Assets Start '21 on Positive Note: ICI
ICI's latest "Money Market Fund Assets" report shows money fund assets rising over the past week, their 4th increase in the past 8 weeks (this followed 14 straight weeks of decline). Assets have fallen $480 billion since May 20, when they were at a record $4.789 trillion (after rising $1.1 trillion in March and April 2020). ICI shows money fund assets up $12 billion, or 0.3%, year-to-date in 2021, with Inst MMFs up $4 billion (0.2%) and Retail MMFs up $8 billion (0.6%). Over the past 52 weeks, ICI's money fund asset series has increased by $672 billion, or 19.1%, with Retail MMFs rising by $154 billion (11.5%) and Inst MMFs rising by $518 billion (23.8%). ICI says, "Total money market fund assets increased by $12.12 billion to $4.31 trillion for the eight-day period ended Wednesday, January 6.... Among taxable money market funds, government funds increased by $4.37 billion and prime funds increased by $6.25 billion. Tax-exempt money market funds increased by $1.50 billion." ICI's stats show Institutional MMFs increasing $4.2 billion and Retail MMFs increasing $8.0 billion. Total Government MMF assets, including Treasury funds, were $3.656 trillion (84.8% of all money funds), while Total Prime MMFs were $546.1 billion (12.7%). Tax Exempt MMFs totaled $107.4 billion (2.5%). (Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than our asset series.) They explain, "Assets of retail money market funds increased by $7.95 billion to $1.53 trillion. Among retail funds, government money market fund assets increased by $7.88 billion to $1.16 trillion, prime money market fund assets decreased by $14 million to $278.87 billion, and tax-exempt fund assets increased by $93 million to $95.03 billion. Retail assets account for just over a third of total assets, or 35.6%, and Government Retail assets make up 75.6% of all Retail MMFs. ICI adds, "Assets of institutional money market funds increased by $4.16 billion to $2.78 trillion. Among institutional funds, government money market fund assets decreased by $3.51 billion to $2.50 trillion, prime money market fund assets increased by $6.26 billion to $267.20 billion, and tax-exempt fund assets increased by $1.41 billion to $12.39 billion. Institutional assets, which broke below the $3.0 trillion level for the first time since April 22 at the end of August, accounted for 64.4% of all MMF assets, with Government Institutional assets making up 89.9% of all Institutional MMF totals.
