ICI: MMF Assets Dip, Prime Up
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets dipped after jumping last week. Money fund assets remain up slightly on a year-to-date basis. They're now up $8 billion, or 0.3%, YTD, and `they've increased by $229 billion, or 8.7%, over 52 weeks. ICI writes, "Total money market fund assets decreased by $5.21 billion to $2.85 trillion for the week ended Wednesday, July 18, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $10.57 billion and prime funds increased by $6.64 billion. Tax-exempt money market funds decreased by $1.28 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.216 trillion (77.9% of all money funds), while Total Prime MMFs stand at $492.5 billion (17.3%). Tax Exempt MMFs total $137.0 billion, or 4.8%. They explain, "Assets of retail money market funds increased by $1.33 billion to $1.04 trillion. Among retail funds, government money market fund assets decreased by $694 million to $630.87 billion, prime money market fund assets increased by $3.29 billion to $280.59 billion, and tax-exempt fund assets decreased by $1.27 billion to $128.05 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 decreased by $6.54 billion to $1.81 trillion. Among institutional funds, government money market fund assets decreased by $9.88 billion to $1.59 trillion, prime money market fund assets increased by $3.36 billion to $211.89 billion, and tax-exempt fund assets decreased by $14 million to $8.92 billion." Institutional assets account for 63.5% of all MMF assets, with Government Inst assets making up 87.8% of all Institutional MMFs.
