Prime Rises 4th Straight Week
ICI's latest weekly Money Market Fund Assets report shows a slight decline in MMFs overall but Prime funds rose for their 4th week in a row. Prime MMFs rose by $3.1 billion to $418.5 billion, their 10th increase in the past 12 weeks. Prime assets have risen by $22.1 billion over the past 12 weeks, or 5.6%, and year-to-date Prime assets have increased by $40.3 billion, or 10.7%. ICI writes, "Total money market fund assets decreased by $164 million to $2.63 trillion for the week ended Wednesday, July 12, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $2.95 billion and prime funds increased by $3.09 billion. Tax-exempt money market funds decreased by $303 million." Total Government MMF assets, which include Treasury funds too, stand at $2.078 trillion (79.1% of all money funds), while Total Prime MMFs stand at $418.5 billion (15.9%). Tax Exempt MMFs total $130.2 billion, or 5.0%. They explain, "Assets of retail money market funds decreased by $607 million to $957.47 billion. Among retail funds, government money market fund assets decreased by $734 million to $580.71 billion, prime money market fund assets decreased by $48 million to $252.61 billion, and tax-exempt fund assets increased by $176 million to $124.15 billion." `Retail assets account for over a third of total assets, or 36.5%, and Government Retail assets make up 60.7% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $443 million to $1.67 trillion. Among institutional funds, government money market fund assets decreased by $2.22 billion to $1.50 trillion, prime money market fund assets increased by $3.14 billion to $165.94 billion, and tax-exempt fund assets decreased by $479 million to $6.09 billion." Institutional assets account for 63.5% of all MMF assets, with Government Inst assets making up 89.7% of all Institutional MMFs.
