MMF Assets Rebound, Prime Still Going
The Investment Company Institute's latest "Money Market Fund Assets" report shows that overall money fund assets rebounded strongly in the latest week and Prime money market funds rose for the third week in a row. Prime MMFs have risen by $40.6 billion, or 9.3%, over the past 20 weeks, and they've risen by $86.3 billion, or 23.3%, year-to-date. ICI writes, "Total money market fund assets increased by $21.90 billion to $2.76 trillion for the six-day period ended Tuesday, November 21, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $18.63 billion and prime funds increased by $3.14 billion. Tax-exempt money market funds increased by $126 million." Total Government MMF assets, which include Treasury funds too, stand at $2.175 trillion (78.8% of all money funds), while Total Prime MMFs stand at $456.0 billion (16.5% of total MMFs). Tax Exempt MMFs total $129.3 billion, or 4.7%. They explain, "Assets of retail money market funds increased by $4.67 billion to $990.12 billion. Among retail funds, government money market fund assets increased by $3.43 billion to $601.11 billion, prime money market fund assets increased by $1.07 billion to $265.38 billion, and tax-exempt fund assets increased by $166 million to $123.64 billion." Retail assets account for over a third of total assets, or 35.9%, and Government Retail assets make up 60.7% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $17.23 billion to $1.77 trillion. Among institutional funds, government money market fund assets increased by $15.20 billion to $1.57 trillion, prime money market fund assets increased by $2.07 billion to $190.66 billion, and tax-exempt fund assets decreased by $40 million to $5.68 billion." Institutional assets account for 64.0% of all MMF assets, with Government Inst assets making up 88.9% of all Institutional MMFs.
