The Investment Company Institute published, "Worldwide Regulated Open-Fund Assets and Flows, Third Quarter 2022," last week, which shows that money fund assets globally fell by $176.8 billion, or -2.1%, in Q3'22 to $8.305 trillion. The decreases were led by sharp drops in money funds in China, France, Luxembourg and Ireland. Meanwhile, money funds in the U.S. and Mexico increased. MMF assets worldwide decreased by $145.3 billion, or -1.7%, in the 12 months through 9/30/22, and money funds in the U.S. now represent 55.0% of worldwide assets. We review the latest Worldwide MMF totals, below. (Thanks again to those who participated in our Money Fund University in Boston last week! Attendees and subscribers may access the recordings and conference materials at the bottom of our "Content" page or via our "Money Fund University 2022 Download Center.")
ICI's release says, "Worldwide regulated open-end fund assets decreased 6.1% to $56.19 trillion at the end of the third quarter of 2022, excluding funds of funds. Worldwide net cash outflow to all funds was $33 billion in the third quarter, compared with $146 billion of net outflows in the second quarter of 2022. The Investment Company Institute compiles worldwide regulated open-end fund statistics on behalf of the International Investment Funds Association (IIFA), the organization of national fund associations. The collection for the second quarter of 2022 contains statistics from 46 jurisdictions."
It explains, "The growth rate of total regulated open-end fund assets reported in US dollars was decreased by US dollar appreciation over the third quarter of 2022. For example, on a US dollar–denominated basis, fund assets in Europe decreased by 8.6% in the third quarter, compared with a decrease of 2.7% on a euro-denominated basis."
ICI's quarterly continues, "On a US dollar–denominated basis, equity fund assets decreased by 7.0 percent to $24.77 trillion at the end of the third quarter of 2022. Bond fund assets decreased by 5.4 percent to $11.25 trillion in the third quarter. Balanced/mixed fund assets decreased by 8.9 percent to $6.60 trillion in the third quarter, while money market fund assets decreased by 2.1% globally to $8.31 trillion."
The release also tells us, "At the end of the third quarter of 2022, 44% of worldwide regulated open-end fund assets were held in equity funds. The asset share of bond funds was 20% and the asset share of balanced/mixed funds was 12%. Money market fund assets represented 15% of the worldwide total. By region, 54% of worldwide assets were in the Americas in the third quarter of 2022, 31% were in Europe, and 16 percent were in Africa and the Asia-Pacific regions."
ICI adds, "Net sales out of regulated open-end funds worldwide were $33 billion in the third quarter of 2022.... Globally, bond funds posted an inflow of $41 billion in the third quarter of 2022, after recording an outflow of $123 billion in the second quarter.... Money market funds worldwide experienced an inflow of $18 billion in the third quarter of 2022 after registering an inflow of $35 billion in the second quarter of 2022."
According to Crane Data's analysis of ICI's "Worldwide" fund data, the U.S. sustained its position as the largest money fund market in Q3'22 with $4.571 trillion, or 55.0% of all global MMF assets. U.S. MMF assets increased by $29.6 billion (0.7%) in Q3'22 and have increased by $27.9 billion (0.6%) in the 12 months through Sept. 30, 2022. China remained in second place among countries overall. China saw assets drop $80.1 billion (-5.1%) in Q3 to $1.502 trillion (18.1% of worldwide assets). Over the 12 months through Sept. 30, 2022, Chinese MMF assets have increased by $40.7 billion, or 2.8%.
Ireland remained third among country rankings, ending Q3 with $628.2 billion (7.6% of worldwide assets). Irish MMFs were down $21.5B for the quarter, or -3.3%, and down $45.1B, or -6.7%, over the last 12 months. Luxembourg remained in fourth place with $404.6 billion (4.9% of worldwide assets). Assets there decreased $22.8 billion, or -5.3%, in Q3, and were down $73.9 billion, or -15.4%, over one year. France was in fifth place with $308.6B, or 3.7% of the total, down $36.2 billion in Q3 (-10.5%) and down a brutal $104.2B (-25.2%) over 12 months.
Australia was listed in sixth place with $238.0 billion, or 2.9% of worldwide assets. Its MMFs decreased by $16.5 billion, or -6.5%, in Q3. Brazil moved up to the 7th ranked country and saw MMF assets decrease $7.1 billion, or -6.6%, in Q3'22 to $99.7 billion (1.2% of the total); they've decreased $367 million (-0.4%) for the year. Korea was at 8th place with $99.7 billion (1.2%); assets there fell $14.5 billion (-12.7%) in Q3 and decreased by $20.8 billion (-17.3%) over 12 months. Japan was 9th place, as assets decreased $7.7 billion, or -7.6%, to 93.8 billion (1.1% of total assets) in Q3. They've decreased $31.8 billion (-25.3%) over the previous 12 months. ICI's statistics show Mexico remained in 10th place with $83.1B, or 1.0% of total assets, up $4.6 billion (5.8%) for the quarter.
India was in 11th place, decreasing $3.5 billion, or -5.9%, to $56.4 billion (0.7% of total assets) in Q3 and decreasing $3.0 billion (-5.1%) over the previous 12 months. Canada ($30.7B, up $1.7B and up $4.4B over the quarter and year, respectively) ranked 12th ahead of Switzerland. ($24.3B, up $2.1B and up $547M). Chinese Taipei ($24.2B, down $2.6B and down $9.0B) and the United Kingdom ($22.5B, down $3.9B and down $6.6B), rank 14th and 15th, respectively. Chile, South Africa, Argentina, Norway and Belgium round out the 20 largest countries with money market mutual funds.
ICI's quarterly series shows money fund assets in the Americas total $4.829 trillion, up $33.0 billion in Q3. Asian MMFs decreased by $126.8 billion to $2.025 trillion, and Europe saw its money funds plunge $81.9 billion in Q3'22 to $1.431 trillion. Africa saw its money funds decrease $1.1B to $21.1 billion.
Note that Ireland and Luxembourg's totals are primarily "offshore" money funds marketed to global multinationals, while most of the other countries in the survey have mainly domestic money fund offerings. Contact us if you'd like our latest "Largest Money Market Funds Markets Worldwide" spreadsheet, based on ICI's data. (Let us know too if you'd like to see our latest Money Fund Intelligence International product, which tracks "offshore" money market funds domiciled in Europe and outside the U.S.)
