ICI: Assets Down to Start October
ICI's latest "Money Market Fund Assets" report shows assets falling the past week after two-weeks of increases. The release says, "Total money market fund assets decreased by $13.19 billion to $4.53 trillion for the week ended Wednesday, October 6, the Investment Company Institute reported today. Among taxable money market funds, government funds decreased by $9.51 billion and prime funds decreased by $3.60 billion. Tax-exempt money market funds decreased by $81 million." Money fund assets are up by $233 billion, or 5.4%, year-to-date in 2021. Inst MMFs are up $323 billion (11.7%), while Retail MMFs are down $90 billion (-5.9%). ICI's stats show Institutional MMFs decreasing $17.9 billion and Retail MMFs increasing $4.7 billion in the latest week. Total Government MMF assets, including Treasury funds, were $3.979 trillion (87.8% of all money funds), while Total Prime MMFs were $462.0 billion (10.2%). Tax Exempt MMFs totaled $89.2 billion (2.0%). Over the past 52 weeks, money fund assets have increased by $148 billion, or 3.4%, with Retail MMFs falling by $92 billion (-6.0%) and Inst MMFs rising by $241 billion (8.4%). (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 Crane's asset series.) ICI explains, "Assets of retail money market funds increased by $4.69 billion to $1.44 trillion. Among retail funds, government money market fund assets increased by $5.52 billion to $1.14 trillion, prime money market fund assets decreased by $818 million to $213.25 billion, and tax-exempt fund assets decreased by $10 million to $78.49 billion." Retail assets account for just under a third of total assets, or 31.7%, and Government Retail assets make up 79.7% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $17.87 billion to $3.09 trillion. Among institutional funds, government money market fund assets decreased by $15.03 billion to $2.84 trillion, prime money market fund assets decreased by $2.78 billion to $248.72 billion, and tax-exempt fund assets decreased by $70 million to $10.72 billion." Institutional assets accounted for 68.3% of all MMF assets, with Government Institutional assets making up 91.6% of all Institutional MMF totals.
