ICI: MMF Assets Break $5.3 Trillion
The ICI's latest "Money Market Fund Assets" report shows MMFs hitting record levels again and breaking above the $5.3 trillion level for the first time ever. Assets have risen by $489.4 billion, or 10.2%, over the past 10 weeks! ICI shows assets up by $575 billion, or 12.1%, year-to-date in 2023, with Institutional MMFs up $327 billion, or 10.7% and Retail MMFs up $248 billion, or 14.8%. Over the past 52 weeks, money fund assets have risen $798 billion, or 17.7%, with Retail MMFs rising by $523 billion (37.3%) and Inst MMFs rising by $275 billion (8.8%). (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets broke the $5.7 trillion barrier this week and hit a record $5.729 billion on Thursday, 5/3. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're over $400 billion lower than Crane's asset series.) The weekly release says, "Total money market fund assets increased by $47.15 billion to $5.31 trillion for the week ended Wednesday, May 3, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $37.89 billion and prime funds increased by $6.00 billion. Tax-exempt money market funds increased by $3.27 billion." ICI's stats show Institutional MMFs rising $20.7 billion and Retail MMFs jumping $26.4 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.421 trillion (83.3% of all money funds), while Total Prime MMFs were $778.3 billion (14.7%). Tax Exempt MMFs totaled $110.8 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $26.44 billion to $1.93 trillion. Among retail funds, government money market fund assets increased by $17.69 billion to $1.31 trillion, prime money market fund assets increased by $6.04 billion to $520.15 billion, and tax-exempt fund assets increased by $2.71 billion to $99.64 billion." Retail assets account for over a third of total assets, or 36.3%, and Government Retail assets make up 67.8% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $20.72 billion to $3.38 trillion. Among institutional funds, government money market fund assets increased by $20.20 billion to $3.12 trillion, prime money market fund assets decreased by $43 million to $258.17 billion, and tax-exempt fund assets increased by $564 million to $11.11 billion." Institutional assets accounted for 63.7% of all MMF assets, with Government Institutional assets making up 92.0% of all Institutional MMF totals.
