ICI: Assets Down, But Retail Up
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows MMF assets declining in the latest week, one week after money fund totals hit their highest levels since April 2010. Prime assets declined for the second week in a row after a string of recent gains. Overall assets are now up $34 billion, or 1.2%, YTD, and they've increased by $131 billion, or 4.8%, over 52 weeks. ICI writes, "Total money market fund assets decreased by $11.70 billion to $2.87 trillion for the week ended Wednesday, October 3, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $9.32 billion and prime funds decreased by $3.75 billion. Tax-exempt money market funds increased by $1.37 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.207 trillion (76.8% of all money funds), while Total Prime MMFs stand at $532.4 billion (18.5%). Tax Exempt MMFs total $131.4 billion, or 4.6%. They explain, "Assets of retail money market funds increased by $8.20 billion to $1.07 trillion. Among retail funds, government money market fund assets increased by $4.79 billion to $638.58 billion, prime money market fund assets increased by $2.61 billion to $309.52 billion, and tax-exempt fund assets increased by $802 million to $123.91 billion." Retail assets account for over a third of total assets, or 37.3%, and Government Retail assets make up 59.6% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds decreased by $19.89 billion to $1.80 trillion. Among institutional funds, government money market fund assets decreased by $14.11 billion to $1.57 trillion, prime money market fund assets decreased by $6.36 billion to $222.89 billion, and tax-exempt fund assets increased by $570 million to $8.88 billion." Institutional assets account for 62.7% of all MMF assets, with Government Inst assets making up 87.1% of all Institutional MMFs.
