MMF Assets Up 8th Week in a Row
The Investment Company Institute's latest weekly "Money Market Fund Assets" shows that MMF assets rose for the 8th week in a row, increasing by $128.6 billion, or 4.2%, since April 17. Money fund assets have increased by $124 billion, or 4.1%, year-to-date, according to ICI's weekly series, rising to MMFs' highest level since February 2010. They write, "Total money market fund assets increased by $8.86 billion to $3.17 trillion for the week ended Wednesday, June 12, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $4.06 billion and prime funds increased by $5.97 billion. Tax-exempt money market funds decreased by $1.17 billion." ICI's weekly series shows Institutional MMFs rising $8.6 billion and Retail MMFs rising $0.3 billion. Total Government MMF assets, including Treasury funds, stood at $2.364 trillion (74.5% of all money funds), while Total Prime MMFs rose to $672.8 billion (21.1%). Tax Exempt MMFs totaled $134.9 billion, or 4.3%. ICI states, "Assets of retail money market funds increased by $277 million to $1.22 trillion. Among retail funds, government money market fund assets decreased by $1.10 billion to $695.67 billion, prime money market fund assets increased by $2.53 billion to $401.22 billion, and tax-exempt fund assets decreased by $1.15 billion to $125.28 billion." Retail assets account for over a third of total assets, or 38.5%, and Government Retail assets make up 56.9% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $8.58 billion to $1.95 trillion. Among institutional funds, government money market fund assets increased by $5.16 billion to $1.67 trillion, prime money market fund assets increased by $3.44 billion to $271.56 billion, and tax-exempt fund assets decreased by $16 million to $9.66 billion." Institutional assets accounted for 61.5% of all MMF assets, with Government Institutional assets making up 85.6% of all Institutional MMF totals.
