Money Fund Assets Rebound
ICI's latest weekly "Money Market Fund Assets" report shows money fund assets increasing in the latest week following two weeks of declines. It explains, "Total money market fund assets increased by $7.92 billion to $3.63 trillion for the week ended Wednesday, February 12, the Investment Company Institute reported today. Among taxable money market funds, government funds increased by $1.06 billion and prime funds increased by $8.20 billion. Tax-exempt money market funds decreased by $1.34 billion." ICI's weekly series shows Institutional MMFs rising $5.9 billion and Retail MMFs increasing $2.0 billion. Total Government MMF assets, including Treasury funds, were $2.684 trillion (74.0% of all money funds), while Total Prime MMFs were $806.1 billion (22.2%). Tax Exempt MMFs totaled $135.4 billion, 3.7%. Money fund assets are now down year-to-date in 2020 (down $7B, or -0.2%), but they've increased in 12 out of the last 17 weeks. Over the past 52 weeks, ICI's money fund asset series has increased by $545 billion, or 17.7%, with Retail MMFs rising by $196 billion (16.4%) and Inst MMFs rising by $349 billion (18.5%). ICI explains, "Assets of retail money market funds increased by $2.04 billion to $1.39 trillion. Among retail funds, government money market fund assets increased by $402 million to $785.26 billion, prime money market fund assets increased by $2.48 billion to $477.56 billion, and tax-exempt fund assets decreased by $845 million to $123.69 billion." Retail assets account for over a third of total assets, or 38.3%, and Government Retail assets make up 56.6% of all Retail MMFs. The release adds, "Assets of institutional money market funds increased by $5.88 billion to $2.24 trillion. Among institutional funds, government money market fund assets increased by $658 million to $1.90 trillion, prime money market fund assets increased by $5.72 billion to $328.50 billion, and tax-exempt fund assets decreased by $493 million to $11.67 billion." Institutional assets accounted for 61.8% of all MMF assets, with Government Institutional assets making up 84.8% of all Institutional MMF totals.
