ICI: MMF Assets Up 5th Straight Week
The Investment Company Institute's most recent "Money Market Fund Assets" report shows MMFs hitting a record for the fifth week in a row and for the 10th week out of the past 11. Assets have risen by $568.0 billion, or 11.8%, over the past 13 weeks! ICI shows assets up by $653 billion, or 13.8%, year-to-date in 2023, with Institutional MMFs up $372 billion, or 12.2% and Retail MMFs up $281 billion, or 16.8%. Over the past 52 weeks, money fund assets have risen $860 billion, or 19.0%, with Retail MMFs rising by $538 billion (37.9%) and Inst MMFs rising by $322 billion (10.3%). (According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets broke above $5.8 trillion for the first time ever and hit a record $5.817 trillion on Tuesday, 5/23, then dipped $10.9 billion on Thursday. 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 $46.67 billion to $5.39 trillion for the week ended Wednesday, May 24, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $41.25 billion and prime funds increased by $6.48 billion. Tax-exempt money market funds decreased by $1.07 billion." ICI's stats show Institutional MMFs jumping $39.4 billion and Retail MMFs rising $7.3 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.481 trillion (83.2% of all money funds), while Total Prime MMFs were $795.8 billion (14.8%). Tax Exempt MMFs totaled $111.7 billion (2.1%). ICI explains, "Assets of retail money market funds increased by $7.26 billion to $1.96 trillion. Among retail funds, government money market fund assets increased by $3.22 billion to $1.32 trillion, prime money market fund assets increased by $4.91 billion to $536.95 billion, and tax-exempt fund assets decreased by $870 million to $101.22 billion." Retail assets account for over a third of total assets, or 36.4%, and Government Retail assets make up 67.4% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $39.41 billion to $3.43 trillion. Among institutional funds, government money market fund assets increased by $38.03 billion to $3.16 trillion, prime money market fund assets increased by $1.58 billion to $258.85 billion, and tax-exempt fund assets decreased by $196 million to $10.45 billion." Institutional assets accounted for 63.6% of all MMF assets, with Government Institutional assets making up 92.1% of all Institutional MMF totals.
