ICI: Money Fund Assets Jump
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows MMF assets jumping in latest week to their highest levels since early 2010. Prime assets continued their climb after a two-week pause, and Govt assets rebounded strongly. Overall assets are now up $50 billion, or 1.8%, YTD, and they've increased by $147 billion, or 5.4%, over 52 weeks. ICI writes, "Total money market fund assets increased by $16.10 billion to $2.89 trillion for the week ended Wednesday, October 10, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $10.70 billion and prime funds increased by $4.16 billion. Tax-exempt money market funds increased by $1.24 billion." Total Government MMF assets, which include Treasury funds too, stand at $2.217 trillion (76.8% of all money funds), while Total Prime MMFs stand at $536.6 billion (18.6%). Tax Exempt MMFs total $134.0 billion, or 4.6%. They explain, "Assets of retail money market funds increased by $4.55 billion to $1.08 trillion. Among retail funds, government money market fund assets increased by $2.23 billion to $640.81 billion, prime money market fund assets increased by $1.20 billion to $310.72 billion, and tax-exempt fund assets increased by $1.11 billion to $125.02 billion." Retail assets account for over a third of total assets, or 37.3%, and Government Retail assets make up 59.5% of all Retail MMFs. ICI's release adds, "Assets of institutional money market funds increased by $11.55 billion to $1.81 trillion. Among institutional funds, government money market fund assets increased by $8.47 billion to $1.58 trillion, prime money market fund assets increased by $2.96 billion to $225.85 billion, and tax-exempt fund assets increased by $128 million to $9.01 billion." Institutional assets account for 62.7% of all MMF assets, with Government Inst assets making up 87.0% of all Institutional MMFs.
