Prime Claws Higher, Up 21% YTD
The Investment Company Institute released its latest "Money Market Fund Assets" report yesterday. It shows that Prime money market funds rose for the 9th week out of the past 10, and the 15th out of the past 17. Prime MMFs have risen by $38.8 billion, or 9.3%, over the past 19 weeks, and $76.0 billion, or 20.6%, year-to-date. ICI writes, "Total money market fund assets increased by $280 million to $2.74 trillion for the week ended Wednesday, October 11, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $713 million and prime funds increased by $1.00 billion. Tax-exempt money market funds decreased by $12 million." Total Government MMF assets, which include Treasury funds too, stand at $2.167 trillion (79.1% of all money funds), while Total Prime MMFs stand at $445.6 billion (16.3%). Tax Exempt MMFs total $128.3 billion, or 4.7%. They explain, "Assets of retail money market funds decreased by $1.92 billion to $983.46 billion. Among retail funds, government money market fund assets decreased by $1.12 billion to $599.55 billion, prime money market fund assets decreased by $888 million to $261.60 billion, and tax-exempt fund assets increased by $90 million to $122.31 billion." Retail assets account for over a third of total assets, or 35.9%, and Government Retail assets make up 61.0% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $2.20 billion to $1.76 trillion. Among institutional funds, government money market fund assets increased by $407 million to $1.57 trillion, prime money market fund assets increased by $1.89 billion to $184.05 billion, and tax-exempt fund assets decreased by $103 million to $5.99 billion." Institutional assets account for 64.1% of all MMF assets, with Government Inst assets making up 89.2% of all Institutional MMFs.
