MMF Assets Lower, But Prime Up
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report yesterday, which shows that assets dipped in the latest week, after rising for two weeks. They write, "Total money market fund assets decreased by $8.92 billion to $3.10 trillion for the week ended Wednesday, April 10, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $16.15 billion and prime funds increased by $9.37 billion. Tax-exempt money market funds decreased by $2.14 billion." ICI's weekly series shows Institutional MMFs falling $5.7 billion and Retail MMFs falling $3.3 billion. Total Government MMF assets, including Treasury funds, stood at $2.314 trillion (74.7% of all money funds), while Total Prime MMFs rose to $647.1 billion (20.9%). Tax Exempt MMFs totaled $137.5 billion, or 4.4%. ICI states, "Assets of retail money market funds decreased by $3.26 billion to $1.22 trillion. Among retail funds, government money market fund assets decreased by $1.87 billion to $700.65 billion, prime money market fund assets increased by $661 million to $387.55 billion, and tax-exempt fund assets decreased by $2.05 billion to $127.59 billion." Retail assets account for 39.2% of all assets, and Government Retail assets make up 57.6% of all Retail MMFs. The release adds, "Assets of institutional money market funds decreased by $5.66 billion to $1.88 trillion. Among institutional funds, government money market fund assets decreased by $14.27 billion to $1.61 trillion, prime money market fund assets increased by $8.71 billion to $259.52 billion, and tax-exempt fund assets decreased by $94 million to $9.89 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 85.7% of all Institutional MMF totals.
