Prime MMFs Post 12th Straight Gain
Overall money fund assets rebounded in the latest week after a sharp drop at month end, we learned from the Investment Company Institute's" latest report. Prime MMFs rose for the 12th week straight and for the 18th week in the past 20 (up $44.8, or 11.3%). They've now increased by $66.0 billion, or 17.5%, year-to-date. ICI writes, "Total money market fund assets increased by $11.08 billion to $2.73 trillion for the week ended Wednesday, September 6, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $9.89 billion and prime funds increased by $983 million. Tax-exempt money market funds increased by $207 million." Total Government MMF assets, which include Treasury funds too, stand at $2.155 trillion (79.0% of all money funds), while Total Prime MMFs stand at $443.0 billion (16.2%). Tax Exempt MMFs total $128.9 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $2.10 billion to $970.33 billion. Among retail funds, government money market fund assets increased by $1.10 billion to $588.04 billion, prime money market fund assets increased by $898 million to $259.48 billion, and tax-exempt fund assets increased by $102 million to $122.81 billion." Retail assets account for over a third of total assets, or 35.6%, and Government Retail assets make up 60.6% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $8.98 billion to $1.76 trillion. Among institutional funds, government money market fund assets increased by $8.79 billion to $1.57 trillion, prime money market fund assets increased by $85 million to $183.47 billion, and tax-exempt fund assets increased by $105 million to $6.06 billion." Institutional assets account for 64.4% of all MMF assets, with Government Inst assets making up 89.2% of all Institutional MMFs.
