The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $31.2 billion to a record $7.315 trillion. MMFs fell $19.5 billion the prior week, after rising $43.8 billion (to the previous record of $7.303 trillion) the week before. MMF assets are up by $890 billion, or 13.9%, over the past 52 weeks (through 9/24/25), with Institutional MMFs up $503 billion, or 13.1% and Retail MMFs up $387 billion, or 15.0%. Year-to-date, MMF assets are up by $464 billion, or 6.8%, with Institutional MMFs up $239 billion, or 5.8% and Retail MMFs up $225 billion, or 8.2%. (Note: Thanks again to those of you who attended our European Money Fund Symposium earlier this week in Dublin, Ireland! Mark your calendars for next year's show in Paris, Sept. 24-25, 2026!)
ICI's weekly release says, "Total money market fund assets increased by $31.15 billion to $7.31 trillion for the week ended Wednesday, September 24, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $23.62 billion and prime funds increased by $7.62 billion. Tax-exempt money market funds decreased by $86 million." ICI's stats show Institutional MMFs increasing $31.8 billion and Retail MMFs decreasing $0.6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.963 trillion (81.5% of all money funds), while Total Prime MMFs were $1.215 trillion (16.6%). Tax Exempt MMFs totaled $136.9 billion (1.9%).
It explains, "Assets of retail money market funds decreased by $614 million to $2.96 trillion. Among retail funds, government money market fund assets decreased by $1.06 billion to $1.86 trillion, prime money market fund assets increased by $723 million to $975.40 billion, and tax-exempt fund assets decreased by $278 million to $124.24 billion." Retail assets account for 40.5% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $31.76 billion to $4.35 trillion. Among institutional funds, government money market fund assets increased by $24.68 billion to $4.10 trillion, prime money market fund assets increased by $6.89 billion to $239.14 billion, and tax-exempt fund assets increased by $192 million to $12.62 billion." Institutional assets accounted for 59.5% of all MMF assets, with Government Institutional assets making up 94.2% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $96.1 billion month-to-date in September (through 9/24/25) to $7.698 trillion. Assets broke above $7.6 trillion for the first time on August 29 and hit a record high of $7.711 trillion on September 23 (surpassing $7.7 trillion for the first time ever). After breaking a new record they inched lower on 9/24. Assets increased by $132.0 billion in August, $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 billion in November, $97.5 billion in October and $149.8 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 $450 billion lower than Crane's asset series.
In other news, EFAMA, the European Funds and Management Association, published the press release, "Investors more cautious in Q2 2025 as global long-term fund sales dropped and money market fund inflows increased" as well as their quarterly, "Worldwide Regulated Open-end Fund Assets and Flows Trends in the Second Quarter of 2025." The press release states, "Ella Vacic, Junior Data Analyst at EFAMA, comments, "Net sales of global long-term funds declined and money market funds (MMFs) grew as investors sought safety amidst political and economic uncertainty. Despite this switch, fund sales remained positive overall in most countries." We show the following main developments in the worldwide investment fund industry for Q2 2025. (See our Sept. 24 Crane Data News, "ICI: Worldwide MMFs Jump in Q2'25 to Record $12.3T; Ireland $1 Trillion.")
EFAMA states, "Net assets of worldwide investment funds increased by 0.1% in euro terms. The second quarter of 2025 saw an increase of 0.1% in net assets of worldwide investment funds to EUR 74 trillion. Measured in US dollar terms, net assets rose by 8.5% due to a depreciation of the US dollar vis-à-vis the euro. Measured in local currency, net assets in the two largest fund markets, the United States and Europe, increased by 7.0% and 1.6%, respectively."
They explain, "Net sales of global long-term funds decreased in Q2 2025 but remained positive. Worldwide long-term funds attracted net inflows of EUR 388 billion, a slight decline from EUR 395 billion in Q1 2025. Europe led with net sales of EUR 82 billion, primarily driven by Ireland, which registered net inflows of EUR 55 billion. The United States followed with EUR 79 billion. The rest of the Americas registered net inflows of EUR 35 billion, with Canada contributing EUR 28 billion. Japan and the Republic of Korea recorded strong net inflows of EUR 8 billion and EUR 23 billion, respectively <b:>`_. China recorded net inflows of EUR 128 billion, compared to net outflows of EUR 60 billion in Q1 2025."
EFAMA writes, "Equity funds registered net inflows of EUR 67 billion, down from EUR 149 billion in Q1 2025. Europe saw net inflows of EUR 18 billion, including EUR 26 billion from Ireland. The United States recorded net outflows of EUR 3 billion, compared to net inflows of EUR 26 billion in Q1 2025. Bond funds attracted net inflows of EUR 274 billion, up from EUR 214 billion in Q1 2025. This was thanks to strong inflows in China (EUR 102 billion), followed by the United States (EUR 92 billion), the Republic of Korea (EUR 12 billion), and India (EUR 10 billion)."
Finally, they add, "Net inflows into worldwide money market funds (MMFs) rose; Worldwide MMFs registered net inflows of EUR 241 billion, up from EUR 146 billion in Q1 2025. Net flows in Q2 were largely driven by China, which saw net sales of EUR 110 billion. In Europe, net inflows reached EUR 56 billion, primarily driven by Ireland (EUR 19 billion) and Luxembourg (EUR 15 billion). The United States recorded net inflows of EUR 45 billion, down from EUR 120 billion in Q1 2025."
Another release, "EFAMA calls for reform of the digital assets framework to fast-track improvements in EU capital markets," states, "EFAMA believes that many of the barriers identified in the European Commission's Savings and Investment Union consultation on the integration of EU capital markets can be effectively addressed through Distributed Ledger Technology (DLT). This includes fragmented post-trade infrastructures, lack of competition and cross-border flows among financial market infrastructures (FMIs), and national differences in securities, taxation, and insolvency laws."
It tells us, "By enabling new business models, disintermediation, enhanced market competition, and improved distribution, DLT offers a pathway to bypass politically sensitive obstacles in Europe's post-trade ecosystem. Given the challenges in reforming entrenched national systems, EFAMA calls on policymakers to wholeheartedly embrace DLT to promote innovation, entry of new participants, and scaled issuance, trading, and settlement—all with a view to benefiting end-investors and advancing the Savings and Investments Union."
