ICI: Money Fund Assets Jump Again
Money market mutual fund assets continued their record run in 2024 hitting a record $6.018 trillion in the past week. ICI's latest weekly "Money Market Fund Assets" report shows MMF assets jumped to break $6.0 trillion for the first time ever two weeks ago and continue to jump this week. Assets are up by $131 billion, or 2.8%, year-to-date in 2024, with Institutional MMFs up $60 billion, or 2.0% and Retail MMFs up $71 billion, or 4.2%. Over the past 52 weeks, money funds have risen a massive $1.213 trillion, or 25.2%, with Retail MMFs rising by $593 billion (33.5%) and Inst MMFs rising by $620 billion (20.4%). The weekly release says, "Total money market fund assets increased by $16.70 billion to $6.02 trillion for the week ended Wednesday, February 7, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $3.71 billion and prime funds increased by $12.39 billion. Tax-exempt money market funds increased by $589 million." ICI's stats show Institutional MMFs rising $3.08 billion and Retail MMFs rising $13.62 billion in the latest week. Total Government MMF assets, including Treasury funds, were $4.892 trillion (81.3% of all money funds), while Total Prime MMFs were $1.006 trillion (16.7%). Tax Exempt MMFs totaled $119.6 billion (2.0%). ICI explains, "Assets of retail money market funds increased by $13.62 billion to $2.36 trillion. Among retail funds, government money market fund assets increased by $6.29 billion to $1.53 trillion, prime money market fund assets increased by $5.68 billion to $719.16 billion, and tax-exempt fund assets increased by $1.65 billion to $109.31 billion." Retail assets account for over a third of total assets, or 39.2%, and Government Retail assets make up 64.9% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $3.07 billion to $3.66 trillion. Among institutional funds, government money market fund assets decreased by $2.57 billion to $3.36 trillion, prime money market fund assets increased by $6.71 billion to $286.93 billion, and tax-exempt fund assets decreased by $1.06 billion to $10.31 billion." Institutional assets accounted for 60.8% of all MMF assets, with Government Institutional assets making up 91.9% of all Institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have risen by $7.23 billion in February to $6.401 trillion. Assets rose $93.9 billion in January, $32.7 billion in December, jumped $226.4 billion in November but fell by $31.9 billion in October. They rose $93.9 billion in September, $98.3 billion in August and $34.7 billion in July. 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.
