MMF Industry

Money market funds are a global industry, with funds promoted in many countries.

The US and EU money fund industries remain the largest developed money fund markets in the world.

Although the starting products were similar, reforms introduced post 2008 in the US and the EU resulted in considerable differences between US and EU MMFs. Whilst EU MMF investors mostly moved to successor fund types, investors in US MMFs undertook a huge and persistent switch from Prime into Government MMFs.

A major difference in scope is that, on a like-for-like basis, US MMFs may be compared only to EU short-term as opposed to standard MMFs. 

The table below compares the market size and breakdown of the US and EU MMF markets at the time of MMFR implementation in 2019.

Source CNAV/LVNAV funds: IMMFA. Source EU VNAV funds: ECB and IMMFA. Source US funds: SEC.

Figures at 31 March 2019 unless shown otherwise.