ICI: Assets Down $101B in 5 Weeks
ICI's weekly "Money Market Fund Assets" report shows MMFs falling for the fifth week in a row, a decline of $101.3 billion since June 2. Their latest release says, "Total money market fund assets decreased by $16.39 billion to $4.51 trillion for the week ended Wednesday, July 7, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $18.08 billion and prime funds increased by $1.28 billion. Tax-exempt money market funds increased by $410 million." But money fund assets remain up by $214 billion, or 5.0%, year-to-date in 2021. Inst MMFs are up $306 billion (11.0%), while Retail MMFs are down $92 billion (-6.1%). ICI's stats show Institutional MMFs decreasing $19.5 billion and Retail MMFs increasing $3.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $3.932 trillion (87.2% of all money funds), while Total Prime MMFs were $485.2 billion (10.8%). Tax Exempt MMFs totaled $93.9 billion (2.1%). Over the past 52 weeks, money fund assets have decreased by $145 billion, or -3.1%, with Retail MMFs falling by $123 billion (-7.9%) and Inst MMFs falling by $22 billion (-0.7%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than our asset series.) ICI explains, "Assets of retail money market funds increased by $3.15 billion to $1.43 trillion. Among retail funds, government money market fund assets increased by $2.92 billion to $1.12 trillion, prime money market fund assets were unchanged at $228.63 billion, and tax-exempt fund assets increased by $231 million to $81.06 billion." Retail assets account for just under a third of total assets, or 31.8%, and Government Retail assets make up 78.4% of all Retail MMFs. ICI adds, "Assets of institutional money market funds decreased by $19.54 billion to $3.08 trillion. Among institutional funds, government money market fund assets decreased by $21.00 billion to $2.81 trillion, prime money market fund assets increased by $1.28 billion to $256.57 billion, and tax-exempt fund assets increased by $179 million to $12.80 billion." Institutional assets accounted for 68.2% of all MMF assets, with Government Institutional assets making up 91.2% of all Institutional MMF totals.
