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, there are now 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 persisting switch from Prime into Government MMF.

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

Region

Govt / Public Debt CNAV

Prime /

LVNAV

Prime /

VNAV

TOTAL ASSETS

USA

(SEC2a7)

€2,116.9bn

Nil

€865.7bn

€2,982.6bn

EU

(MMFR – short-term MMF only)

€90.8bn

€528.0bn

€109.9bn

(estimate)

€728.7bn

EU

(MMFR – short-term & standard MMF)

€90.8bn

€528.0bn

€558.9bn

(at 31.12.18)

€1,177.7bn

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

Figures at 31 March 2019 unless shown otherwise.