MMF Asset Jump in New Quarter
Money fund assets rose for the 3rd week in a row and for the 7th week out of the past 8. ICI's latest "Money Market Mutual Fund Assets" says, "Total money market mutual fund assets increased by $23.82 billion to $2.620 trillion for the week ended Wednesday, July 10, the Investment Company Institute reported today. Taxable government funds increased by $8.70 billion, taxable non-government funds increased by $16.14 billion, and tax-exempt funds decreased by $1.01 billion." Money funds normally see big increases at the start of a new quarter, due to dividends, bond coupon payments and other funds being released. ICI's release adds, "Assets of retail money market funds decreased by $940 million to $927.86 billion. Taxable government money market fund assets in the retail category increased by $380 million to $199.75 billion, taxable non-government money market fund assets decreased by $1.56 billion to $534.30 billion, and tax-exempt fund assets increased by $240 million to $193.81 billion.... Assets of institutional money market funds increased by $24.76 billion to $1.692 trillion. Among institutional funds, taxable government money market fund assets increased by $8.32 billion to $712.21 billion, taxable non-government money market fund assets increased by $17.70 billion to $908.12 billion, and tax-exempt fund assets decreased by $1.26 billion to $71.80 billion." ICI shows Prime Institutional funds representing 34.7% of total assets. Year-to-date, money fund assets have decreased by $85 billion, or 3.1%; since May 1, money fund assets have increased by $56.7 billion.
