ICI: Prime Inst MMF Assets Jump
The Investment Company Institute released its latest "Money Market Fund Assets" report, which shows that MMF assets jumped again in the latest week led by Prime Institutional assets. MMFs posted their 11th week of gains out of the past 12 weeks, during which time they've risen by $194.5 billion, or 6.7%. Government, Prime and Tax Exempt MMFs all increased. Overall fund assets grew $209 billion, or 7.4% in 2018, according to ICI, or $230 billion, or 7.6%, according to Crane Data, the strongest showing in 10 years. ICI's weekly series showed Retail MMFs increasing $179 billion, or 17.6%, while Institutional MMFs grew $31 billion, or 1.7%, on the year. ICI writes, "Total money market fund assets increased by $19.08 billion to $3.07 trillion for the week ended Wednesday, January 9, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $2.55 billion and prime funds increased by $16.36 billion. Tax-exempt money market funds increased by $165 million." Total Government MMF assets, including Treasury funds, stood at $2.334 trillion (76.1% of all money funds), while Total Prime MMFs reached $585.9 billion (19.1%). Tax Exempt MMFs totaled $146.9 billion, or 4.8%. They explain, "Assets of retail money market funds increased by $4.11 billion to $1.20 trillion. Among retail funds, government money market fund assets increased by $813 million to $707.16 billion, prime money market fund assets increased by $3.87 billion to $351.83 billion, and tax-exempt fund assets decreased by $576 million to $137.39 billion." Retail assets account for over a third of total assets, or 39.0%, and Government Retail assets make up 59.1% of all Retail MMFs. The ICI release adds, "Assets of institutional money market funds increased by $14.97 billion to $1.87 trillion. Among institutional funds, government money market fund assets increased by $1.74 billion to $1.63 trillion, prime money market fund assets increased by $12.49 billion to $234.06 billion, and tax-exempt fund assets increased by $741 million to $9.53 billion." Institutional assets accounted for 61.0% of all MMF assets, with Government Institutional assets making up 87.0% of all Institutional MMF totals.
