Money Fund Assets Flat in Latest Week
ICI's latest weekly "Money Market Fund Assets" report shows assets flat in the latest week after a big jump last week (and two weeks of declines prior to this). Year-to-date, MMFs are down by $179 billion, or -3.8%, with Institutional MMFs down $131 billion, or -4.0% and Retail MMFs down $48 billion, or -3.3%. Over the past 52 weeks, money fund assets are down by $86 billion, or -1.9%, with Retail MMFs falling by $15 billion (-1.1%) and Inst MMFs falling by $70 billion (-2.2%). (For the month of May, through 5/31, MMF assets decreased by $12.7 billion to $4.960 trillion according to Crane's MFI Daily, which tracks a broader universe of funds.) ICI's weekly release says, "Total money market fund assets decreased by $3.07 billion to $4.53 trillion for the week ended Wednesday, June 1, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $6.78 billion and prime funds increased by $2.04 billion. Tax-exempt money market funds increased by $1.67 billion." ICI's stats show Institutional MMFs falling $3.1 billion and Retail MMFs increasing $0.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.003 trillion (88.4% of all money funds), while Total Prime MMFs were $422.3 billion (9.3%). Tax Exempt MMFs totaled $101.1 billion (2.2%). ICI explains, "Assets of retail money market funds increased by $10 million to $1.42 trillion. Among retail funds, government money market fund assets decreased by $3.47 billion to $1.13 trillion, prime money market fund assets increased by $1.95 billion to $203.50 billion, and tax-exempt fund assets increased by $1.53 billion to $90.72 billion." Retail assets account for just under a third of total assets, or 31.4%, and Government Retail assets make up 79.3% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $3.08 billion to $3.11 trillion. Among institutional funds, government money market fund assets decreased by $3.31 billion to $2.88 trillion, prime money market fund assets increased by $87 million to $218.84 billion, and tax-exempt fund assets increased by $142 million to $10.33 billion." Institutional assets accounted for 68.6% of all MMF assets, with Government Institutional assets making up 92.6% of all Institutional MMF totals. (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're approximately $400 billion lower than Crane's asset series.)
