Non-US-based Money Funds see assets grow

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• iMoneyNet - Money Market Fund Analysis

  The Pandemic’s Slippery Slope for T-F Funds

  By Paul Adams 28 Jun 2021

  The 2020 pandemic, and the policy response it generated from the U.S. Federal Reserve, greased an already slippery slope for U.S. tax-free (T-F) and municipal money-market funds. Over the following 16 months, such funds saw both their number and the assets they hold drop to historic lows. From January 2020 – just prior to the global COVID outbreak – to May of this year, the number of tax-free funds tracked by iMoneyNet declined 14%, from 187 to 162. During the same period the assets they manage declined from $141 billion to $92.4 billion, a 35% slump.

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• iMoneyNet - Money Market Fund Analysis

  iMoneynet Monthly Fund Report

  By Paul Adams 22 Jun 2021

  The pandemic-fueled volatility of 2020 had the effect of driving total, taxable, government, and retail U.S. money-market fund assets higher, but it had the opposite effect on the already-struggling tax-free and municipal-fund sector of the industry, reducing the number of tax-free funds by nearly 15 percent since January 2020 and assets in those funds over the same period by 41.7 percent to the lowest levels since iMoneyNet began tracking tax-free fund data in 1981. As of end-May 2021, total assets in tax-free funds stood at $92.4 billion, down from $107 billion in early January and from $141.0 billion in January 2020, just prior to the outbreak of the COVID pandemic, as the table above shows. Similarly, the number of funds fell to 162 on May 31 of this year, a reduction from 185 as the year began and from 187 in early 2020. Read more...

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