.6 billion in July, $15.7 billion in June and $91.4 billion in May, but they fell $15.8 billion in April and $68.8 billion in March. 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 and they rose $93.9 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 over $400 billion lower than Crane's asset series.
In other news, a press release titled, "J.P. Morgan Asset Management Expands Morgan Money Platform with New Treasury and Cash Management Capabilities," tells us, "J.P. Morgan Asset Management today announced an enhancement to its Morgan Money platform, a short-term investment management solution with over $300 billion in assets under management (AUM), through a collaboration with Kyriba, a global leader in liquidity performance. This integration aims to streamline liquidity management processes, enhance the management of critical trading and accounting workflows, and provide real-time visibility into cash flow balances. Starting today, Morgan Money and Kyriba customers will have access to these new, integrated features."
Paul Przybylski, Global Head of Product and Morgan Money, J.P. Morgan Asset Management," comments, "It's important that we provide our customers with the best resources available to conduct trades efficiently while providing exceptional client service. By leveraging technology, we are simplifying the trading process for our clients and we look forward to expanding our capabilities with Kyriba."
The release continues, "This new capability is designed to offer customers improved cash visibility and forecasting, delivering a seamless and comprehensive cash management experience. This will enhance operational efficiencies across automated and self-directed cash management, payments, and investments."
It states, "Morgan Money, developed by J.P. Morgan Asset Management, is a global trading platform designed to offer robust short-term investment management solutions. Tailored for institutional investors, Morgan Money enables efficient liquidity and cash investment management, helping clients achieve more with fewer resources. The platform is committed to innovation and consistently strives to deliver an exceptional client experience, making it a forward-looking solution in the realm of treasury and cash management."
Kyriba's Edi Poloniato says, "Treasury teams are increasingly demanding greater efficiency and seamless execution, whether it involves cash visibility or trade processes. Together with J.P. Morgan Asset Management, we are introducing our clients to a dynamic process for managing liquidity and providing a resource for them to improve their liquidity performance."
The release adds, "Kyriba, known for its market-leading connectivity as a service, plays a pivotal role for customers needing to execute trades. By leveraging its extensive network of banking partners, Kyriba is able to facilitate integrations with asset managers by providing users with direct access to trading options. This integration allows clients to navigate effortlessly to the asset management portal, execute investments, and receive immediate confirmations, thereby enhancing the overall trading experience."
