Sales of IMMFA member funds continue to grow at a strong pace, rising to US$125.6 billion in the latest three months. Dollar funds at 29 November stood at $754.5 billion, Euro funds at EUR16.9 billion and pound sterling funds at 21.9 billion.
iMoneyNet VP and Managing Editor, Peter Crane, commented: “Money market funds, particularly, the AAA-rated, IMMFA-member funds, continue to gain assets in Europe. US dollar money funds grew by $10.0 billion, or 15.4%, in the latest 3 months; pound sterling funds grew by 0.8 billion, or 3.7%; and, Euromoney funds grew by E2.0 billion, or 13.6% in the latest quarter. We expect this robust growth to continue as corporations and institutions continue to discover the benefits of institutional money market mutual funds.”