ICI's latest weekly "Money Market Mutual Fund Assets says, "Total money market mutual fund assets decreased by $34.37 billion to $2.708 trillion for the week ended Wednesday, June 15, the Investment Company Institute reported today. Taxable government funds decreased by $1.34 billion, taxable non-government funds decreased by $31.75 billion, and tax-exempt funds decreased by $1.27 billion." Year-to-date, money market fund assets have declined by $103 billion, or 3.7%, while over the past 52 weeks assets have declined by just $98 billion, or 3.0%.
ICI Chief Economist Brian Reid comments on the flows, "It's important to note that large estimated tax payments by companies and individuals historically cause outflows from money market funds in mid-June. The decline of $34.4 billion in the week ended June 15 is in line with declines for the similar week in the previous three years, which ranged from $34.2 billion to $72.6 billion."
The weekly report explains, "Assets of retail money market funds increased by $3.04 billion to $916.31 billion. Taxable government money market fund assets in the retail category increased by $340 million to $169.70 billion, taxable non-government money market fund assets increased by $2.87 billion to $548.95 billion, and tax-exempt fund assets decreased by $160 million to $197.67 billion."
It adds, "Assets of institutional money market funds decreased by $37.41 billion to $1.791 trillion. Among institutional funds, taxable government money market fund assets decreased by $1.67 billion to $596.27 billion, taxable non-government money market fund assets decreased by $34.63 billion to $1.086 trillion, and tax-exempt fund assets decreased by $1.11 billion to $109.33 billion."
Watch for an update later this morning on asset flows yesterday (from our Money Fund Intelligence Daily, the first day that European concerns hit the front pages.... We're also watching for comments on European exposure in money funds from fund companies, but have yet to see any. Finally, we're looking forward to seeing many of you next week in Philadelphia for the 3rd annual Money Fund Symposium!
